Perfusion systems are devices used to circulate or support the circulation of blood and oxygenate other fluids around the body in an extracorporeal manner, allowing function and viability of organs, tissues or any cellular and biological construct without their normal blood supply and circulation. Perfusion systems find wide applications in organ transplantation, cell based research and certain surgical procedures. They offers advantages such as maintaining organs in functioning condition ex-vivo or at normothermic temperatures throughout the period between procurement and transplantation. The growing demand for organ transplantation procedures worldwide drives the need for perfusion systems.
The Global Perfusion System Market is estimated to be valued at US$ 1.93 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Perfusion System are Oldcastle Inc., Cemex Inc., Lafarge North America, HeidelbergCement, Holcim Inc., Vulcan Materials Co., Colas S.A., Martin Marietta Materials, MDU Resources, and Buzzi Unicem. The rising prevalence of chronic diseases and increasing organ failure cases are fueling the demand for organ transplantation surgeries globally. This in turn is driving the growth of the perfusion system market. Additionally, growing R&D activities in cell-based research is also promoting the development and innovation in perfusion system technologies. Furthermore, rising initiatives by government and private organizations to increase organ donation is expected to propel the market during the forecast period.
Market Key Trends
One of Perfusion System Market Size is the development of organ-specific perfusion devices. Various players are focusing on developing organ specific perfusion technologies for lung, heart, kidney and liver perfusion. For instance, Organ Assist developed a portable lung perfusion device called “Lung Assist” to preserve and assess donor lungs outside the human body. Such innovations are expected to drive the adoption of perfusion systems in the healthcare industry.
Porter’s Analysis
Threat of new entrants: High costs to develop prototypes and clinical trials discourage new entrants.
Bargaining power of buyers: Hospitals have significant bargaining power due to availability of substitute options.
Bargaining power of suppliers: Specialized components require long-term supply agreements with few suppliers.
Threat of new substitutes: Expansion of transplant technologies and enhanced circulation support systems act as substitutes.
Competitive rivalry: Companies compete on technology, quality, pricing and purchase/loan options.
The North American region currently dominates the Perfusion Systems Market Companies in terms of value. Factors such as strong healthcare infrastructure, rising incidence of chronic diseases, availability of advanced medical facilities and procedures fuel the demand. The Asia Pacific region is poised to be the fastest growing market during the forecast period driven by increasing healthcare spending, growing medical tourism industry and expanding patient population base. Countries like India, China and Japan are emerging as lucrative markets. Rising affluence and awareness levels are augmenting the demand for advanced treatment options. Growing partnership between regional and international market players aims to strengthen product offerings.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
