The Asia Pacific medical perfusion technology market is expected to reach US$ 212.3 million by 2027 from US$ 148.6 million in 2019. The market is estimated to grow at a CAGR of 4.7% from 2020 to 2027.
Factors such as rising prevalence of cardiovascular conditions and increasing practice of organ transplantation are anticipated to drive the market. However, the market is expected to experience slow growth during the forecast period, owing to the expensive organ transplant surgeries.
Organ transplantation is a surgical process carried out when a patient’s organ stops functioning completely.The organ transplant is commonly done for the organs such as heart, liver, and kidney.
However, the rising cases of the chronic diseases are leading to the need for transplantation of other organs such as lungs, pancreases, cornea, and vascular tissues. Organ transplantation is considered as one of the prominent advancements in the modern medical industry.
As the number of organ transplantation surgeries is rising across the region, it is leading to an increase in demand for organ donation.The public-private partnership in assistance with the transplant coordinators has enormously contributed to the improvement of the organ transplantation.
The increasing incidence kidney diseases are likely to demand for kidney transplantation in the next few years. Therefore, the growing number of heart and kidney diseases, coupled with increasing organ transplantation, is anticipated to drive the medical perfusion technology market during the forecast period.
Considering the geographic and economical operations between Asian countries and China, the countries are expected to witness the challenge of COVID-19.The outbreak of disease has severely affected the healthcare industry.
Moreover, the spread of disease has led to supply chain disruptions and problems posed by the shortage of healthcare infrastructure in low-income countries.For preventing the spread of the disease, restrictive measures have been taken in South Korea, Malaysia, Singapore, the Philippines, and India.
The COVID-19 outbreak is expected to have short- and long-term impacts in the region.Domestic startups backed by international funding have already started witnessing back out from investors, putting the development of the products in jeopardy.
The adoption of perfusion technologies in Asia Pacific is already low as compared to Europe and North America. During the time of pandemic, extensive focus on management of coronavirus has caused diversion from regular surgical procedures. In addition, the emergence of COVID-19 has also put immense pressure on available instrumentation, which is required to perform perfusion. Moreover, the decline in rate of organ transplantation and cell-based research activities is estimated to have an adverse impact on the medical perfusion technology market.
Based on technique, the Asia Pacific medical perfusion technology market is segmented into hypothermic machine perfusion and normothermic machine perfusion. The hypothermic machine perfusion segment held the largest market share in 2019, whereas the normothermic machine perfusion segment is anticipated to register the highest CAGR in the market during the forecast period.
In terms of organ type, the Asia Pacific medical perfusion technology market is segmented into heart, lung, kidney, liver, and others. The kidney segment held the largest market share in 2019, whereas the heart segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on component, the Asia Pacific medical perfusion technology market is segmented into perfusion pumps, oxygenators, heart-lung machines, monitoring systems, cannulas, and others. The oxygenators segment held the largest market share in 2019, also the same segment is anticipated to register the highest CAGR in the market during the forecast period.
A few of the primary and secondary sources referred to while preparing the report on the Asia Pacific medical perfusion technology market are the World Health Organization (WHO) and China Food and Drug Administration (CFDA), among others.