Transplant Diagnostics Market Trends and Outlook
The global transplant diagnostics market growth & size was valued at USD 3.9 billion in 2021 and is anticipated to rise from USD 4.2 Billion in 2022 to USD 7.9 billion by 2023, exhibiting a single-digit CAGR of 6.7% in the forecast period. The need for transplant diagnostic goods is anticipated to rise significantly owing to factors such as considerable growth in the growing public-private funding for target research activities, the increasing burden of infectious diseases, the effective increase in the number of transplant processes, and technological developments in the field of transplant diagnostics.
Transplant Diagnostics Market Driving Factors
The considerable growth in organ donations emerges as a foremost factor driving the expansion of the market. The Association of Organ Procurement Organization stated that in 2021, there was a noteworthy increase in organ donations, with over 12,500 people contributing one or more in 2020-a 6% growth from the previous year. The figures for organs donated by deceased donors also exhibited growth, surpassing 36,500 in 2020, reflecting a nearly 2% rise year over year. Additionally, these contributions from deceased donors, have, in 7 years, saved more than 33,000 lives, surpassing previous annual totals.
Moreover, there was notable growth in donations following circulatory death, with the number of contributors exceeding 3,000 in 2020. This growth in organ donation introduces an increased demand for developed transplant diagnostic testing, thereby developing the overall global transplant diagnostics market demand in the forecast period.
The market is witnessing momentum due to an increase in organ transplant processes, developments in technology, the prevalence of chronic syndromes, and increased research and development activities, as indicated by foremost businesses’ subject matter professionals. Despite these positive factors, market development faces impairments such as a shortage of available organs for transplant processes, challenges in HLA sequencing, and a general shortage of awareness. Presently, the consumables sector emerges as the most lucrative segment.
According to small and medium-sized enterprises, the growing need for organ transplants is a significant driver behind the increased valuation of transplant diagnostics. In addition, the majority of producers and distributors in the transplant diagnostics domain are challenging their efforts towards burgeoning markets, primarily owing to their promising potential. The growing burden of chronic diseases in developing nations stands out as the primary driver, encouraging an increased aim on these regions within the industry.
While, important barriers to market development include the higher costs of PCR and NGS instruments, a shortage of medical resources for transplantation processes, and a considerable gap between annual organ donation, and transplantation figures. The growth of industry potential, however, can be amplified by developed market penetration in developing nations for the development of transplant diagnostics products, coupled with an increasing emphasis on HLA profiles grounded in genomics rather than the traditional serological test approach. An all-encompassing trend in the global market is the continual introduction of innovative products.
Moreover, the growing growth of the global transplant diagnostics market requires the formulation of astute business strategies, business development, encompassing partnerships, and other developmental methods. The growing need for donor organs is a foremost driver amplifying the requirement for transplant diagnostic kits. Strategic planning allows market players to align their activities with organizational objectives, delivering a roadmap for discussions and decision-making procedures to determine resource allocation and budget needs. This, in turn, develops functional effectiveness.
Major market players undertaking strategic initiatives, such as agreements, product launches, and business developments, are predicted to propel global transplant diagnostics market trend. These initiatives not only present opportunities for the global transplant diagnostics market but also contribute to the development of companies’ product portfolios, ultimately leading to increased revenue generation. Hence, these strategic endeavors by market players are predicted to serve as opportunities, propelling the growth of the global transplant diagnostics market.
Regional Global Transplant Diagnostics Market Segmentation
North America emerged as the leader in revenue share, with the U.S. playing an important role in this dominance. The region’s prevalent position can be attributed to different drivers, including the widespread acceptance of developed techniques and diagnostic tools, a substantial healthcare expenditure, and the existence of a skilled workforce. Within North America, the U.S. stands out with the largest market share, driven by factors such as highly developed healthcare infrastructure and the ready accessibility of skilled experts.
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