Tissue And Organ Transplantation Market Is Estimated To Witness High Growth Owing To Increasing Healthcare Expenditure
The Tissue And Organ Transplantation Market is estimated to be valued at US$ 18.05 Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The tissue and organ transplantation market includes products such as skin, bone marrow, cornea, liver, heart, intestines, lungs, and pancreas. These tissues and organs are transplanted from living or deceased donors to replace failed or damaged tissues and organs. The transplantation procedures help improve the quality of life of patients suffering from organ failure, chronic diseases, and injuries. Rising cases of organ failure, accidents, and chronic diseases are driving demand for transplantation products and services globally.
Market Dynamics:
The tissue and organ transplantation market is driven by increasing healthcare expenditure worldwide as well as rising disposable income. According to data by the World Bank, global current health expenditure reached US$ 7.8 trillion in 2020, growing at a rate of 5.4% annually since 2000. Moreover, improving reimbursement policies for transplantation procedures in various countries is encouraging more patients to opt for these treatments. However, high costs associated with transplantation surgeries and prolonged recovery time remain a challenge. Lack of organ donors is another major issue hampering market growth.Governments and non-profit organizations are taking initiatives to increase organ donation rates and create public awareness on the importance of organ donation after death. This is likely to provide new opportunities for market players over the coming years.
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