(PharmaNewsWire.Com, November 13, 2019 ) According to research report the perfusion systems market is projected to reach USD 1,198.8 million by 2021 from USD 989.4 million in 2016, at a CAGR of 3.9% from 2016 to 2021. While North American region held the largest market share in 2016, it is the Asia-Pacific region that is expected to grow at the highest CAGR during the forecast period. The increasing aging population and rising cardiovascular surgeries are major factors driving the growth of the Asian market.
The growth of the Asia-Pacific market is expected to be centered particularly on Japan, China, and India. The increase in the number of organ donations and transplants are expected to favour the growth of perfusion systems in Japan. The number of organ transplant procedures in Japan, increased by 20% from 2013 to 2016. Furthermore, the availability of government support for research is a pivotal factor that boosts the cell-based therapy sector in Japan, thereby aiding the market for perfusion systems.
The increasing number of respiratory & cardiac diseases, rising number of organ donations & transplants, and growing research in biopharmaceutical industry are expected to drive the growth of this market in China. Also, in September 2016, WuXi Biologics established a perfusion biologics manufacturing facility in China. This facility is expected to attract biopharmaceutical companies to outsource perfusion processes to the country.
The growing pharmaceutical & biotechnology industry and government initiatives are the major factors driving the growth of the perfusion systems market in India. The high adoption of perfusion techniques in the biopharmaceutical industry for cell-based research and development of biologics is an important driver in this geographic segment.
Some other factors driving the growth of perfusion systems in the Asia-Pacific region are increase in government support for academic and commercial R&D in Taiwan, establishment of R&D centres in Singapore, and the South Korea-U.S. free trade agreement.
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