Embalming Fluid Market Trends

Growth Drivers

• Rising Demand for Organ Transplants – Rising need for organ transplantation, supported by increasing prevalence of chronic diseases, is expected to boost the growth of the global embalming fluid market. Chronic diseases such as renal failure, cystic fibrosis, hepatitis, chronic kidney disease, and diabetes are associated with organ transplantation. Organs from deceased donors are stored for a short period of time using an embalming solution. A total of 166,579 transplants were performed in the year 2019, according to the Global Observatory on Donation and Transplantation.
• Increasing Prevalence of Chronic Kidney Disease – Chronic kidney disease is known to be a progressive disease that affects more than 800 million people worldwide, or more than 10% of the general population. Chronic kidney disease is more common in older people, women, ethnic minorities, and people with diabetes or high blood pressure. Chronic kidney disease places a particularly heavy burden on low- and middle-income countries, which are least prepared to deal with its consequences. Chronic kidney ailment has turn out to be one of the main reasons of loss of life across the globe and is one of the few non-communicable illnesses that has shown an increase in associated deaths over the last decades.
• Rise in Research Spending – Growth in the global market during the forecast period can be further attributed to increased investment in research and development activities to continuously find more viable solutions for organ transplantation. Research reports show that global R&D spending has more than tripled in real terms since 2000, rising from about USD 680 billion to more than USD 2.5 trillion in 2019.
• Rising Healthcare Spending – According to the latest spending data, global healthcare spending has increased over the past two decades, effectively doubling from 8.5% in 2000 to USD 8.5 trillion in the year 2019, increasing GDP reached 9.8%. The boom will continue during the forecast period.
• Worldwide Prevalence of Cancer – Cancer incidence is expressed as the number of people living without being diagnosed with cancer. It is defined by how common cancers develop (incidence) and how long they live after diagnosis (survival). Therefore, the most common cancers with the longest survival rates have the highest prevalence. For instance, the prevalence of breast cancer in women and prostate cancer in men is high, estimated at 42% and 43% in the year 2019. Organ transplantation is widely used in cancer treatment. Hence, it is estimated to be a major growth driver.

Challenges

• Side Effects of Embalming Fluid – Increasing personal concern about side effects associated with the use of embalming fluid is one of the major factors expected to slow down the market growth.
• Low awareness of drugs among people in low and middle-income countries
• Lack of reimbursement policies for organ transplantation in some countries