The global artificial organs market is being driven by the growing prevalence of chronic diseases and the increasing investment in research and development activities (R&D) by manufacturers.
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According to the latest report by IMARC Group, titled “Artificial Organs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global artificial organs market is currently experiencing strong growth. Artificial organs refer to human-made engineered medical devices that are implanted or integrated into the human body to replace and replicate the functions of a faulty or missing organ. They are generally manufactured using plastic that is seeded with stem cells from the transplant recipient; therefore, the body’s immune system does not reject these organs. At present, the unavailability of adequate natural organs for transplantation and the scarcity of organ donors have been major concerns around the world. In addition to this, finding a compatible organ also poses problems for patients. As a result, the demand for replacement/transplant organs is relatively very high as compared to the supply.
Global Artificial Organs Market Trends:
One of the significant factors which are impelling the growth of the artificial organs market is the increasing prevalence of medical conditions such as strokes, diabetes, cardiac diseases, and chronic kidney diseases. This can be accredited to sedentary lifestyles and the rising consumption of fast food across the globe. Moreover, manufacturers are also investing in research and development activities to suffice the requirements of patients. For instance, they are introducing artificial organs which offer enhanced patient comfort. Further, the consistently growing geriatric population is also influencing the demand for artificial organs. Some of the other factors that are strengthening the market growth are increasing healthcare awareness among individuals, growing incidents of accidents and severe injuries, and the rising acceptance of organ transplant procedures worldwide. Looking forward, the global artificial organs market size is anticipated to grow at a CAGR of around 9.5% during 2019-2024.
Insights on Market Segmentation:
Market Breakup by Type:
1. Artificial Kidney
2. Artificial Heart
3. Artificial Pancreas
4. Cochlear Implants
Based on the type, the market has been segmented into artificial kidney, artificial heart, artificial pancreas, cochlear implants and others. Currently, artificial kidney accounts for the majority of the total market share.
Market Breakup by Region:
1. North America
3. Asia Pacific
4. Latin America
5. Middle East and Africa
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Amongst these, North America is the leading market, holding the majority of the global share. This can be attributed to the increasing incidences of chronic diseases, especially in the United States.
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The competitive landscape of the market has been examined in the report. Some of the key players include Abiomed, Inc., HeartWare International, Inc., Edwards Lifesciences Corp, Boston Scientific Corporation and Cochlear Limited.
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