The global artificial organs market is anticipated to reach market size of around US$ 34,000 Mn by 2027 and is anticipated to grow at a CAGR of around 9% in terms of revenue during the forecast period 2020 – 2027.
Artificial organs are designed devices implanted in a human body that substitute or perform a certain function of a normal organ. It consists of the plastic seeded with the stem cells of the receivers of the transplant and thus does not reject the immune system of the body. These machines requires no continuing linkage with a power or any other stationary resource and can keep patients working and working for years of significant organ loss.
Artificial organs are the strongest driving force behind global demand for artificial organs to sustain the natural functions of human organs temporarily or indefinitely. Another main driver to drive demand development is projected to be the growing incidence of chronic diseases affecting one or more vital organs. The rising occurrence of injuries and incidents is also improving artificial organs market. The global economy will continue to fuel technical advances and the growing adoption of transplant technologies. In addition to the rising geriatric population and increasing life expectancy, increasing public sensitivity to health care remains a crucial catalyst for the advancement of the artificial organ industry. However, it is impossible to patch or replace such protheses, including pacemakers for the brain. Artificial organ expense inexpensive and the whole organ implant process could also be limited to fast market development for some time to come. Due to unpredictable reimbursement policies which should limit penetration of the market in the near future, a number of developing regions still face a challenge. In addition, in addition to the restricted information of related surgical techniques, relative lower understanding of artificial organs and organ transplant would also hinder the advancement of the markets of artificial organs. In the longer term, it's still a big obstacle for the current medical industry to sustain productivity and consistency of artificial organ. In the next few years too, this will begin to diminish business growth.
In 2019, with a 46.1% share, North America led the market and its dominance is predicted to continue throughout the forecast period. This increase is attributed to the rising demand for artificial organs due to the high rate of organ failure. Moreover, its dominance is fueled by the existence of well-developed healthcare centres and a local presence of various global biotechnology and medical equipment firms including Zimmer Biomet, Arthrex, Inc.; Medtronic; Novartis AG; and Stryker. In the last five years, the number of donors in the US has grown significantly. According to the US Department of Health and Human Services is rising the number of organ donors by 27.7% from 2015 to 2019. Rising demand is a major market driver for artificial organ and bionics for kidney transplantation. The increase of kidney transplantation from 16,186 transplants in 2011 to 23,401 transplants in 2019 has been exponential. Due to emerging countries, such as Japan, China, and India, the Asia-Pacific market is projected to expand at the fastest pace in the forecast period. Their population bases are large and their frequency is high. The rise of artificial organs and bionic systems is estimated to increase in the number of chronic diseases contributing to organ failure. The first artificial heart valve technology in India was released under the Myval brand in December 2018. Under the "Make in India" campaign initiative, Meril Life Sciences unveiled this device. The countries are advanced in technologies and deliver numerous advanced operations of booming health tourism. A substantial number of people may use the area for medical purposes due to various low rates of surgery. The development of the market in the area has also been greatly contributed by a rise in the number of chronic diseases contributing to organ failure and an increase in medical tourism.
Some of the prominent players in the artificial organs market include Boston Scientific Corporation, Organovo Holdings Inc, Terumo Corporation, HeartWare, Cochlear Ltd, ABIOMED, Edwards Lifesciences Corporation., Asahi Kasei Medical Co., Ltd, Berlin Heart, Thoratec Corporation, and others.
The global artificial organs market is segmented as below:
Artificial Organs Market By Organ Type
Artificial Organs Market By Material Type
Artificial Organs Market By Geography
Middle East & Africa
The market for artificial organs is expected to reach a market value of around US$ 34,000 Mn by 2027.
The artificial organs market is expected to grow at a CAGR of around 9% from 2020 to 2027.
The artificial kidney is the leading segment by organ type in the artificial organs market.
Increasing use of advanced biomaterials in artificial organs will spur the ground based navigational systems growth.
Boston Scientific Corporation, Organovo Holdings Inc, Terumo Corporation, HeartWare, Cochlear Ltd, ABIOMED, Edwards Lifesciences Corporation., Asahi Kasei Medical Co., Ltd, Berlin Heart, Thoratec Corporation, and others are the prominent players in the market.
North America held the highest market share in the artificial organs market.
Asia Pacific is expected to be the fastest growing market over the forecast period.