Artificial Organs Market to Witness Significant Growth until 2025
Rising prevalence of chronic
disorders affecting one or multiple organs and scarcity of organ donors to drive
the growth of global artificial organs market
According
to TechSci Research report, “Global Artificial Organs Market
By Organ Type (Artificial Heart (Prosthetic Heart Valves, Ventricular
Assist Devices, Cardiac Pacemakers), Artificial Kidney, Artificial Pancreas,
Artificial Lungs, Cochlear Implants, Others), By Technology (Electronic
Bionics, Mechanical), By Type of Fixation (Wearable, Implantable), By Material
Type (Silicon, Plastic, Steel), By Region, Forecast & Opportunities, 2025”, the global
artificial organs market is expected to witness significant CAGR until 2025
owing to artificial organ’s ability to restore normal functioning of human
organs. Furthermore, increasing cases of chronic disorders affecting one or
multiple vital organs is creating demand for artificial organ transplants. Spike
in number of road accidents and severe injuries is also propelling the growth
of artificial organs market around the world. The list of patients waiting for
organ transplant is rising globally and hence, there is a growing need for
artificial organs in order to reduce the mortality rate. Additionally,
increasing expenditure on healthcare and technological advancements is further
anticipated to drive the market growth until 2025. Moreover, growing awareness
towards healthy living has led to increasing acceptance of artificial organ
transplant technology among people. The use of bioartificial materials has also
resulted in surge in demand for artificial organs. Rising cases of organ
failure, especially among geriatric population is another key factor supporting
the growth of global artificial organs market.
However, there are certain major issues, hindering the
growth of global artificial organs market. Significant rise in cases of product
failure after transplantation might hamper the growth of this market. Further, high
cost of artificial organs might limit the overall growth of the market.
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The global
artificial organs market is segmented based on organ type, technology, type of
fixation, material type and region. Based on organ type, the market is
segmented into artificial heart, artificial kidney, artificial pancreas,
artificial lungs, cochlear implants and others. Among these, the artificial heart
segment is further categorized into prosthetic heart valves, ventricular assist
devices and cardiac pacemakers. Here, the artificial kidney segment is expected
to undergo highest growth during the forecast period owing to increasing number
of patients suffering from kidney disorders. According to International Society
of Nephrology, the number is even higher than that of people diagnosed with
diabetes. Based on material type, the global artificial organs market is
categorized into silicon, plastic and steel. Among them, the silicon segment is
expected to witness high demand in the global market as it can endure high
temperature. Additionally, the segment is expected to undergo fastest growth
during the forecast period as more companies are adopting silicon as a key material
for manufacturing artificial organs.
Major players operating in the global artificial
organs market include Cochlear Ltd., B. Braun Melsungen AG, Abiomed Inc.,
Biomet Inc., Baxter International Inc., Edward Lifesciences Corporation, Syncardia,
Boston Scientific Corporation, Asahi Kasei Medical Co. Ltd, Heartware
International, Inc, Dexcom, Inc., Ekso Bionics, OTTO Bock Healthcare GmbH, Jarvik
Heart, Inc., Advanced Bionics AG and affiliates, Fresenius Medical Care AG
& Co. KGaA, Med-El Electromedizinische Gerate GmbH, Medtronic, Plc, Retina Implant
AG and Nipro Corporation. The companies are focusing on new product launches
and research & development activities to enhance their product portfolio. They
are also undertaking other growth strategies such as partnerships &
acquisitions to increase their market share.
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“North
America leads the global artificial organ transplants market as Trump’s
administration in United States has increased expenditure on healthcare sector significantly,
which is a major boosting factor for healthcare companies and the market. Additionally,
the region is also home to growing geriatric population and among them, a large
portion is facing organ failure issues. Adding to this, high per capita
disposable income of the region is enabling people to easily opt for artificial
organ transplants, thereby fueling the market, ” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Artificial Organs Market By Organ Type (Artificial
Heart (Prosthetic Heart Valves, Ventricular Assist Devices, Cardiac
Pacemakers), Artificial Kidney, Artificial Pancreas, Artificial Lungs, Cochlear
Implants, Others), By Technology (Electronic Bionics, Mechanical), By Type of
Fixation (Wearable, Implantable), By Material Type (Silicon, Plastic, Steel),
By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global artificial
organs market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global artificial organs market.
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