Rising prevalence of chronic disorders affecting one or multiple organs and scarcity of organ donors to drive the growth of global artificial organs market
New Delhi, June 05, 2020: According to TechSci Research report, “Global Artificial OrgansMarket 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 organsis 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 ElectromedizinischeGerate 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 sectorsignificantly,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 isfacing 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.
Corporate Comm India (CCI Newswire)
