Increasing incidence of organ failure and shortage of organ donors, rapid advancements in development of biocompatible devices, and rising prevalence of chronic and fatal diseases are some key factors expected to drive market growth.
Increasing incidence of organ failure and shortage of organ donors, rapid advancements in development of biocompatible devices, and rising prevalence of chronic and fatal diseases are some key factors expected to drive market growth
Emergen Research has recently published its latest report titled “Wearable Organs Market Size, Share, Trends, By Product (Kidney, Pancreas, Cochlear implants, Exoskeleton, Bionic Limbs, Vision Bionics), By Technology (Electronic, Mechanical), By Application (Organ Replication, Organ Efficacy, Clinical Testing), and By Region Forecast to 2027.”
According to Emergen Research, the global wearable organs market size was USD 5.36 Billion in 2019 and is expected to reach USD 19.74 Billion in 2027 and register a revenue CAGR of 17.6% during the forecast period, 2020-2027.
Market Dynamics:
Wearables in the field of medicine are gaining traction owing to rising trend of integrated home healthcare and increasing number of product approval and patent filings. Wearable organs replicate the function of certain organs and recent advancements in technology and integration have further boosted their demand. Wearable organs are biocompatible man-made devices that are implanted into human body and interact directly with the biological system to resume function that was lost during organ failure or removal. Increasing incidence of organ failure due to untreated chronic diseases, shortage of organ donors and compatibility issues, and technological advancements in wearable artificial organs are some key factors expected to drive market revenue growth over the forecast period.
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Wearable organs improve quality of life and are sometimes crucial for the survival of patients. Over the years, numerous wearable organs have been developed for treatment of various chronic diseases and includes kidneys, bladders, pancreas, and artificial limbs for amputees. These organs are complex medical devices that have active mechanical or biochemical functions and can be surgically implanted or extra corporeal. Considerable research and development activities have been carried out to improve mechanical, biologic, and mass exchange functions of these devices and develop new range of devices that constitute artificial organs. Increasing incidence of chronic kidney disease and congestive heart failure and growing need for organ transplantation have further boosted demand for wearable artificial kidney and total artificial hearts and this is expected to continue to drive market growth going ahead.
However, challenges associated with transport of wearable organs, high costs, unavailability of wearable organs in developing and underdeveloped regions across the globe, and lack of advanced medical facilities are some factors expected to hamper revenue growth of the market to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Kidney Segment to Dominate Other Product Segments in Terms of Revenue Share:
Kidney segment is expected to account for largest revenue share over the forecast period attributable to increasing prevalence of end stage renal diseases, rising number of patients undergoing dialysis, lack of organ donors and increasing success of wearable artificial kidneys, and growing number of clinical trials to establish safety and efficacy of wearable kidneys.
Mechanical segment to Register Significant Revenue Share:
Mechanical segment is expected to register significant revenue growth over the forecast period attributable to increasing advancements in mechanical devices, rapid developments in mechanical wearable exoskeletons, and rising number of product launches.
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North America Market Revenue to Support Market Growth:
North America is expected to account for a significantly large revenue share over the forecast period attributable to rapid advancements in healthcare sector, increasing prevalence of chronic diseases and resultant increase in demand for organs, availability of affordable artificial organs, establishment of advanced healthcare and research infrastructure, rising investment to accelerate biotechnology and pharmaceutical research activities, and robust presence of key companies in the region.
Major Companies in the Market Include:
- Abbott Laboratories
- Medtronic PLC
- Boston Scientific Corporation
- Ekso Bionics Holdings Inc.
- Neurotron Biotechnology
- Cochlear Ltd.
- HDT Global, Inc.
- AWAK Technology
- ReWalk Robotics
- Second Sight Medical Products, Inc.
For the purpose of this report, Emergen Research has segmented the global Wearable Organs Market on the basis of product, technology, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Kidney
- Pancreas
- Cochlear Implants
- Exoskeleton
- Bionic Limbs
- Vision Bionics
- Brain Bionics
- Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Electronics
- Mechanical
Application Outlook (Revenue, USD Billion; 2017-2027)
- Organ Replication
- Organ Efficacy
- Clinical Testing
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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