The global artificial organs market is expected to reach USD 32.62 Billion by 2027, according to a new report by Emergen Research. The market is anticipated to witness a CAGR of 11.8% from 2020 to 2027.
The global artificial organs market is expected to reach USD 32.62 Billion by 2027, according to a new report by Emergen Research. The market is anticipated to witness a CAGR of 11.8% from 2020 to 2027. Increasing prevalence of organ failure and chronic diseases is the key factor driving the growth of the market.
According to the World Health Organization (WHO), around 10% of the world’s population suffers from some form of organ failure. Moreover, according to the WHO, in 2016, around 17.9 million people died from cardiovascular diseases, which is 31% of all global deaths. Such factors are expected to drive the demand for artificial organs over the forecast period.
In addition, technological advancements in the field of artificial organs are expected to provide significant growth opportunities for the market players operating in the market. For instance, in March 2019, TransMedics Inc., a U.S.-based medical technology company, received the U.S. Food and Drug Administration (FDA) approval for its Organ Care System-Heart (OCS-H). The system is used for transporting and preserving donor hearts outside the body at near-physiological conditions. Also, in June 2019, Tel Aviv University’s Center for Nanoscience and Nanotechnology and the Technion-Israel Institute of Technology announced that they had developed a 3D-printed heart made from human cells. Such technological advancements are expected to propel the growth of the market over the forecast period.
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A rapid growth in demand for organ transplantation, technological advancements in transplantation procedures, and an increase in the number of organ donors are factors driving the growth of the artificial organs market. Nevertheless, the lack of donors for transplantation, the high cost of transplantation procedures, and the risk of infection are hindering the market growth.
Some Key Highlights from the Report
- By organ type, an artificial heart segment is expected to grow at the highest CAGR during the forecast period due to the large number of benefits offered by artificial hearts such as improvement in quality of life and reduction in mortality rates.
- By usage, extracorporeal artificial organs segment is expected to grow at the highest CAGR during the forecast period due to the adoption of extracorporeal artificial organs for the treatment of various organ failures such as renal failure and cardiac failure.
- By material type, plastics segment is expected to grow at the highest CAGR during the forecast period due to the availability of various biocompatible plastics for the manufacturing of artificial organs.
- By end user, hospitals segment is expected to grow at the highest CAGR during the forecast period due to the increasing number of organ transplant procedures being performed in hospitals. Also, hospitals have the required infrastructure and facilities for organ transplant procedures.
- North America held the largest market share in 2019 and is expected to maintain its dominance over the forecast period. The large share of the region can be attributed to the presence of key market players in the U.S. and Canada. For instance, in May 2019, United Therapeutics Corporation, a U.S.-based biotechnology company, acquired Lung Bioengineering, Inc., a U.S.-based regenerative medicine company, for USD 740 million. The acquisition helped the company to expand its product portfolio and strengthen its position in the artificial organs market.
- Key participants include Zimmer Biomet, Ekso Bionics, Boston Scientific Corporation, Abiomed Inc., Heartware International Inc., Cochlear Ltd., Berlin Heart GmbH, Medtronic, Nipro Corporation, and Baxter International, among others.
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Emergen Research has segmented the global artificial organs market on the basis of organ type, technology, material type, and region:
Organ Type Outlook (Revenue, USD Billion; 2017-2027)
- Artificial Kidney
- Artificial Liver
- Artificial Heart
- Artificial Lungs
- Artificial Pancreas
- Others
Usage Outlook (Revenue, USD Billion; 2017-2027)
- Implantable
- Extracorporeal
Material Type Outlook (Revenue, USD Billion; 2017-2027)
- Silicon
- Plastic
- Steel
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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