The latest report by IMARC Group, titled “Artificial Organs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global artificial organs market reached a value of more than US$ 12 Billion in 2016. Artificial organs are man-made electrical devices that are integrated into a human body so as to replace a damaged or missing natural organ. They are composed of plastic that is seeded with stem cells from the transplant recipient, due to which the body’s immune system does not reject the artificial organ. These bio-artificial devices can temporarily or permanently substitute organs and provide support for restoring a specific function so that the patient can heal rapidly. Artificial organs include pacemaker, artificial heart and artificial substitutes for missing limbs or performing kidney functions.
Highlights of the global artificial organs market:
- Ageing population and growing cases of chronic diseases are major growth driving factors.
- Artificial kidney represents the most popular product type, leading the artificial organs market.
- North America represents the largest market, holding the majority of the global share.
A rise in geriatric population, growing prevalence of chronic diseases and a surge in the number of people suffering from organ failures and limb amputation are the major growth-inducing factors for the artificial organs market. Further, unavailability of organ donors at the time of requirement coupled with growing public awareness about the advancements in the healthcare sector are contributing to the growth of the market. As a result of rising incidences of road accidents and injuries leading to amputations, the demand for artificial organs has further increased. Furthermore, advancements in technological innovations to develop affordable artificial organs are also projected to aid the market growth. According to the report, the market is expected to reach a value of more than US$ 20 Billion by 2022, exhibiting a CAGR of nearly 7% during 2017-2022.
On the basis of key applications, artificial kidney represents the largest product type. Other major product types include artificial heart, cochlear implants and artificial pancreas. On the basis of region, North America represents the largest market for artificial organs, accounting for the majority of the total global share. Other major regions include Europe, Asia-Pacific, Latin America, and Middle East and Africa. On evaluating the competitive landscape of the market, it is found that the key players include Abiomed, Inc., Heartware International, Inc., Edwards Lifesciences Corp, Boston Scientific Corporation and Cochlear Limited.
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The report by IMARC Group has examined the global artificial organs market on the basis of:
- Artificial Kidney
- Artificial Heart
- Artificial Pancreas
- Cochlear Implants
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Abiomed, Inc.
- Heartware International, Inc.
- Edwards Lifesciences Corp
- Boston Scientific Corporation
- Cochlear Limited
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