Artificial organs are engineered devices that are implanted in a human body in order to replace a natural organ or perform a specific function. They are composed of the plastic that is seeded with stem cells from the transplant recipient, hence the body’s immune system does not reject the artificial organ. These devices do not require continuous tethering to a power supply or any other stationary resource and can keep patients with serious organ failure alive and functioning for years. According to IMARC Group’s latest report, titled “Artificial Organs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global artificial organs market reached a value of US$ 13.2 Billion in 2018.
Rapidly ageing global population and a subsequent increase in the number of people suffering from organ failures represent the key factors driving the artificial organs market. Frequent road accidents and injuries leading to amputations coupled with growing public awareness about advancements in the medical technology have resulted in the demand for artificial organs. On the other hand, high implantation cost and limited surgical expertise in most regions are expected to restrain the growth of the market. However, the unavailability and scarcity of organ donors at the time of requirement has encouraged the development of artificial organs technology across the globe. Owing to the aforementioned factors, the market is expected to reach a value of US$ 23.6 Billion by 2024, registering a CAGR of 9.5% during 2019-2024.
The report has segmented the market on the basis of type including artificial kidney, artificial heart, cochlear implants, and artificial pancreas. Amongst these, artificial kidney represents the largest product type. On a regional-basis, the report covers North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Currently, North America dominates the market, followed by Europe and Asia-Pacific. The report has also analysed the competitive landscape of the market with some of the key players being Abiomed, HeartWare International, Inc., Edwards Lifesciences Corp, Boston Scientific Corporation, and Cochlear Limited.
This report provides a deep insight into the global artificial organs market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the artificial organs industry in any manner.
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