According to the latest report by IMARC Group, titled “Artificial Organs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global artificial organs market size reached US$ 15.9 Billion in 2020. Artificial organs are human-made medical devices with biochemical or active mechanical functions. Artificially manufactured organs range from the ears and ovaries to the heart and brain. These organs are implanted in the body to replicate the functions of a healthy organ, thus enabling a patient with serious organ failure to lead a healthy life. According to the materials used for production, artificial organs can be categorized into mechanical, biomechanical and bioartificial. Mechanical organs are made from plastics or metals, biomechanical variants are produced with partially living cells and plastics, and bioartificial organs include living cells and biodegradable polymers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Artificial Organs Market Trends:
The growth of the global artificial organs market can be majorly attributed to the shortage of organ donors and rising incidences of organ failures due to severe health conditions, such as strokes, diabetes, heart disorders, and chronic kidney diseases. Moreover, the market is driven by the rising geriatric population that experiences organ failure on a higher level as compared to the younger demographic. Increasing investments in the development of advanced artificial support systems and improving the existing healthcare facilities are acting as another major growth-inducing factor. Advancements in 3D bioprinting and the integration of artificial intelligence (AI) in the production of artificial devices are some of the other factors creating a positive outlook for the market further. Looking forward, the global artificial organs market size is anticipated to reach a value of US$ 27.20 Billion by 2026, exhibiting a CAGR of 9.20% during 2021-2026.
- Based on the type, the market has been segregated as artificial kidney, artificial heart, artificial pancreas, cochlear implants and others. Currently, artificial kidney accounts for the majority of the market share.
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Amongst these, North America is the leading market, driven by the increasing incidences of chronic diseases, especially in the United States.
- The competitive landscape of the market has been examined in the report. Some of the key players include Abiomed, Inc., HeartWare International, Inc., Edwards Lifesciences Corp, Boston Scientific Corporation and Cochlear Limited.
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