An artificial organ is an engineered device which is implanted into the human body to replace a natural organ in case of failure or a disease. The lack in the availability of natural organs for a transplant has been a serious concern over the years, as the demand for organs for replacement/transplant is very high as compared to the supply. Apart from organ scarcity, finding a compatible organ also poses problems for the patients. Owing to these factors, the demand for artificial organs has witnessed a significant surge. A new research report by IMARC Group, titled “Artificial Organs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” estimates that the artificial organs market was worth US$ 12 Billion in 2017. The report further anticipates the market to cross US$ 21 Billion by 2023, at a projected CAGR of 9.5% over the forecast period.
Global Artificial Organs Market Drivers/Constraints:
- One of the primary factors propelling the growth of the artificial organs market is the increasing cases of disabilities as well as organ failures. Apart from this, technological advancements in the development of artificial organs has further proliferated their demand.
- The unavailability of organ donors at the time of need and the difficulties in matching different biological factors have encouraged the development of artificial organs across the globe. Moreover, the ability of the artificial organs in retaining usual functioning of the human body is supporting the market growth.
- Some of the other factors influencing the demand for artificial organs include changing lifestyle, rising geriatric population, increasing cases of accidents, emerging healthcare facilities and expanding medical expenditure.
- There are several factors that hamper the growth of the market. For instance, the high implantation cost and limited surgical expertise can restrain the demand for artificial organs.
Product Type Insights:
On the basis of type, the artificial organs market is segregated as artificial kidney, artificial heart, artificial pancreas, cochlear implants and others. Currently, artificial kidney represents the leading product on account of high demand resulting from increasing cases of kidney failure.
On a geographical front, North America represents the dominant market, accounting for the largest global share. The higher healthcare expenditure in the region coupled with increased awareness regarding artificial organs act as the key factors driving market growth in North America. It is followed by Europe, Asia Pacific, Latin America, Middle East and Africa.
The market is highly concentrated with the presence of few large manufacturers who compete in terms of prices and quality. There is a tough competition in the market which makes it difficult for small players to enter the market. Some of the leading players operating in the market are:
- Abiomed, Inc.
- Heartware International, Inc.
- Edwards Lifesciences Corp
- Boston Scientific Corporation
- Cochlear Limited
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal