The latest report by IMARC Group, titled “Artificial Organs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global artificial organs market reached a value of US$ 18.9 Billion in 2022. Artificial organs are medical devices that are engineered and implanted into the human body. The organs are implanted in the body to replicate the natural function of a healthy organ. Artificial organs are made from plastic seeded with stem cells from the transplant recipient. They include implantable devices like fully artificial hearts and pacemakers, and organ support machines like dialysis and extracorporeal membrane oxygenation (ECMO) machines. They do not need continuous tethering to any power supply and stationary resources to function.
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 market is primarily driven by the increasing number of road accidents resulting in amputations. The rising incidences of organ failures caused due to blood loss, drug abuse, serious trauma, and acute diseases is another major growth-inducing factor. Along with this, rapid lifestyle disorders, such as unhealthy dietary habits, smoking, alcohol consumption, and sedentary lifestyle, are also escalating the demand for artificial organs. Besides this, the shortage of organ donors and the increasing geriatric population undergoing organ transplants on account of their deteriorating health is propelling the demand for artificial organs. Nowadays, the rising public awareness about advancements in medical technology and improvements in the healthcare infrastructure resulting in the development of artificial support systems. Furthermore, key manufacturers are introducing 3D bioprinting and integrating artificial intelligence (AI) in artificial organs, thus creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 31.2 Billion by 2028, exhibiting a CAGR of 8.5% during the forecast period (2023-2028).
- Based on the type, the market has been segmented into artificial kidney, artificial heart, artificial pancreas, cochlear implants, and others. Amongst these, artificial kidneys represent the largest product type.
- Region-wise, North America exhibits a clear dominance in the market. Other regions are Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Abiomed Inc., Edwards Lifesciences Corp, HeartWare International, Inc., Cochlear Limited, and Boston Scientific Corporation.
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