Major players in the artificial organ market are Medtronic PLC., Abbott Laboratories Ltd., ABIOMED Inc., Berlin Heart Gmbh, Boston Scientific Corporation, Edward Lifesciences Corporation, Jarvik Heart Inc.

New York, May 30, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Artificial Organ Global Market Report 2023" - https://www.reportlinker.com/p06457547/?utm_source=GNW
, Baxter International Inc., B. Braun Melsungen AG, Asahi Kasei Medical Co. Ltd., Getinge AB, Zimmer Biomet Holdings Inc., Ekso Bionics Holdings Inc., Heartware International Inc., F. Hoffmann-La Roche Ltd., Carmat SA, Nipro Corporation, and Terumo Corporation.

The global artificial organ market is expected to grow from $20.37 billion in 2022 to $22.24 billion in 2023 at a compound annual growth rate (CAGR) of 9.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The artificial organ market is expected to grow to $31.00 billion in 2027 at a CAGR of 8.7%.

The artificial organ market consists of sales of orthopedic devices, neuroprostheses and neurological support, urological support, visual support systems, blood cell and tissue replacement systems, mechanical organs made of inanimate polymers, and biomechanical organs made of partially living cells and inanimate polymers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

An artificial organ is a device that may be implanted or integrated into a human body to replace a natural organ, duplicate or augment a certain function, and allow the patient to return to normal life as quickly as feasible.

North America was the largest region in the artificial organ market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the artificial organ market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main organ types of artificial organs include artificial hearts, artificial kidneys, artificial livers, artificial pancreas, and others.An artificial heart is a pump that is implanted in the chest to replace damaged heart ventricles and valves.

After the pump is installed in the chest, a mechanism called a driver operates the pump from outside the body.The pump (artificial heart) and driver are used to replace the function of a healthy heart by allowing blood to circulate to and from the heart.

The materials are silicone, plastic, steel, and biomaterials, and fixations include implantable, and external. The end users include hospitals, ambulatory surgical centers, laboratories and diagnostic centers, research and academic institute, and others.

The rising geriatric population is expected to propel the growth of the artificial organ market going forward.The geriatric population refers to the population of people of 60 years and above requiring medical care.

Artificial organs have the potential to significantly help the elderly in a variety of ways such as providing solutions to health problems like organ failure that elderly people face to improve their quality of life.For instance, in October 2022, according to the World Health Organization (WHO), a Switzerland-based organization responsible for international public health, the proportion of elderly individuals in each nation’s population will rise, as will their overall number.

By 2030, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. The world’s population of persons aged 60 and over will double by 2050 (2.1 billion). The number of people aged 80 or more is predicted to increase substantially between 2020 and 2050, reaching 426 million. Therefore, the rising geriatric population will drive the artificial organ market.

Product innovations are a key trend in gaining popularity in the artificial organ market.Major companies operating in the artificial organ market are focused on developing innovative solutions to strengthen their position in the market.

For instance, in December 2021, ALung Technologies, a US-based medical equipment manufacturer announced that its Hemolung respiratory support system, an artificial lung received approval from the Food and Drug Administration, a US-based regulatory organization.This artificial lung device is developed to treat COVID-19 patients avoiding ventilator use and further damage to their already stressed lungs and to control their respiratory and metabolic function.

It is simple, safe, and effective and can be used for a range of applications such as cystic fibrosis and asthma.

In September 2021, Picard Medical Inc (a portfolio company of Hunniwell Lake Ventures LLC), a US-based biotech firm acquired SynCardia Systems LLC and its assets for an undisclosed amount.The acquisition enabled Picard Medical Inc gain access to technical and commercial expertise and helps further develop SynCardia Systems LLC.

SynCardia Systems LLC is a US-based firm that makes artificial human hearts as a bridge to human heart transplants for persons dying from end-stage biventricular failure.

The countries covered in the artificial organ market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The artificial organ market research report is one of a series of new reports that provides, artificial organ market statistics, including, artificial organ industry global market size, regional shares, competitors with an artificial organ market share, detailed, artificial organ market segments, market trends and opportunities, and any further data you may need to thrive in the artificial organ industry. This artificial organ market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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