According to the latest report by IMARC Group, titled, “Artificial Organs Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027“, provide the global artificial organs market size reached US$ 17.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.2 Billion by 2027, exhibiting at a CAGR of 8.8% during 2022-2027.
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.
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Note: 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.
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
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Breakup by Type:
- Artificial Kidney
- Artificial Heart
- Artificial Pancreas
- Cochlear Implants
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Abiomed Inc.
- Edwards Lifesciences Corp
- HeartWare International, Inc.
- Cochlear Limited
- Boston Scientific Corporation.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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