According to the latest report by IMARC Group “Artificial Organs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, 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 refer to human-made engineered medical devices that are implanted or integrated into the human body to replace and replicate the functions of a faulty or missing organ. They are generally manufactured using plastic that is seeded with stem cells from the transplant recipient; therefore, the body’s immune system does not reject these organs. At present, the unavailability of adequate natural organs for transplantation and the scarcity of organ donors have been major concerns around the world. In addition to this, finding a compatible organ also poses problems for patients. As a result, the demand for replacement/transplant organs is relatively very high as compared to the supply.
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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.
One of the significant factors which are impelling the growth of the artificial organs market is the increasing prevalence of medical conditions such as strokes, diabetes, cardiac diseases, and chronic kidney diseases. This can be accredited to sedentary lifestyles and the rising consumption of fast food across the globe. Moreover, manufacturers are also investing in research and development activities to suffice the requirements of patients. For instance, they are introducing artificial organs which offer enhanced patient comfort. Further, the consistently growing geriatric population is also influencing the demand for artificial organs. Some of the other factors that are strengthening the market growth are increasing healthcare awareness among individuals, growing incidents of accidents and severe injuries, and the rising acceptance of organ transplant procedures worldwide.
Breakup by Type:
- Artificial Kidney
- Artificial Heart
- Artificial Pancreas
- Cochlear Implants
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.
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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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