Artificial Organs Market is geared to grow at a CAGR of 7.2% from 2023 to 2032 | insightSLICE
The global market for Artificial Organs had an estimated value of US$ 17.7 billion in 2021 and is anticipated to expand at a CAGR of 7.2% until the year 2032.
Artificial organs are synthetic devices, organs, or tissues that are transplanted as an internal component to perform the same function as the replaced organ. The transplanted organ may not always be utilized to sustain life; instead, it may be used to enhance the quality of life, for instance by replacing a few particular parts.
Engineered hearts and kidneys, pacemakers, dialysis machines, and artificial limbs are part of the group of artificial organs. One of the key elements driving the expansion of the world market for artificial organs is the rising number of chronic disease patients.
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The key players of the Global Artificial Organs Market are:
Boston Scientific Corporation, Ekso Bionics, Heartware International, Inc., Berlin Heart Gmbh, Zimmer Biomet, Iwalk, Inc., Medtronic, ABIOMED, INC., Biomet, Inc., SynCardia Systems, LLC., Abbott Laboratories, Edward Lifesciences Corporation, and Jarvik Heart, Inc. are a few of the major companies operating in the global artificial organs market.
Driving factors for the growth of Global Artificial Organs Market
The development of artificial organ implants has been accelerated by developments in the realm of medical technology. The market is expanding as a result of rising global investment in healthcare and medical technologies.
However, middle-class individuals find it challenging to afford these procedures due to the high price of biomedical implants. This would restrict the use of artificial organs among those with low incomes.
However, in the upcoming few years, more accessible options for the general public would be offered thanks to ongoing improvements in the field of medical technology.
The shortage of trained manpower, fewer organ implantation facilities, and inadequate healthcare infrastructure in developing and developing countries are impeding the market’s expansion.
For instance, only roughly 300 facilities in India are equipped to perform organ transplantation despite having a huge healthcare market. According to this, there is just one hospital that can meet the needs of 43 lakh people for organ transplants.
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Report for the Global Artificial Organs Market:
In the report for Global Artificial Organs Market, we present you the trends, analysis, and forecasts for the year 2022-2032. The forecast period for our report runs from 2022 to 2032, with 2020 serving as the historical era and 2021 as the base year.
The research takes into account the competitive environment and will give an outline of the top market participants in the artificial organs industry and their plans for the market.
In addition, the report will include statistics regarding important advancements, global and regional sales networks, marketing strategies, studies and research projects, staff strength, and principal officers for all significant market participants.
The research identifies the business segments working on the development and production of artificial organs across all operating business segments.
Additionally, the market shares of well-known businesses operating in the worldwide artificial organs market will be calculated together with their primary company strategies, product portfolios, significant objectives, and essential market research.
The strategic sourcing and sales process stakeholders, as well as their contributions, will be examined in the worldwide artificial organs market.
The corporate announcement subsection will concentrate on the most recent company advancements, such as corporate strategy, collaborations and partnerships, mergers and acquisitions, newly launched products, and geographic expansion in the market for artificial organs, while the product portfolio portion will concentrate on all currently available and future products.
Global Artificial Organs Market Key Segments:
By Organ type
- Heart
- Kidney
- Liver
- Pancreas
- Exoskeleton
- Cochlear
By Mechanism
- Mechanical
- Electronic
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Belgium
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
The leading market segments of Global Artificial Organs Market
Currently, the largest segment of the global artificial organ market is the kidney implants sector. The number of persons experiencing renal failure is rising daily as per the Centers for Disease Control and Prevention (CDC) estimate. Around 37 million adults in the United States, or nearly 15% of the population, have some form of chronic kidney disease.
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Regional performance of Artificial Organs Market
The artificial organ market is dominated by the North American region as of current estimates. The expansion of the market in this region is being supported by the region’s established healthcare system and rising medical and healthcare spending.
For example, the Centers for Medicare and Medical Services predict that the total amount spent on healthcare in the United States would increase from US$3.6 trillion in 2018 to US$6.2 trillion in 2028. In addition, a contributing element to the market’s expansion in the United States is the rising prevalence of chronic disorders.
Research from the National Health Council predicts that in the United States, 157 million individuals would have chronic diseases by 2020. About 81 million of these individuals would have several chronic illnesses. In comparison to the other geographies, Asia Pacific is increasing at the fastest CAGR for the organ implant sector.
This is because of the fact that the administrations of the governments in this region invest a sizable sum of money in projects for research and development in addition to infrastructural improvements for the entire healthcare system that are taking place.
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