Artificial Organs Market: A Comprehensive Overview of the Industry's Players and Trends
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Growing incidences of organ failure is one of the significant factors influencing the market growth.
VANCOUVER, BRITISH COLUMBIA, CANADA, February 8, 2023 /EINPresswire.com/ -- The global artificial organs market is expected to reach USD 32.62 Billion by 2027, according to a new report by Emergen Research. The market is experiencing rapid growth attributed to growing incidences of organ failure, especially kidney, liver, heart, lungs, and pancreas, among others. The primary benefits of artificial organs are that they provide an opportunity for mass production, along with reducing the chances of rejection by the human body.
A rapid growth in demand for organ transplantation across the globe is owing to the growing prevalence of the failure of vital organs, along with the increasing success rate and improvement in post-transplant health conditions. Nevertheless, the lack of donors for transplantation to cater to the rising demand has led to a shortage crisis in the market for body parts transplantation. Thus, a significant rise in the number of patients waiting for a transplant and a rise in the mortality rate of patients due to the unavailability of organs for transplantation is driving the growth of the market.
Artificial Organs Market By Organ Type (Artificial Kidney, Liver, Heart, Lungs, Pancreas), By Usage (Implantable, Extracorporeal), By Material Type (Silicon, Plastic, Steel), Forecasts to 2027
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Key participants include Zimmer Biomet, Ekso Bionics, Boston Scientific Corporation, Abiomed Inc., Heartware International Inc., Cochlear Ltd., Berlin Heart GmbH, Medtronic, Nipro Corporation, and Baxter International, among others.
Key Highlights from the Report
By organ type, an artificial heart is estimated to witness the fastest growth rate of 8.7% in the forecast period. These have numerous prospective benefits, comprising the ability to support patients suffering from biventricular failure; without a pocket, thereby reducing infection risk; and the possibility for treating patients suffering from systemic diseases (for example, malignancy and amyloidosis), who not considered appropriate for transplantation.
By usage, extracorporeal artificial organs are likely to grow at a significant rate in the period 2020-2027. These offer mass-transfer surgery to sustain impaired or failing organs encompassing kidney substitute, cardiopulmonary bypass (CPB), peritoneal dialysis, apheresis therapy, plasma separation, and lung substitute and assist.
By material type, plastics are likely to witness a significant growth rate in the forecast period. The mechanical features of metal biomaterials such as steel are exceptional but do not possess good surface biocompatibility. This drawback of metals can be overcome by the use of biocompatible materials such as plastics, which are also available at a lower cost, thus boosting the demand for plastics in the market
North America, in terms of revenue, contributed to the largest market share in 2019. The market dominance of the region is due to the high purchasing power parity, rapid adoption of technologies, a high healthcare expenditure, and rising awareness among patients with organ failures.
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Emergen Research has segmented the global artificial organs market on the basis of organ type, technology, material type, and region:
Organ Type Outlook (Revenue, USD Billion; 2017-2027)
Artificial Kidney
Artificial Liver
Artificial Heart
Artificial Lungs
Artificial Pancreas
Others
Usage Outlook (Revenue, USD Billion; 2017-2027)
Implantable
Extracorporeal
Material Type Outlook (Revenue, USD Billion; 2017-2027)
Silicon
Plastic
Steel
Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
U.S
Canada
Europe
Germany
UK
France
BENELUX
Rest of Europe
Asia Pacific
China
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
MEA
Saudi Arabia
UAE
Rest of MEA
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