Global Artificial Organ Bank Market is Set for a Rapid Growth and is Expected to Reach USD 45.18 Billion by 2022
Sarasota, FL -- (SBWIRE) -- 01/16/2018 -- Zion Market Research has published a new report titled "Artificial Organ Bank Market by Product Type (Artificial Organ and Bionics) by Technology (Mechanical, Electronics): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 - 2022". According to the report, the global artificial organ bank market accounted for USD 26.79 Billion in 2016 and is expected to reach USD 45.18 Billion by 2022, growing at a CAGR of around 9.1% between 2017 and 2022.
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Artificial organ bank market is expected to witness a significant growth in coming five years owing to an aging population and changing lifestyle habits which are subsequently increasing the number of ailments in the clinic. Thus there is an increasing need for tissue-engineered constructs to provide an alternate to conventional organ transplantation. Nanotechnology has contributed to significant advances in this field, where nanoparticles and nanomaterials, have contributed to revolutions in imaging and development of implants. Artificial organ and implants are man-made devices/ prosthetics which are implanted in the human body to support life and for the prevention of imminent death while waiting for a transplant, cosmetic restoration after an accident. Bionics is combination biology and electronics. Increasing incidences of acute renal failure and renal disorders due to lifestyle habits such as excessive alcohol consumption and growing geriatric population causing a rise in organ failure rates are expected to boost the artificial organ bank market.
Artificial organs bank global market is expected to witness a significant growth in coming five years. A large number of patients is in need for organ transplantation although there is a scarcity of organ donors, thus a waiting list of large consumer base which subsequently increases the demand for artificial organs. Technological innovations, growing advancements in medical technologies are fueling the global artificial organs bank market. In addition, growing incidence rates of accidents and adoption of organ transplantation create the demand for artificial organs, thus supplement the growth of artificial organs bank market. Apart from this, increasing geriatric population and increasing healthcare awareness among the population are expected to drive the growth of artificial organs bank market. However, high cost associated with organ transplant procedure is a major restraining factor for global artificial organs bank market. Developments of affordable artificial organs can be an opportunity for this market within the forecast period.
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On the basis of product type, artificial organ bank market can be categorized into; artificial organs and bionics which are further sub-categorized. Artificial organs are sub-categorized into; total artificial heart, artificial liver, artificial pancreas, artificial lungs and artificial kidney. Bionics is further sub-categorized into; vision bionic, cardiac bionic, ear bionic, brain bionic and bionic limbs. The product type segment of global artificial organ bank market was dominated by artificial organs in 2016. In this category, heart and kidney are the most developed and widely used artificial organs owing to the increasing number of dialysis, renal failure due to faulty lifestyle. In bionics market, brain bionics attributed the largest revenue share within the forecast period. The major driving factor for brain bionics is high unmet medical needs in neurology disease segment coupled with high-cost treatment procedures is expected to drive the market for brain bionics. On the basis of technology, artificial organ bank market is categorized into; mechanical bionics and electronic bionics.
In terms of geography, North America dominated the artificial organ bank by accounting for more than 41% share in 2016 and is expected to grow at a CAGR of 9.1% in coming five years due to the increasing healthcare expenditures. In addition, rapid technological innovations coupled with a huge investment in research and development is also expected to boost this market within the forecast period. North America is expected to follow by Europe and Asia Pacific market within the forecast period. Growth in these regions is due to large consumer base and rising government initiatives for enhancing healthcare. Asia Pacific is expected to witness the fastest growth of CAGR 10.9% in the coming five years owing to high disposable income and rise in medical tourism.
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Latin America is expected to show a healthy market growth for artificial organ bank within the forecast period. Middle East & Africa artificial organ bank market is expected to witness a moderate growth within the forecast due to the scope of artificial organs in therapeutics. Some of the key players of artificial organ bank market such as Berlin Heart Gmbh, Second Sight Medical Product types, Inc., Boston Scientific Corporation, Biomet Inc., Edwards Lifesciences Corporation, Ekso Bionics, Heartware International, Inc., Jarvik Heart Inc., Lifenet Health, Medtronic Inc., Nano Retina, Inc., Asahi Kasei Kuraray Medical Co. Ltd. among others.
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