North America dominates the global artificial organs market, followed by Europe. This is due to the rising number of organ failures, which is attributed to the rise in aging population and age related disorders in these regions.
New York, NY -- (SBWIRE) -- 12/10/2015 -- Artificial organs refer to any device, machine, or other material used to replace the function of a missing or faulty organ of the human body. It is generally made from stem cells of the patients and is grown in laboratories. This includes, in-vivo and in-vitro procedures carried out with the help of stem cells, xenotransplantation, and in-vivo and in-vitro procedures carried out in genetically modified animals. Biomaterials are also used to develop body interfaces. Artificial organs help in retaining those processing abilities, which cannot be retained naturally through installation. It helps the patient to maintain normal human life. Artificial organs may be temporary or permanent. They are classified into four groups, including bone or joint replacement, skin or soft tissue replacement, internal organs, and sensory organs. Bone or joint replacement involves replacing knee, hip, finger, and total limb with artificial organs. Skin or soft tissue replacement involves replacing the various skin or soft tissues such as breasts, skin, and muscles with artificial implants. Meanwhile, internal organs include kidney, heart, liver, pancreas, and blood vessels; and sensor organs include eyes and ears. Artificial heart is one of the most widely developed artificial organs. Some of the prosthetic devices such as brain pacemaker, which helps in controlling neural network diseases and epilepsy, cannot be repaired by artificial organs.
Currently, North America dominates the global artificial organs market, followed by Europe. This is due to the rising number of organ failures, which is attributed to the rise in aging population and age related disorders in these regions. Asia is expected to be the fastest growing market in the next five years. This is due to the rising health care expenditure, rising medical tourism, and improvement in health care infrastructure in this region. Moreover, the presence of a large patient population base is also driving the growth of the artificial organs market in this region.
Rising technological advancements in terms of the development of artificial organs, increasing number of injuries and accidents, and increase in the number of people awaiting organ transplant are some of the key factors driving the growth of the global artificial organs market. In addition, growing aging population, rising prevalence of cardiac disorders across different parts of the world, and rising health care awareness among people are also fueling the growth of the global artificial organs market. However, high cost of artificial organs and uncertain reimbursement policies in different regions are restraining the growth of the global artificial organs market. In addition, limited knowledge about surgical procedures also impedes the market growth.
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Development of low cost artificial organs for transplantation could open up opportunities for new players in the global artificial organs market. In addition, increasing focus on emerging markets such as India and China could also offer opportunities for new players in the global artificial organs market. Moreover, maintaining quality and efficiency of artificial devices could pose a challenge for the growth of the global artificial organs market. Implantation of wearable artificial kidneys and pancreas are among the recent trends in the global artificial organs market. The major companies operating in this market are ABIOMED, Inc., Berlin Heart GmbH, Biomet, Inc., Asahi Kasei Medical Co., Ltd., Thoratec Corporation, Cochlear Ltd, and HeartWare, Inc. Some of the other companies having a significant presence in the artificial organs market are Ekso Bionics, Medtronic plc., and Ossur hf.
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Key geographies evaluated in this report are:
France, Germany, Italy, Spain, and the UK
Key features of this report
Drivers, restraints, and challenges shaping the Artificial Organs market dynamics
Latest innovations and key events in the industry
Analysis of business strategies of the top players
Artificial Organs market estimates and forecasts(2015 -2021)
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