Growing geriatric population and rising life expectancy, increasing healthcare awareness among population will remain an important driver to the growth of artificial organs market.
Albany, NY -- (SBWIRE) -- 02/23/2018 -- Artificial organs, as the name suggests, are unnatural devices or machines that replace various human organs, which suffer from malfunctioning or the loss of entire functioning ability. Usually formed from the respective human's stem cells and later grown in laboratories, artificial organs have been changing the face of the medical world since the past few decades. However, innovation and developments of new artificial organs are still progressing, offering an optimistic growth prospects to the global artificial organs market in the near future.
Persistence Market Research has analyzed the historic, current, and futuristic growth conditions of the global artificial organs market. Our recently published report provides in-depth assessment of the market for a six-year forecast period, 2016 - 2026.
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The ability of artificial organs to retain normal functioning of human organs, either temporarily or permanently, will continue to be the strongest factor driving the demand for artificial organs across the globe. Increasing prevalence of chronic disorders that affect one or multiple vital organs, is expected to be another key factor supporting the market growth. Growing incidences of accidents and severe injuries will also continue to fuel the demand for artificial organs. Technological advancements and rising acceptance of organ transplant technology worldwide, will collectively boost the market further. Besides growing geriatric population and rising life expectancy, increasing healthcare awareness among population will remain an important driver to the growth of artificial organs market.
However, certain prosthetic devices, including brain pacemaker, can hardly be repaired or restored by artificial organs. Unaffordable costs of artificial organs and the entire organ implant procedure may remain longstanding restraints to rapid market growth. Several developing regions are still facing a challenge due to uncertain reimbursement policies, which is expected to restrict the market penetration in near future. Moreover, relatively lower awareness about artificial organs and organ transplant, in addition to limited knowledge about the associated surgical procedures will also impede the growth of artificial organs market. Furthermore, maintaining efficiency and quality of artificial organs in the long run is a major challenge for the existing medical sector. This will continue to deter the market growth over the next few years as well.
Temporary artificial organs and permanent artificial organs
Bone or joint replacement – hip, knee, total limb, finger
Skin or soft tissue replacement – skin, muscles, breasts
Internal organs – heart, kidney, pancreas, liver, blood vessels
Sensory organs – ears, eyes
The advent of technology has introduced implantation of certain wearable artificial organs, such as pancreas and kidney. This trend will experience a strong boost, following the rising pool of patients suffering from diabetes and renal failure/dysfunctioning, fostering the demand for artificial kidney and pancreas respectively, since the past few decades. New opportunities in form of cost-effective or affordable artificial organs are expected to open doors for leading players, especially in emerging economies.
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The report examines four key geographies in detail and offers important insights into the performance of each regional market, assessed for the aforementioned period. North America (the U.S., Canada), Europe (France, Germany, Italy, Spain, the U.K., Eastern Europe, and CIS), APAC (China, India, Japan, Australia, and others), Latin America (Argentina, Brazil, and others)
Currently, North America holds a dominant market share, followed by Europe. Growing geriatric population, increasing organ failure cases, and relatively higher spending on healthcare will remain the three key factors driving market growth in these regions. However, significant growth will be observed in Asian countries, attributed to improving healthcare infrastructure, growing healthcare budget, and flourishing medical tourism. Dense population is also a critical factor supporting the market in APAC.
A number of leading companies govern the competitive landscape of the global artificial organs market. Some of the key players include Biomet, Inc., Berlin Heart GmbH, ABIOMED, Inc., Asahi Kasei Medical Co., Ltd., HeartWare, Inc., Cochlear Ltd., and Thoratec Corporation. A few other notable companies participating in this market are Medtronic PLC., Ekso Bionics, and Ossur hf.
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