The deficient availability of the organ donors and increasing applicability & use cases of the wearable organs are creating enforcement in the market.
Vancouver, BC -- (SBWIRE) -- 02/08/2021 -- Wearable Organs Market
The artificial organ is a device integrated into human living tissues to replace the human organ. The growth of this market can be attributed to an increase in the deficiency of available organ donors, growth in the incidence of organ failures due to many chronic & life-threatening diseases, and rising practice of adopting artificial devices for organ efficacy.
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Prominent Players Profiled in the Wearable Organs Market:
Abbott Laboratories, Medtronic PLC, Boston Scientific Corporation, Ekso Bionics Holdings Inc., Neurotron Biotechnology, Cochlear Ltd., HDT Global, Inc., AWAK Technology, ReWalk Robotics, and Second Sight Medical Products, Inc., among others.
Market Drivers
Technological advancement along with continuous investments in R&D for wearable artificial organs is fuelling the market growth. The demand for wearable artificial organs is on the rise due to the rising number of the geriatric population prone to kidney failure and the cost-efficiency of wearable artificial organs compared to organ transplantation. Key players in the industry are shifting their focus on the development of wearable artificial organs for chronic diseases that cannot be cured easily. Advancement in healthcare infrastructure and reducing waiting time for FDA approval are key factors bolstering the market growth.
Product Outlook (Revenue, USD Billion; 2017-2027)
Kidney
Pancreas
Cochlear Implants
Exoskeleton
Bionic Limbs
Vision Bionics
Brain Bionics
Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
Electronics
Mechanical
Application Outlook (Revenue, USD Billion; 2017-2027)
Organ Replication
Organ Efficacy
Clinical Testing
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Key Summary of the Wearable Organs Market Report:
Insightful information regarding the global Wearable Organs market
Identification of growth in various segments and sub-segments of the Wearable Organs market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision making process through the detailed description of the drivers, restraints, growth prospects, and limitations
Thorough SWOT analysis and Porter's Five Forces analysis along with feasibility analysis and investment return analysis
Regional Landscape
North America emerged as the dominator of the market and accounted for the highest revenue share of 46.1% in 2020. The region is estimated to observe an increase in technological development in the field of 3D printing. Additionally, increasing R&D expenditure and speedy FDA approvals are augmenting the demand in the region. The presence of major players is also bolstering the demand in the region.
Asia Pacific market is expected to see robust growth due to the presence of a large patient pool and a high incidence of organ failure. Additionally, drastic changes in medical technology in the field of artificial intelligence (AI) are also fuelling growth. The region is expected to transform the regulatory framework, which is contemporary, adaptable, and support innovation. Many government programs in the field of 3D printing, industrial applications, and robotics are expected to boost the wearable artificial organ market.
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