Artificial Organs Market Industry Trends, Estimation & Forecast, 2018 - 2025

An artificial organ is a man-made device or tissue, implanted or integrated into a human to replace a natural organ. Transplantation of organs becomes crucial when a natural organ in the body is damaged due to injury or disease. It becomes mandatory to duplicate or augment a specific function or functions of the damaged organ, so that the patient can live a healthy and normal life. The global artificial organ market is expected to rise at a notable pace due to the influence of various drivers such as the increase in number of organ failure cases, increasing accidents & injuries leading to amputations, lack of organ donors, and surge in the number of organ transplant patients. However, the availability of limited surgical expertise and high cost of devices are the factors hampering the market growth. The advancements in medical technology and rising awareness regarding artificial organs are expected to create lucrative opportunities in the upcoming years. Collaborations among market players, in order to innovate technologies, has resulted in the launch of products at attractive prices and maintain their positions in the global market.

Frequent road accidents and injuries leading to amputations coupled with growing public awareness about advancements in the medical technology have resulted in the demand for artificial organs. On the other hand, high implantation cost and limited surgical expertise in most regions are expected to restrain the growth of the market. However, the unavailability and scarcity of organ donors at the time of requirement has encouraged the development of artificial organs technology across the globe. 

Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global artificial organs market reached a value of US$ 12 Billion in 2017.the market is expected to reach a value of US$ 21 Billion by 2023, registering a CAGR of 9.5% during 2018-2023.

Based on material, the artificial organs industry is segmented into silicon, plastic, steel and others. Silicon based artificial organs are anticipated to hold maximum revenue of USD 10.8 billion by 2025. High growth is attributed to increasing number of companies adopting silicon as the chief material for artificial organs for its inert and inorganic nature as it can withstand high temperature. For instance, scientists at Functional Materials Laboratory of ETH Zurich University in Switzerland are developing silicon based more soft and durable artificial heart.

On the basis of regonal segmentation Currently, North America dominates the market, followed by Europe and Asia-Pacific. Other segments included are North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
The report has also analysed the competitive landscape of the market with some of the key players being Abiomed, Inc., Heartware International, Inc., Edwards Lifesciences Corp, Boston Scientific Corporation, and Cochlear Limited., among others.

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This release was published on openPR.