What's driving the Artificial Organs Market size? Key players are Baxter International, SynCardia, Nipro Corporation, Ottobock, Berlin Heart GmbH, Ekso Bionics, Cochlear Limited
Increasing incidence of organ failure due to rising prevalence of chronic diseases across the globe will prove beneficial for industry growth across the forecast timeframe. Artificial organ is an engineered tissue and device implanted into a human being interfacing with living cells/tissue to replace a missing part (organ) for proper functioning of the body. Globally, the waiting list of patients in need for organ transplant is generally longer than expected, thereby increasing the mortality rate worldwide. For instance, the British Heart foundation (BHF) stated that in UK number of patients waiting for organ transplant has increased by 162% in last 10 years. Hence, increasing prevalence of chronic conditions including diabetes and injuries resulting from these diseases and accidents will significantly drive the artificial organs market growth.
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Artificial Organs Market is expected to exceed USD 30.9 billion by 2025. Scarcity of organ donors and increasing incidence of organ failure globally will propel the market growth.
Some major findings of the artificial organs market report include:
o Increasing prevalence of chronic disorders and scarcity of organ donors across the globe will serve as high impact rendering factor for artificial organ market growth
o Technological advancements in medical bionics along with growing awareness among population about artificial organs will allow quick patient recovery and offer better healthcare outcomes
o Major players operating in the artificial organs market include SynCardia, Nipro Corporation, Ottobock, Berlin Heart GmbH, Ekso Bionics, Cochlear Limited and Baxter International
o Industry players are focusing on new product development, mergers and acquisitions to capitalize on market opportunities and gain competitive edge over other market players.
Increasing technological advancements associated with artificial organs including use of bioartificial materials is expected to stimulate rise in the market value. Major players operating in the market are focusing primarily on research and development to improve the functioning of artificial organs as per patient?s condition. For instance, SynCardia Systems has developed a total artificial heart (TAH) that can be used temporarily for patients diagnosed with last stage biventricular heart failure. Such technological innovations will positively boost product demand, thus augmenting the industry growth. However, increasing cases of product failure after transplantation and high cost of artificial organs will limit industry growth up to a certain extent.
India medical bionics market is estimated to witness lucrative growth of 9.8% across the analysis period. High growth is attributable to increasing prevalence of chronic disorders, rising geriatric population base, increasing number of road accidents and adoption of sedentary lifestyle. As per the WHO, cardiovascular disorder (CVD) is one of the major factors for high mortality rate in India leading to heart failure. Also, rising awareness about artificial organs in the country is another key factor propelling the business growth.
Artificial organs market by organ type is bifurcated into artificial kidney, artificial pancreas, artificial lungs, artificial liver, artificial heart and others such as limbs, small bowel etc. Artificial pancreas segment accounted for USD 352.6 million in 2018 and will witness significant growth during the analysis timeframe. Rising incidence of diabetes, excessive consumption of alcohol and family history of pancreatic disorders has led to chronic pancreatitis leading to dysfunction of pancreas. Therefore, growing number of patients in need of organ transplant for better functioning of the body will propel segmental growth over the coming years.
Material type segment is classified into silicon, steel, plastic and others. Steel segment is estimated to grow by 9.1% during the forthcoming years. Steel is widely used in designing of artificial organs owing to its easy availability, low cost, good fabrication properties, higher strength and biocompatibility. Above mentioned factors will boost market growth.
Few notable companies operating in artificial organs market include SynCardia, Ekso Bionics, Nipro Corporation, Ottobock, Berlin Heart GmbH, Cochlear Limited, Baxter International, Medtronic, Boston Scientific corporation and Zimmer Biomet. Industry players are implementing numerous strategies to expand their geographic presence and strengthen market position. For instance, in July 2017, Cochlear Implants announced the expansion of its manufacturing facility for cochlear implants and sound processors in China. This business strategy has enabled the company to expand its market presence in China as well as Asia Pacific.
Table of Contents:
Chapter 1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
188.8.131.52. Paid sources
184.108.40.206. Unpaid sources
Chapter 2. Executive Summary
2.1. Artificial organs industry 360 degree synopsis, 2014 - 2025
2.1.1. Business trends
2.1.2. Organ type trends
2.1.3. Material type trends
2.1.4. Regional trends
Chapter 3. Artificial Organs Industry Insights
Chapter 4. Artificial Organs Market, By Organ Type
Chapter 5. Artificial Organs Market, By Material Type
Chapter 6. Artificial Organs Market, By Region
Chapter 7 Artificial Organs Market Company Profiles
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