Global Wearable Artificial Organs Market to Reach USD 32.06 Billion by 2032 at a CAGR of 16% Driven by Rising Prevalence of Chronic Diseases and Aging Population

The global wearable artificial organs market was worth USD 8.43 billion in 2022 and is projected to reach USD 32.06 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16% during the forecast period. The increasing prevalence of chronic diseases like heart failure, kidney failure, and liver failure is driving the demand for wearable artificial organs. Additionally, the market is being propelled by the growing elderly population, increasing rates of obesity, and unhealthy lifestyles.

Manufacturers are continuously developing innovative and advanced wearable artificial organs that are more efficient, user-friendly, and cost-effective, contributing to the market's revenue growth. For example, a wearable artificial kidney was developed in 2020 that can perform similar functions to a natural kidney, providing patients with kidney insufficiency with a practical and portable treatment option. Similarly, in 2021, researchers developed a wearable artificial pancreas for people with type 1 diabetes that can monitor blood glucose levels and administer insulin automatically.

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Key players in the wearable artificial organs market -

• Abiomed, Inc.
• Asahi Kasei Corporation
• Baxter International Inc.
• Boston Scientific Corporation
• Edward Lifesciences Corporation
• Fresenius Medical Care AG & Co. KGaA
• HeartWare International, Inc.
• Medtronic plc
• Nipro Corporation
• SynCardia Systems, LLC

Furthermore, supportive government policies and regulations are driving market growth, with governments worldwide taking measures to promote research and development in wearable artificial organs and providing financial assistance to manufacturers. In 2021, the US government granted USD 200 million to the National Institutes of Health to support the development of wearable artificial organs.

However, the high cost of wearable artificial organs is a significant impediment to market expansion, particularly for patients in developing countries who cannot afford them. Moreover, a lack of knowledge about the benefits and risks associated with wearable artificial organs is also hindering market growth.

Segments Covered in the Report

The global market for wearable artificial organs is analyzed in this report, providing historical data and forecasts for revenue growth at both a global and regional level, spanning from 2019 to 2032. The report further offers analysis of market trends in each of the sub-segments, segmented by product type, end-use, and region.

As per the report, the global wearable artificial organs market was valued at USD 8.43 billion in 2022, and the market is projected to grow at a compound annual growth rate (CAGR) of 16% during the forecast period, reaching a revenue forecast of USD 32.06 billion in 2032. The report also provides a quantitative unit of revenue in USD billion.

The report also details the scope of the market research, with the base year for estimation being 2022, historical data for 2020-2021, and the forecast period of 2022-2032. It covers revenue forecast, company ranking, competitive landscape, growth factors, and trends, with segments covered by product type outlook, application outlook, and regional outlook.

The market segmentation is based on product type, which includes kidney, heart, pancreas, lung, and others. The report also analyzes the market by application outlook, which comprises of hospitals, clinics, and homecare. Finally, the report covers the regional scope of the market, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Strategic development:

• Medtronic plc announced on February 15, 2023, that the U.S. Food and Drug Administration (FDA) has approved its latest Wearable Artificial Pancreas (WAP) device. The device is specifically designed to automatically provide insulin to patients with type 1 diabetes. The device utilizes advanced sensors and algorithms to monitor the patient's glucose levels and adjust insulin delivery accordingly.
• Boston Scientific Corporation announced on June 28, 2022, that it has signed an agreement to acquire PULSION Medical Systems SE, a German company that specializes in the development and manufacturing of advanced hemodynamic monitoring systems. This acquisition aims to enhance Boston Scientific's product offerings in the wearable artificial organs market and consolidate its position in the global market.
• In 2021, Abiomed, Inc. acquired Breethe, Inc., a US-based company that specializes in wearable artificial lung devices' development. The acquisition aims to expand Abiomed's product offerings in the wearable artificial organs market and solidify its position in the global market.
• Similarly, Fresenius Medical Care AG & Co. KGaA signed an agreement in 2021 to acquire NxStage Medical, Inc., a US-based company that develops and manufactures home dialysis machines. The acquisition is aimed at expanding Fresenius Medical Care's product offerings in the wearable artificial organs market and strengthening its position in the global market.
• Baxter International Inc. announced in 2020 that it has acquired Seprafilm Adhesion Barrier and related assets from Sanofi. This acquisition aims to expand Baxter's product offerings in the wearable artificial organs market and strengthen its position in the global market.
• In 2022, Abiomed introduced a new wearable artificial heart device called the AbioCor Total Replacement Heart. The device replaces the entire heart and provides continuous blood flow to the body. It is small enough to be worn externally and does not require any external power sources.
• In 2021, Asahi Kasei Corporation launched the Xsensio Wearable Kidney, a new line of wearable artificial kidney devices. The device filters and removes waste products from the blood and provides continuous renal replacement therapy to patients with chronic kidney disease.
• Finally, in 2021, Baxter International Inc. launched a new line of Wearable Artificial Pancreas (WAP) devices called the Activa Wearable Artificial Pancreas. The device automatically delivers insulin to patients with type 1 diabetes, utilizing advanced algorithms and sensors to monitor the patient's glucose levels and adjust insulin delivery accordingly.

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