Wearable Organs Market Size to be Worth USD 19.74 Billion by 2027 - Emergen Research

The global wearable organs market has been witnessing significant growth over the past few years, driven by the increasing prevalence of chronic diseases and the rising demand for organ transplantation. Wearable organs are artificial devices that can be worn externally and mimic the functions of vital organs such as the heart, lungs, and kidneys. The global Wearable Organs Market is expected to reach USD 19.74 Billion by 2027, according to a new report by Emergen Research.

The market for wearable organs is expected to witness substantial growth over the forecast period, driven by various factors such as the shortage of organ donors, increasing healthcare expenditure, and advancements in technology. According to the Organ Donor Foundation of South Africa, more than 114,000 people are on the waiting list for an organ transplant in the United States alone. This shortage of organs has led to the development of wearable organs as a potential alternative to traditional organ transplantation.

However, the high cost of wearable organs, regulatory issues, and the limited availability of skilled professionals are some of the major factors restraining the growth of the market. The high cost of wearable organs is a significant barrier to their adoption, particularly in emerging economies where healthcare infrastructure is still developing. Additionally, regulatory issues related to the approval of wearable organs and the limited availability of skilled professionals are expected to hinder the growth of the market.

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Despite these challenges, the market for wearable organs is expected to witness significant growth in the coming years, driven by various growth factors such as the increasing prevalence of chronic diseases, advancements in technology, and the growing demand for minimally invasive procedures. The development of new and innovative wearable organ devices, such as artificial hearts and lungs, is expected to further fuel the growth of the market.

In terms of geography, North America is expected to dominate the market for wearable organs, owing to the presence of a large number of medical device companies and the high prevalence of chronic diseases in the region. According to the Centers for Disease Control and Prevention, chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States, accounting for 7 out of 10 deaths each year.

Europe is expected to be the second-largest market for wearable organs, driven by the increasing prevalence of chronic diseases and the growing demand for minimally invasive procedures. Asia Pacific is expected to witness significant growth during the forecast period, driven by the increasing healthcare expenditure, growing demand for healthcare services, and the rising prevalence of chronic diseases.

Major Companies and Competitive Landscape:

Some of the key players operating in the market include 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.

The global wearable organs market is highly competitive, with several players operating in the market. These players are focusing on research and development activities to develop new and innovative wearable organ devices to meet the growing demand for such devices.

Medtronic is one of the leading players in the wearable organs market, offering a range of implantable devices, including artificial hearts and lungs. The company's HeartWare HVAD System, a ventricular assist device, has been approved by the FDA for use in patients with advanced heart failure. Medtronic is also focusing on developing new and innovative wearable organ devices to meet the growing demand for such devices.

Abbott Laboratories is another major player in the market, offering a range of implantable devices, including pacemakers, defibrillators, and heart pumps. The company's HeartMate 3 Left Ventricular Assist System, a mechanical circulatory support device, has been approved by the FDA for use in patients with advanced heart failure. Abbott Laboratories is also focusing on developing new and innovative wearable organ devices to meet the growing demand for such devices.

Koninklijke Philips N.V. is a leading player in the market, offering a range of medical devices and healthcare solutions, including wearable organ devices. The company's Respironics Trilogy Evo portable ventilator is designed to provide continuous respiratory support to patients with chronic respiratory conditions. Koninklijke Philips N.V. is also focusing on developing new and innovative wearable organ devices to meet the growing demand for such devices.

Other players in the market include Berlin Heart GmbH, which offers the Excor Pediatric ventricular assist device for children with advanced heart failure, and Cochlear Limited, which offers a range of implantable hearing devices for patients with hearing loss. Ekso Bionics Holdings Inc., Dexcom Inc., ReWalk Robotics Ltd., and Second Sight Medical Products Inc. are also key players in the market, offering a range of wearable organ devices for various applications.

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Segmentation Insights for Wearable Organs Market Report:

The global wearable organs market has been segmented by Emergen Research on the basis of product, technology, application, and region. The product segment of the market has been further divided into kidney, pancreas, cochlear implants, exoskeleton, bionic limbs, vision bionics, brain bionics, and others. Among these, the kidney segment is expected to dominate the market during the forecast period, owing to the increasing prevalence of chronic kidney diseases.

Based on technology, the market has been segmented into electronics and mechanical. The electronics segment is expected to dominate the market, owing to the increasing adoption of advanced wearable organs equipped with electronic sensors.
On the basis of application, the market has been segmented into organ replication, organ efficacy, and clinical testing. The organ replication segment is expected to dominate the market, owing to the increasing demand for wearable organ devices for organ replacement and restoration.

Geographically, the global wearable organs market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America is expected to dominate the market during the forecast period, owing to the presence of several key players in the region and increasing investments in research and development activities.

In Europe, Germany, the UK, France, Italy, Spain, and Sweden are expected to contribute significantly to the market growth during the forecast period, owing to the increasing prevalence of chronic diseases and rising geriatric population. In Asia Pacific, China, India, and Japan are expected to witness significant growth, owing to the increasing adoption of wearable organ devices and rising investments in healthcare infrastructure.

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