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Artificial Organ Market Outlook, Insights, and Overview 2024-2033
Artificial Organ Market Outlook
According to The Business Research Company's, The artificial organ market size has grown strongly in recent years. It will grow from $22.23 billion in 2023 to $24.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increasing incidence of organ failure, rising aging population, improvements in materials and biocompatibility, research and development investments, increasing awareness.
The artificial organ market size is expected to see strong growth in the next few years. It will grow to $35.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to growing demand for organ transplants, expansion of indications, personalized medicine trends, increasing investment in healthcare infrastructure, greater acceptance and social awareness. Major trends in the forecast period include regulatory landscape, increasing investment, personalized medicine, integration of ai and machine learning, global collaboration.
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Market Drivers and Trends:
The rising geriatric population is expected to propel the growth of the artificial organ market going forward. The geriatric population refers to the population of people of 60 years and above requiring medical care. Artificial organs have the potential to significantly help the elderly in a variety of ways such as providing solutions to health problems such as organ failure that elderly people face to improve their quality of life. For instance, in October 2022, according to the World Health Organization, a US-based specialized health agency, Globally, 1 in 6 people will be 60 or older by 2030, and there will be a double number of individuals in this age group (2.1 billion) by 2050. Additionally, for instance, in June 2021, according to the UK Parliament's House of Commons Library, a UK-based information resource, by 2043, there will be a rise in the senior population in the UK, which will make up 24% of the total population (17.4 million people). Therefore, the rising geriatric population will drive the artificial organ market.
Product innovations are a key trend in gaining popularity in the artificial organ market. Major companies operating in the artificial organ market are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2021, ALung Technologies, a US-based medical equipment manufacturer announced that its Hemolung respiratory support system, an artificial lung received approval from the Food and Drug Administration, a US-based regulatory organization. This artificial lung device is developed to treat COVID-19 patients avoiding ventilator use and further damage to their already stressed lungs and to control their respiratory and metabolic function. It is simple, safe, and effective and can be used for a range of applications such as cystic fibrosis and asthma.
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Major Key Players of the Market:
Medtronic plc; Boston Scientific Services Private Limited.; Abbott Laboratories Inc.; Zimmer Biomet Holdings Inc.; Ekso Bionics Holdings Inc.; Cochlear Limited; Cyberonics Inc.; LIVANOVA plc; NeuroPace Inc.; Ossur India Private Limited; Vivani Medical Inc.; St Jude Medical India Private Limited; LifeNet Health Inc.; Ottobock SE & Co. KGaA; Edwards Lifesciences India Pvt. Ltd.; SynCardia Systems LLC; Demant A/S; Berlin Heart GmbH; Conmed Devices Private Limited; Wright Medical Group N.V.; Baxter International Inc.; B. Braun Melsungen AG; ABIOMED Inc.; Carmat SA; Jarvik Heart Inc.; Terumo Corporation; F. Hoffmann-La Roche Ltd.; Tissium SAS; Organovo Holdings Inc.; Satellite Bio; HeartWare plc; Arthrex Inc.; Novartis AG; Stryker Corp.
Artificial Organ Market 2024 Key Insights:
• The artificial organ market will grow to $35.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• The Impact Of A Growing Geriatric Population On The Artificial Organ Market
• Innovation In Artifical Lung System Propel Growth In The Artificial Organ Market
• North America was the largest region in the artificial organ market in 2023
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