According to the latest report by IMARC Group “Artificial Organs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global artificial organs market size reached US$ 18.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.2 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.
Artificial organs assist the human body in active mechanical and biochemical functioning. They interface with the living tissue to replace non-functional and damaged natural organs and duplicate their specific functions. They include artificial kidneys, hearts, knees, pancreas, and cochlear implants. They are made of inanimate and biodegradable polymers, biochemicals, living cells, and metal elements and can be surgically implanted and integrated into the body. They encompass blood purification, cardiovascular interventions, biomaterials, and metabolic functions. They are also employed for cardiac assistance and orthopedic devices, neuropros theses and neurological support, blood cell and tissue replacement, and autoimmune and metabolic therapy treatments. Besides this, as artificial organs are formed by growing the stem cells of the patients, they eliminate the need to match tissue types and the risk of disease transmission and organ rejection. They also help increase the confidence level and improve the general well-being of an individual.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The growing geriatric population and the increasing prevalence of cardiac and orthopedic disorders are among the key factors positively influencing the market. In addition, the rising number of kidney, liver, and lung failure incidences due to smoking, excessive alcohol consumption, and physical inactivity are creating a positive market outlook. This, in confluence with sedentary lifestyles and changing dietary patterns, is contributing to organ failure and catalyzing the demand for artificial organs across the globe. Additionally, the frequent occurrence of road accidents and sports injuries leading to amputations and the growing public awareness about advancements in medical technology are contributing to the market growth. Moreover, the development of healthcare facilities and the availability of advanced support systems are propelling the growth of the market. Apart from this, the integration of advanced technologies, such as 3D printing and tissue engineering, to assist in visualizing physical and physiological functions, such as growth, modeling, and secretion of hormones and nurturing vasculature, is driving the market. Furthermore, the introduction of bioartificial organs that grow with the patient and lead to a permanent solution to the damaged organ or tissue without the need for supplementary therapies is creating a favorable market outlook. In addition, increasing investments in research and development (R&D) activities to improve the effectiveness of ventricular assist devices (VAD) and total artificial hearts (TAHs) and reduce cost by increasing device longevity are contributing to the market growth. Furthermore, the researchers are constantly focusing on innovation in processing technologies, highly durable devices, progress in the decellularization of animal tissue and organs, and cell-based therapies in bioartificial organs, which is anticipated to drive the market.
Breakup by Type:
- Artificial Kidney
- Artificial Heart
- Artificial Pancreas
- Cochlear Implants
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Abiomed Inc.
- Edwards Lifesciences Corp
- HeartWare International, Inc.
- Cochlear Limited
- Boston Scientific Corporation.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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