Global Artificial Organs Market - Segmented by Organ Type and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global artificial organs market report covers artificial organs that are manmade applications integrated into the human body, to replace natural organs. Artificial organs replicate the functioning of natural organs and enable patients to return to a normal life, as soon as possible. The global artificial organ market is expected to register a CAGR of 9% during the forecast period of 2018-2023.
Scarcity of Donor Organs
The lack of availability of potential organs to transplant has been a major issue of concern. There is an ever-increasing demand for organ donors, and this demand is very high when compared to the actual supply. It has been estimated that, owing to the scarcity of donor organs, among all the patients who need organ transplantation, only 10% are able to undergo the process. In the United States, more than 119,000 patients are on the waiting list for organ transplantation. Around 22 patients die each year, due to the lack of available organs for transplantation. In Europe, by the end of 2015, more than 143,000 patients were waiting for an organ transplantation. In this region, 18 patients die each year, due to lack of available organs for transplantation.
The increased incidence of disabilities and organ failures, technological advancements in the artificial organs sector, and rapidly aging population are some other drivers of the market.
Cost of the procedure is a major constraint for the artificial organ market. The high cost of these organs can be attributed to the production policies required to address the patients, taxpayers, and medical technology corporations. For instance, organ transplantation has several issues in the current market scenario, such as the policies for procurement, transplant tourism, organ trafficking, and others.
Additionally, fear of device malfunction and its consequences are also restraining the market’s growth.
North America to Dominate the Market
The global artificial organ market has been segmented by organ type and geography. By organ type, the market has been segmented into artificial heart, artificial kidney, artificial livers, artificial pancreas, and artificial lungs. By geography, it has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Due to increased incidences of organ failures, disabilities, and scarcity in the availability of donor organs, recent technological advancements, and the rapid rise of the geriatric population, North America dominates the market.
Major Players- EDWARD LIFESCIENCES CORPORATION, ASAHI KASEI MEDICAL CO. LTD, JARVIK HEART INC., BOSTON SCIENTIFIC CORPORATION, COCHLEAR LIMITED, TOUCH BIONICS, OSSUR, MEDTRONIC INC., LIFENET HEALTH, amongst others.
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