Global Wearable Artificial Organs Market
Wearable Artificial organs are the synthetic machines or devices that can be used as a replacement for a human organ that is suffering from damage or malfunctioning or even in case of loss. These organs are made and grown in laboratories from human stem cells. The number of research and development activities in the sector is progressing, providing capable growth outlooks in the coming years. The global wearable artificial Organs Market is experiencing a major surge since the past few years and this growth is expected to expand in coming years at even higher pace. The wearable Artificial Organ is situated in the human body to carry out a particular function.
The global wearable artificial organs market is projected to reach USD 17.87 billion by 2028, growing at a CAGR of 15.9%. Increasing prevalence of organ failure, technical advantages of artificial organs and rising demand and supply gap of organ donors are some of the factors driving the growth of the global wearable artificial organs market.
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The major growth factor driving the market growth is the challenge to treat failing or diseased human organs. This has caused an exponential rise in the number of research activities and development in the industry. More and more focus is given to the devices that can be constructed using non-living materials. Along with that applications where living tissues or cells are utilized are also gaining immense amount of popularity across the globe. These devices can provide a long term support in case of chronic support systems. The Wearable Artificial Organs that can completely replace the failed organs are expected to gain traction in future years.
The demand for the Wearable Artificial Organs is being boosted by the constant rise in demand and supply for the organ donors with increase in the cases of organ failure. Technological advancement and consistent major investments in the industry is another major factor propelling the growth of the global Wearable Artificial Organs market. The beneficial features offered by these organs such as low cost, ease of use, etc. are also anticipated to provide thrust to the market growth. Furthermore, the rise in the geriatric populations across the globe is boosting the demand for these Wearable Artificial Organs. New opportunities for stakeholders of market are being offered due to the improvement in the field of bioinformatics, proteomics, genomics, genetic engineering, artificial intelligence, nanotechnology, microelectronics and stem cell.
North America dominated the market for wearable artificial organs in 2019, while Asia Pacific is set to grow at a highest CAGR due to the existence of a large patient pool and prevalence of organ failure. Key players of the global wearable artificial organs market include Medtronic, Second Sight Medical Products, Inc., AWAK Technology, Cochlear Ltd, MED-EL, Abbott Laboratories, Ekso bionics, Boston Scientific, Touch Bionics, Inc., HDT Global, among others.
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Key segments of the global wearable artificial organs market
Technology Overview, 2018-2028 (USD Billion)
Product Overview, 2018-2028 (USD Billion)
- Cochlear implants
- Bionic Limbs
- Brain Bionics
- Vision Bionics
Regional Overview, 2018-2028 (USD Billion)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
Some Major Points from Table of Contents:
- Research Methodology
2.2. Data Capture Sources
2.3. Market Size Estimation
2.4. Market Forecast
2.5. Data Triangulation
2.6. Assumptions and Limitations
3. Market Outlook
3.2. Market Dynamics
3.3. Value Chain Analysis
3.4. Porters Five Forces Analysis
3.5. COVID-19 Impact Analysis
4. Wearable artificial organs Market by Technology, 2018-2028 (USD Billion)
5. Wearable artificial organs Market by Product, 2018-2028 (USD Billion)
5.3. Cochlear implants
5.5. Bionic Limbs
5.6. Brain Bionics
5.7. Vision Bionics
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