The global artificial organs market size is expected to showcase growth backed by the rising incidence of chronic diseases. This information is published by Fortune Business Insights in its report, titled “Artificial Organs Market, 2021-2028”. These organs are synthesized out of human stem cells and are grown in the laboratory. The rising need for organ transplants across the globe is garnering huge demand for this product. For example, in July 2019, the American transplant Association listed around 113,000 people on the waiting list for a transplant, while 36,528 transplant surgeries occurred in 2018.
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Stable Demand Amongst COVID-19 Patients to Aid Growth
The artificial organs sector experienced minimal setbacks during the lockdown. This is because it was considered part of the essential services and developing healthcare infrastructure amid coronavirus infection. During this pandemic, certain categories of patients such as the elderly, immunocompromised, children, infants, and patients with pre-existing conditions were primarily candidates who required organ transplants. This was mainly due to the coronavirus affecting various vital organs of the body that created an organ transplant. It is anticipated that the industry will experience high demand with the growing awareness of the product.
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By organ type, the market for artificial organs is segmented into artificial heart, artificial kidney, artificial liver, artificial pancreas, and others. On the basis of material, the market is segmented into silicon, plastic, steel, and biomaterials. By fixation, the market is bifurcated into implantable and external. Based on end-users, the market is divided into hospitals, ambulatory surgical centers, laboratories and diagnostic centers, research and academic institute, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market for artificial organs. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
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Increasing Prevalence of Chronic Diseases to Favor Market Growth
The rise in chronic diseases, especially in the geriatric population, is facilitating the artificial organs market growth. For instance, Medtronic launched their Minimed 670G as an artificial pancreas for delivering the right dosage of insulin in type 1 diabetic patients. Such innovation in the production line with in-depth research is expected to drive the market demand for the product.
Moreover, certain technological developments along with the research are boosting the growth of the product. For instance, the utilization of 3D printing for biomaterials is currently facilitating numerous organ transplants. Even Syncardia systems launched a total artificial heart that diagnoses the last stage of biventricular heart failure
Rising Incidence of Chronic Diseases in North America to Augment Growth
North America is expected to lead the artificial organs market share in the forthcoming years. This is due to the rise in chronic diseases and positive awareness of organ transplants. Moreover, favorable reimbursement policies and advancing technology are also contributing significantly to this growth.
Europe is expected to be the second-largest market shareholder in the foreseeable future. This is due to the increased expenditure on health care in the well-established healthcare infrastructure.
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Quality Products from Prominent Players to Intensify Market Competition
The presence of several major companies fragments the market for artificial organs. Moreover, stringent regulatory scenarios in most leading economies intensify the company’s stability with constant updates and quality checks required to maintain standards. The growing investment in this market is expected to boost this industry and give lucrative returns exponentially. Prominent players are focused on technological innovation by investing in research and development.
List of Key Players Profiled in the Market:
- Hoffmann-La Roche Ltd
- SynCardia Systems
- Jarvik Heart, Inc.
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