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The artificial organ market is estimated to grow at a CAGR of 9.14% between 2022 and 2027. The size of the market is forecast to increase by USD 13,089.17 million. The growth of the market depends on several factors, including the surge in exploration and production activities, coupled with the economic advantages of pipeline transportation and rising global energy demand, which are among the key factors driving the industry's growth.
This report extensively covers market segmentation by product (artificial heart, artificial kidney, cochlear implants, and artificial pancreas), usage (implantable and extracorporeal), and geography (North America, Europe, Asia, and the Rest Of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing prevalence of chronic disorders is notably driving the market growth, although factors such as complications and limitations of artificial organs may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Artificial Organs Market Driver
The increasing prevalence of chronic disorders is one of the key factors driving the growth of the artificial organs and medical bionics market. The increase in the prevalence of diabetes, chronic kidney diseases, hearing disorders, and cardiovascular diseases (CVDs), such as strokes and cardiac diseases, and the rise in the aging population is likely to increase the demand for artificial organs. The increase in physical inactivity and unhealthy diets will result in high blood pressure, high blood glucose, and high lipids leading to hypertension, obesity, abnormal cholesterol, and diabetes problems. These factors lead to cardiac disorders among people, especially those aged 60 years and above.
In recent years, the incidence and prevalence of CVDs such as strokes, myocardial infarction, and CADs have increased. The rise in the incidence of cardiovascular diseases has led to an increase in demand for devices such as pacemakers and total artificial hearts. Thus, the increase in the prevalence of chronic diseases is the major factor that is expected to drive the growth of the market during the forecast period.
Significant Artificial Organs Market Trend
The emergence of TAH is the primary trend in the artificial organs and medical bionics market. An effective treatment option that has emerged promising for patients with end-stage biventricular heart failure awaiting orthotopic heart transplantation is total artificial hearts. The number of patients with end-stage heart failure awaiting heart transplantation exceeds the number of hearts available for transplant. This is due to the increased incidence of cardiovascular diseases and is resulting in increased use of mechanical circulatory support devices such as TAH.
Recently, a multi-centred, post-market approval study was conducted for a comparable BTT rate. Accordingly, around 1,100 TAH implantations were performed in the past few years. TAH has resulted in great efficacy in supporting patients with acute irreversible heart failure associated with massive acute myocardial infarction. CARMAT's total artificial heart is in the clinical development phase and is yet to obtain a CE (Conformite Europeenne) marking from the EU (European Union). This will have a significant impact on the growth of the market during the forecast period.
Major Artificial Organs Market Challenge
The complications and limitations of artificial organs are a major challenge for market growth. The purpose of artificial organs is to replace the damaged or diseased organ so that the functions of the replaced organ are restored. Though artificial organs can save the life of a person, their benefit is not as apparent as it may seem. Artificial organs are associated with various complications and limitations.
Complications related to the transplant procedure are uncommon but include bleeding, infection, operative difficulty, device malfunctioning, and blood clotting arising from the blood flow over non-biological surfaces. The most common complications noticed in people implanted with TAH include bleeding, thrombosis, infections, liver failure, renal failure, and neurological events such as stroke and device malfunction. Infectious and hemorrhagic complications are rarely reported as major causes of death due to artificial organ implantation. However, these factors will hinder the market growth during the forecast period.
Key Artificial Organs Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Artificial Organs Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories - The company offers artificial organs that include a gut microbiome which is comprised of an ecosystem of microbes like bacteria, fungi, and viruses that naturally live both on and within us, protecting us against harmful germs and helping break down our food to release energy.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The reports categorize the global artificial organs market as a part of the global healthcare supplies market that primarily covers manufacturers of medical products, including all categories of supplies, such as consumables and disposables, such as safety needles, syringes, and catheters. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The market share growth of the artificial heart segment will be significant during the forecast period. This is due to the limited availability of heart donors, the increasing number of cardiovascular diseases, and technological advances. For instance, according to the CDC, every year, about 735,000 people in the US have a heart attack, of which 525,000 are first heart attacks and 210,000 are recurrent heart attacks. In addition, growing awareness and government initiatives to improve healthcare facilities are driving the global artificial heart market.
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The artificial heart segment was valued at USD 7,374.95 million in 2017 and continued to grow until 2021. The growing demand and technological advances in implantable cardiac pacemakers have increased their adoption, which will help the market achieve the fastest growth rate during the forecast period. Syncardia's 70cc TAH and 50cc TAH; BiVACOR's TAH, which is designed to be a long-term device that can replace the total function of the patient's native heart; and Medtronic's Micra Transcatheter Pacing System (TPS), which is the world's smallest pacemaker with a 99% implant success rate in 726 patients, are some of the implantable cardiac pacemakers available in the market.
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North America is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The artificial organs market in North America will grow at a significant pace during the forecast period. The US holds the largest market share in the region, followed by Canada. The growth of the market in the region is driven by the increasing adoption of technologically advanced devices, the increasing number of product launches, and the strong presence of vendors in the market. The growing prevalence and incidence of chronic diseases such as diabetes, cardiovascular diseases, and CKD also contribute to the growth of the market in the region. Moreover, owing to the high prevalence of CKD and the availability of advanced technologies and services, key vendors are reporting a majority of revenue from North America. Therefore, with such increasing organic growth, the artificial organs market is expected to increase in the region during the forecast period.
COVID-19 in 2020 severely impacted the artificial organs market in North America. However, companies are investing heavily in R&D to find a feasible way to treat disabilities. Such factors are expected to open up new opportunities for artificial organs and will drive the growth of the artificial organs market in North America during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Artificial Organs Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.14% |
Market growth 2023-2027 |
USD 13,089.17 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.56 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 46% |
Key countries |
US, Germany, UK, France, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Asahi Kasei Corp., B. Braun SE, Baxter International Inc., BioTelemetry Inc., BIOTRONIK SE and Co. KG, BiVACOR Inc., Boston Scientific Corp., Cochlear Ltd., F. Hoffmann La Roche Ltd., Fresenius Medical Care AG and Co. KGaA, Insulet Corp., MED EL Elektromedizinische Gerate GmbH, Medtronic Plc, Nihon Kohden Corp., Nikkiso Co. Ltd., Nipro Pharma Packaging International NV, Sonova AG, SynCardia Systems LLC, and Tandem Diabetes Care Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Usage
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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