Global Artificial Organs Market to Reach $5.37 Bn by 2023

According to a new market intelligence report, titled “Global Artificial Organs Market-Analysis and Forecast, 2018-2023”, the global artificial organs market was estimated at $1.6 billion in 2017 and is estimated to reach $5.37 billion by 2023. The global artificial organs market is expected to witness at a robust growth rate between the years 2018 and 2023 aided by the impressive growth of healthcare budgetary allocation and technological advancements in the medical device industry.

Since the past few decades the demand for organ transplantation has increased rapidly across the globe. Increasing prevalence of lifestyle diseases and growing geriatric population are the primary reasons attributing to the increased organ failure cases. However, the unavailability of adequate organs to meet the rising need of transplantation is a critical challenge that the global population is facing over decades. Every year, almost 90% of the patients with end-stage organ failure end up dying while waiting for a suitable donor. With the evolution of medical device industry, there has been a constant demand for the development of alternate source of organ transplants. The introduction of artificial organs as a substitute for organ transplants has revolutionized the field of transplantation. Artificial organs are engineered devices that can mimic the vital functions of body organs. It is a medical device solution that is designed based on mechanical, optical, electrical, and biophysical properties of the living organs. Among the several advantages offered by artificial organs, the ready availability of organs, in contrast to live donors, is expected to boost its demand in the medical device industry. As a result, several conglomerate companies as well as start-up firms are trying to enter into this market through the development of novel artificial organ systems. Collaborations, partnerships, agreements, and acquisitions are some of the common strategies adopted by these companies in order to sustain the competition in the global artificial organs market. Furthermore, there are considerable number of research institutes and organizations across the world engaged in the development of different artificial organs. Significant funding and investments by both private and public sectors are constantly propelling the growth of this market. Moreover, technological advancements and increased R&D expenditure are some of the crucial drivers that are expected to the advance the growth of the artificial organs market during the forecast period between 2018 and 2023.

According to Pushplata Patel, a lead analyst “North America is currently the leading contributor to the global artificial organs market. The North America artificial organs market was valued $773 million in 2017. Factors, such as increasing cases of chronic diseases, aging populations, and established healthcare infrastructure are driving the growth of the artificial organs market in North America. Within North America, the U.S. itself is expected to witness 93% of the artificial organ market share in the region”

Research Highlights:

Artificial organs have demonstrated the potential to provide a normal healthy life to people by replacing their damaged or non-functional organ. There are several artificial organs available in the market as a bridge-to-organ transplant for patients who are in an urgent need of healthy organs but are unable to find a suitable willing donor.
Based on organ types, artificial ear contributed to the highest market share in the global artificial organs market in 2017. However, artificial pancreas is expected to witness the highest growth rate of 43.61% during the forecast period between 2018 and 2023.
There are several artificial organs currently in the developmental states that are expected to be launched in the upcoming years. Considerable investments from governmental and non-governmental organizations along with increase in funding activities are expected to facilitate the growth of the global artificial organs market.
Based on technology, implantable devices contributed to the highest market share of approximately 57% in 2017, whereas wearable device is expected to witness much higher growth rate as compared to implantable artificial organs.
Prominent quotations from leading industry sources include:
- “Medtronic plc is the only company whose artificial pancreas product has received FDA approval and it’s available in the market.”
- “The high cost of artificial organ is a prominent challenge that the market is facing which in turns affects its adoption rate in developing and emerging countries of the world.”
- “With significant funding and investments being made in the field of artificial organs, several products are anticipated to come up in the market within the next five years.”

This market intelligence report provides a multidimensional view of the global artificial organs market in terms of market size and growth potential. This research report aims at answering various aspects of the global artificial organs market with the help of the key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.

Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches, regulatory clearance, and certifications, partnerships, collaborations, business expansions as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales, and manufacturers and trend analysis by segments and demand analysis by geographical regions.

This report is a meticulous compilation of research on more than 70 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants and vendors. The report also profiles 15 companies including several key players, including Advanced Bionics AG and affiliates, Boston Scientific Corporation, CARMAT, Cochlear Ltd., Dexcom, Inc., Insulet Corporation, KeraMed, Inc., MED-EL, Medtronic plc, Oticon Medical, PIXIUM VISION, Retina Implant AG, Second Sight Medical Products, Inc., SynCardia Systems, LLC, and Tandem Diabetes Care, Inc.

Key questions answered in the report:

What are the artificial organs’ key features which make them a substitute to organ transplants?
What are the advantages of artificial organs over conventional organ transplants?
How did the artificial organs market evolve, and what is its scope in the future?
What are the major market drivers, challenges, and opportunities in the global artificial organs market?
What are the key developmental strategies which are implemented by the key players to stand out in this market?
What are the leading companies dominating the global artificial organs market?
How many types of artificial organs are available in the market, and which are the companies offering the artificial organs?
Based on organ type, which artificial organ type is anticipated to witness massive rise in the demand in the forecast period and in which region?
What are the different implantable and wearable artificial organs available in the market? Which technology between the two is leading and why?
What are investors’ perceptions about the global artificial organs market? Also, what is the funding scenario of the market?
What are the key companies which made substantial investments to aid technological advancements in the market?
What are the regulations pertaining to the global artificial organs market? What are initiatives implemented by different government bodies to combat the shortage of organ crisis?
What was the market value of the leading segments and sub-segments of the global artificial organs market?
How will each segment of the global artificial organs market grow during the forecast period, and what will be the revenue generated by each of the segments by the end of 2023?
How will the industry evolve during the forecast period 2018-2023?
Which region will contribute to the highest sales of the global artificial organs market during the forecast period?
Which region carries the potential for the significant expansion of key companies for different artificial organ types?