The medical device industry is a multi-billion dollar market consisting of various verticals aimed at prolonging a patient’s lives and improving the overall quality of lives. Foremost among the medical device innovation was the development of artificial organs as a substitute of organ transplants. Rapidly aging population worldwide and increased prevalence of lifestyle diseases have led to an increased number of people suffering from organ failures. However, the unavailability of adequate organs and huge scarcity of organ donors have resulted in a global concern regarding organ shortage. Thousands of people die every year while waiting for some vital organ transplantation.
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The advent of artificial organs as the potential replacement of organ transplants has given a new ray of hope to resolve the organ shortage crisis. Artificial organs are man-made engineered devices that can mimic vital organ function of the body. It is either an implantable or a wearable medical device or a combination of two and is designed based on mechanical, optical, electrical, and biophysical properties of the living organs.
The market analysis of global artificial organs includes an in-depth examination of the key ecosystem players, and the key strategies and developments taking place in this market. Additionally, it includes market dynamics (market drivers, opportunities, and challenges), and industry analysis. Presently, the artificial organs market can be categorized into five major organ types that are commercially available. It includes artificial pancreas, heart, ear, eye, and urinary bladder. Considerable number of other artificial organs are presently in the pipeline, including artificial lungs, liver, kidney, and trachea that are expected to be commercialized in the upcoming years. Based on technology, the artificial organs market can further be sub-segmented into two broad categories: implantable devices and non-implantable devices. Geographically, the market can be segmented into five distinct regions including North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World.
The purpose of the study is to gain a holistic view of the global artificial organs market in terms of various factors influencing it such as key market trends, competitive and regulatory aspects of the market, and scientific innovations into oncology fields. The scope of the report is centered upon conducting a detailed study of the solutions allied with the global artificial organs market, which involves devices of different organ types. The global artificial organ market is segmented into three different parts: organ type, technology, and region. The report offers the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering the market.
This research report aims at answering questions related to various aspects of the global 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. The study considers the growth-share matrix model for a comprehensive study of the global artificial organs market and assesses the factors governing the same. Opportunity matrix and detailed product mapping have also been included in the report. The market (by region) has been further sub-segmented in various countries, and in each sub-segment the key market trends, list of the key players, and the recent developments that have taken place, have been discussed.
The answers to the following key questions can be derived from this report:
- What are the artificial organs’ key features which make them a suitable 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?
The key players that have been contributing significantly into the global artificial organs market include 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., among others.