The market for artificial organs was valued at US$ 17.7 billion in 2021 and is anticipated to grow at a CAGR of 7.2% through 2032.
Artificial organs are man made devices or tissues that are implanted in the human body to carry out the specific function as that of the replaced organ. The implanted organ may not necessarily be used only for life supporting purpose, but the implants can also be done to enhance the quality of living with replacements of specific joints for example. Increasing number of patients all over world with chronic disease is one of the major factors supporting the growth of the global artificial organs market.
Moreover, advancements in medical technology field have also enhanced the development related to artificial organ implants. Increasing global spending on healthcare and medical technology is propelling the growth of the market. However, high cost of organ implantation's makes it difficult for the middle class people to afford these surgeries. This would limit the adoption of the artificial organs among the low income earning population. However, with continuous advancements in the field of medical technology more affordable solutions for the people would be introduced in the coming few years.
Undeveloped healthcare infrastructure among the under developed and developing countries coupled with lack of skilled labors and less number of organ implantation centers is hindering the growth of the market. For instance, in India there are only about 300 hospitals that can carry out organ transplantation's. This suggests that for about 43 lakhs of people there is only one hospital to cater their needs related to organ transplantation.
North America has the major share in the global artificial organs market. Developed healthcare infrastructure and growing healthcare and medical technology spending is supporting the growth of market in this region. For instance, according to Centers for Medicare and Medical Services, the total healthcare spending in U.S. is expected to grow from US$ 3.6 trillion in 2018 to US$ 6.2 trillion in 2028. Apart from this, increasing number of people suffering from chronic diseases is also one of the factors supporting the growth of the market in U.S.
According to National health council report, in 2020, almost 157 millions of people in U.S. would be suffering from chronic diseases. Of these about 81 million of people would suffer from more than one chronic disease. Asia Pacific is the growing with the fastest CAGR among the other regions. This is attributed to the fact that the governments in the countries of this region are spending significant amount of money of research and development activities as well as to improve total healthcare infrastructure.
Artificial Organs Market Value Share Analysis, by Geography (2022)
The report titled “Artificial Organs Market- Global Market Share, Trends, Analysis and Forecasts, 2023-2032” wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global artificial organs Market.
Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global artificial organs market is segmented on the basis of organ type, mechanism and geography. On the basis of organ type the global artificial organs market is segmented into heart, kidney, liver, Pancreas, exoskeleton and Cochlear implant. Kidney implants hold the major share in the artificial organ market globally. Number of people suffering from kidney failure is increasing day by day. According to Centers for Disease Control and Prevention (CDC) almost 15% of adults in U.S. accounting for 37 million people are suffering from chronic kidney disease. Based on the mechanism the market is bifurcated into mechanical and electronic. Based on geography, the global artificial organs market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, South Korea, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on artificial organ development. Further, market share of prominent companies in the global artificial organs market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focusing on the artificial organs. The global artificial organs market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution.
Product portfolio would focus on all the products under the artificial organs segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global artificial organs market.
Major players active in the global artificial organs market include Zimmer Biomet, Abbott Laboratories, Berlin Heart Gmbh, Boston Scientific Corporation, Ekso Bionics, Iwalk, Inc., SynCardia Systems, LLC., Medtronic, ABIOMED, INC, Biomet, Inc, Edward Lifesciences Corporation, Heartware International, Inc and Jarvik Heart, Inc among the others.
Segmentation:
By Organ type
By Mechanism
By Geography
The base year considered in artificial organs market report is 2022.
Key artificial organs market players are Zimmer Biomet, Abbott Laboratories, Berlin Heart Gmbh, Boston Scientific Corporation, Ekso Bionics, Iwalk, Inc., SynCardia Systems, LLC., Medtronic, ABIOMED, INC, Biomet, Inc, Edward Lifesciences Corporation, Heartware International, Inc and Jarvik Heart, Inc among the others.
artificial organs market is anticipated to expand at a CAGR of 7.2% from 2023 to 2032.
The artificial organs market was valued at US$ 17.7 billion in 2021.
The development of artificial organ implants has been accelerated by developments in the realm of medical technology. The market is expanding as a result of rising global investment in healthcare and medical technologies.
The artificial organ market is dominated by the North American region as of current estimates. The expansion of the market in this region is being supported by the region’s established healthcare system and rising medical and healthcare spending.
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