Selbyville, Delaware, Nov. 07, 2019 (GLOBE NEWSWIRE) —
Global value is expected to cross USD 30.9 billion by 2025, according to a new research report by Global Market Insights, Inc. Scarcity of organ donors and increasing incidence of organ failure globally will propel the market growth.
Increasing incidence of organ failure due to rising prevalence of chronic diseases across the globe will prove beneficial for industry growth across the forecast timeframe. Artificial organ is an engineered tissue and device implanted into a human being interfacing with living cells/tissue to replace a missing part (organ) for proper functioning of the body. Globally, the waiting list of patients in need for organ transplant is generally longer than expected, thereby increasing the mortality rate worldwide. For instance, the British Heart foundation (BHF) stated that in UK number of patients waiting for organ transplant has increased by 162% in last 10 years. Hence, increasing prevalence of chronic conditions including diabetes and injuries resulting from these diseases and accidents will significantly drive the artificial organs market growth.
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Increasing technological advancements associated with artificial organs including use of bioartificial materials is expected to stimulate rise in the market value. Major players operating in the market are focusing primarily on research and development to improve the functioning of artificial organs as per patient’s condition. For instance, SynCardia Systems has developed a total artificial heart (TAH) that can be used temporarily for patients diagnosed with last stage biventricular heart failure. Such technological innovations will positively boost product demand, thus augmenting the industry growth. However, increasing cases of product failure after transplantation and high cost of artificial organs will limit industry growth up to a certain extent.
Some major findings of the artificial organs market outlook report include:
- Increasing prevalence of chronic disorders and scarcity of organ donors across the globe will serve as high impact rendering factor for artificial organ market growth
- Technological advancements in medical bionics along with growing awareness among population about artificial organs will allow quick patient recovery and offer better healthcare outcomes
- Major players operating in the artificial organs industry include SynCardia, Nipro Corporation, Ottobock, Berlin Heart GmbH, Ekso Bionics, Cochlear Limited and Baxter International
- Industry players are focusing on new product development, mergers and acquisitions to capitalize on market opportunities and gain competitive edge over other market players
Artificial organs market by organ type is bifurcated into artificial kidney, artificial pancreas, artificial lungs, artificial liver, artificial heart and others such as limbs, small bowel etc. Artificial pancreas segment accounted for USD 352.6 million in 2018 and will witness significant growth during the analysis timeframe. Rising incidence of diabetes, excessive consumption of alcohol and family history of pancreatic disorders has led to chronic pancreatitis leading to dysfunction of pancreas. Therefore, growing number of patients in need of organ transplant for better functioning of the body will propel segmental growth over the coming years.
Browse key industry insights spread across 130 pages with 136 market data tables & 8 figures & charts from the report, “Artificial Organs Market Size By Organ Type (Artificial Heart, Artificial Liver, Artificial Lungs, Artificial Pancreas, Artificial Heart), By Material Type (silicon, Plastic, Steel), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Russia, Poland, Turkey, Italy, Japan, China, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Material type segment is classified into silicon, steel, plastic and others. Steel segment is estimated to grow by 9.1% during the forthcoming years. Steel is widely used in designing of artificial organs owing to its easy availability, low cost, good fabrication properties, higher strength and biocompatibility. Above mentioned factors will boost market growth.
India medical bionics market is estimated to witness lucrative growth of 9.8% across the analysis period. High growth is attributable to increasing prevalence of chronic disorders, rising geriatric population base, increasing number of road accidents and adoption of sedentary lifestyle. As per the WHO, cardiovascular disorder (CVD) is one of the major factors for high mortality rate in India leading to heart failure. Also, rising awareness about artificial organs in the country is another key factor propelling the business growth.
Few notable companies operating in artificial organs market include SynCardia, Ekso Bionics, Nipro Corporation, Ottobock, Berlin Heart GmbH, Cochlear Limited, Baxter International, Medtronic, Boston Scientific corporation and Zimmer Biomet. Industry players are implementing numerous strategies to expand their geographic presence and strengthen market position. For instance, in July 2017, Cochlear Implants announced the expansion of its manufacturing facility for cochlear implants and sound processors in China. This business strategy has enabled the company to expand its market presence in China as well as Asia Pacific.
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Organ Preservation Market Size 2025: Organ preservation industry size should foresee significant growth due to consistent increase in the demand for body part transplantation over the last few years. The successful survival and high success rates of transplanted body parts including liver, kidney, and heart has elevated the global demand for transplantation surgeries. Some of the industry players are Essential Pharmaceuticals, Waters Medical System, Dr. Franz Kohler Chemie, XVIVO Perfusion, Organ Recovery Systems, Bristol-Myers Squibb, BioLifeSolutions, and 21st Century Medicine.
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