The latest report by IMARC Group, titled “Artificial Organs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.“, The global artificial organs market size reached US$ 18.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.2 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2024-2032.
Artificial organs are sophisticated biomedical devices engineered to replicate the functions of natural organs within the human body. They are designed to temporarily support or permanently replace failing organs, enhancing or restoring vital physiological processes. They encompass various innovations, including artificial hearts, lungs, kidneys, and pancreas. Temporary mechanical devices, like ventricular assist devices (VADs) or extracorporeal membrane oxygenation (ECMO) machines, can assist ailing organs while awaiting transplantation or recovery. Whereas permanent artificial organs, such as artificial hearts or prosthetic limbs, can substantially improve patients' quality of life. At present, artificial organs find extensive applications in healthcare across the globe, offering life-saving solutions for organ failure and enhancing the quality of life for individuals with disabilities.
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Artificial Organs Market Trends and Drivers:
The global artificial organs market is primarily driven by the increasing prevalence of organ failure and the shortage of organ donors. Moreover, numerous technological advancements in biotechnology, materials science, and medical devices, including the development of more sophisticated and functional artificial organs that improve their efficacy and reduce the risk of rejection, has catalyzed market growth. Additionally, the expanding aging population and the rising incidence of chronic diseases has escalated the need for artificial organs to address age-related organ deterioration and organ failure. Besides this, rising healthcare investments, research and development activities, and government initiatives to support organ transplantation and artificial organ development are propelling market growth. Furthermore, the rising adoption of artificial organs in various medical specialties, including cardiology, nephrology, and neurology, is contributing to market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Artificial Kidney
- Artificial Heart
- Artificial Pancreas
- Cochlear Implants
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Abiomed, Inc.
- HeartWare International, Inc.
- Edwards Lifesciences Corp
- Boston Scientific Corporation
- Cochlear Limited
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