Organ transplantation is often regarded as a life-saving procedure for patients who are in urgent need to replace their degenerated or damaged organs. With growing geriatric population worldwide and increase in the prevalence of variety of diseases, the demand for organ transplants is increasing rapidly at a global level.
Artificial organs are engineered medical devices that can act as a substitute of organ transplant. These are the medical device solutions which are either implantable or wearable and can mimic the vital functions of critical body organs. Significant number companies and research institutes from across the globe are working actively to develop various artificial organs with the aim to eliminate the scarcity of organ donors. Currently, there are five major types of artificial organs available in the market including ear, eye, pancreas, heart, and urinary bladder, though there are several other products in the developmental stages.
The global artificial organs market was estimated at $1.6 billion in 2017 and is anticipated to reach $5.37 billion by 2023. Among the different artificial organs available in the market, artificial ear contributed to the highest market share of the global artificial organs market in 2017. However, artificial pancreas is expected to witness the highest CAGR during the forecast period between 2018 and 2023. The presence of several artificial pancreas products in the pipeline attributes to the highest CAGR displayed by the artificial pancreas market. Based on technology, implantable devices occupied higher market share as compared to wearable devices, whereas wearable devices demonstrated the potential to register higher growth rate than implantable technology.
The global artificial organs market is segmented by the geographical regions into North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW). The RoW region comprises Latin America and Middle East and Africa. North America is the leading contributor to the global artificial organs market with a contribution of more than 45% total artificial organs market share in 2017. The North America market is also expected to grow at a CAGR of 24.16% in the forecast period 2018-2023. The global artificial organs market is majorly dominated by the U.S. and the European players. However, several emerging countries of Asia-Pacific and Latin America displayed high potential to witness robust growth rate during the period. The Australia-based company, Cochlear Ltd. offering artificial ears contributed more than 50% of the market value in 2017.
The key players who have significant contributions to the global artificial organs market are 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.
Key Questions Answered in 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?
Get Free Sample Report- https://bisresearch.com/requestsample?id=639&type=download
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.
BIS Related Studies