The artificial organs Market was worth US$ 16.25 Billion in 2019 and is expected to grow at a CAGR of 8.0% through 2030. 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.
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