The artificial organs market is poised for robust growth on the back of significant shortage of organ donors across the globe. In recent years, the demand for organ transplantation has significantly increased worldwide due to a surge in the incidences of vital organ failure. As per a study conducted at Global Market Insights Inc., the global artificial organs market was valued at USD 18.4 billion in 2019 and is expected to record 8.9% CAGR over the forecast period.
However, the unavailability and scarcity of organ donors at the time of requirement have resulted in an increased number of patients on transplant waiting lists. For instance, around 1,700 Australian patients are currently on the national transplant waiting list. Such organ shortage disaster has prompted patients to opt for alternative medical care to achieve a better quality of life, predominantly creating lucrative growth opportunities for artificial organs market growth.
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Besides, industry participants have been striving to tap the unexplored arenas and come up with a gamut of innovative products in the artificial organs industry. Several technological advancements such as 3D printing, skin bioprinting, and bioartificial kidneys have started gaining significant prominence artificial organs industry. Aided by innovations like the aforementioned, the artificial organs market is anticipated to witness lucrative growth over the forecast period.
The increasing cases of kidney failure due to diabetes and high blood pressure have deprived thousands of patients of a new and better quality of life. In fact, around 10 percent of the global population is suffering from chronic kidney diseases that are responsible for millions of deaths every year. This has prompted people to opt for innovative treatment options, which in turn will accelerate artificial kidney segment growth over the forecast period. On this note, the artificial kidney segment, which garnered more than 50% market share in 2019, is estimated to progress at a momentous rate over the ensuing years.
Notably, silicon is extensively used for the development of artificial organs on account of its soft nature and flexibility and high temperature. In fact, the silicon segment was accounted for over USD 6.5 billion in revenue in 2019. Moreover, silicon’s ability to withstand coldness and moisture along with resistance to UV lights are likely to further accelerate its adoption over ensuing years.
Considering the regional landscape, North America artificial organs market was accounted for more than $7.0 billion in revenue size in 2019. This regional growth can be attributed to increasing number of organ transplants in region. In fact, as per the American Transplant Foundation, more than 700,000 transplants were performed since 1988 in the United States. In addition, around 40,000 corneal transplants occur each year in the nation.
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Key industry participants are Medtronic Plc, Berlin Heart GmbH (Syscore GmbH), Boston Scientific Corporation, Ekso Bionics Holdings, Inc., Zimmer Biomet, Baxter, Cochlear Ltd., Nipro Corporation, Ottobock, SynCardia Systems, LLC
Citing instance to highlight the same, in March 2020, SynCardia Systems LLC received U.S FDA approval for its 50cc temporary total artificial heart system. Such product launches are likely to create new business opportunities for companies operating in the artificial organs market.
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