The new report by Expert Market Research titled, ‘Global Artificial Organs Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global artificial organs market share, assessing the market based on its segments like classifications, types, technologies, fixations, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 15.3 billion
- Forecast CAGR (2023-2028): 6.8%
Due to an increase in the number of transplantation surgeries performed in the region, as well as the rising prevalence of various lifestyle-related disorders such as obesity and diabetes, North America accounted for a major share of the industry. Furthermore, the availability of well-developed healthcare infrastructure, as well as the increasing penetration of leading biotechnology and medical device companies in developed countries such as the United States, are contributing significantly to the industry’s growth.
The Asia Pacific and Europe are also significant regional markets for the product. Improving healthcare facilities and the increasing demand from economies, such as China, India, and Japan, are expected to aid the market growth in the Asia Pacific region during the forecast period.
Industry Definition and Major Segments
Artificial organs are engineered devices or tissues that are designed to imitate natural organs and support one or more functions, allowing patients with organ failure to return to a normal life. These organs are implanted or integrated into the human body, allowing them to communicate with living tissues. They perform biological or mechanical functions in the patient’s body.
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By classification, the market is divided into:
- Temporary Artificial Organs
- Permanent Artificial Organs
On the basis of type, the industry is categorised into:
- Skin or Soft Tissue
- Internal Organs
- Blood Vessels
- Sensory Organs
On the basis of technology, the market can be divided into:
By fixation, the industry is segmented into:
- Externally Worn
The regional markets for the product include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The growing awareness of organ transplantation among consumers, as well as a the lack of suitable donors and an organ shortage, are driving the demand for artificial organs, propelling the industry forward. With the increasing demand for organ transplantation, scientists are concentrating their efforts on developing safer and less expensive methods of producing artificial organs.
Furthermore, the rising incidence of lifestyle-related disorders and chronic diseases, as well as the growing global geriatric population, are boosting the market growth. Other factors that are helping to expand the market include favourable government programmes and growing R&D activities, technological innovations, rising disposable incomes, and a growing healthcare sector.
Advancements in the field of 3D bioprinting, which is used to create artificial organs, and the increasing integration of artificial intelligence in the healthcare sector are expected to propel the industry forward during the forecast period.
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