The report covers the analysis and forecast of the artificial organ technology market on globalas well as regional level. The study provides historic data of 2020 along with the forecast for the period between 2021 and 2031 based on revenue (US$ Mn).
The study provides a detailed view of the artificial organ technology market, by segmenting it based on by product, by technology, and regional demand.Rapidly aging population across the world makes the artificial organ market more demanding in these days and in the nearby future. Moreover, in recent days scarcity of organ donors is also expected to augment the market growth of artificial organ technology during the projection period of 2021 and 2031.
Artificial organ is an engineered device which is integrated or implanted into human body to change a natural organ. The replacement of natural organ by artificial organ is done to make the patient return to his/her normal life immediately as possible. Most of the parts of a human body can be replaced by an artificial organ or by a biomedical device. Organ engineering is a type of new strategy to manage the shortage of donor organs. Artificial organ provide support to human body and can be externally worn or implanted inside the body to restore definite body functions. The materials used for manufacturing artificial body parts are called biomaterial. Artificial organs include artificial limbs, artificial heart, artificial kidney, artificial pancreas and artificial liver which can be implanted in human body in replace of natural organs. In medical field, implementation of electronic and mechanical engineering has initiated novel technology to change limb and other operated body parts. The artificial organ technology market is a hotbed of transformation with a plenty of research and development undertaken by leading companies present across the globe. The purpose of replacing natural organ by artificial organ is to provide life support to patient by preventing imminent death while awaiting a transplant, dramatically improve patient’s ability for self care, and improve patient’s standard of life. Increasing rate of road accidents and rising cases of organ failure, creates a huge growth opportunity for artificial organ technology market during the forecast period.
Continuous technological innovation in medical field and massive investment made by healthcare organizations are the prime factors augmenting the growth of this market globally. Rising incidences of cardiovascular diseases and growing respiratory problems among individuals further creates a positive impact on the global artificial organ technology market. Moreover, changing lifestyle habits and excessive consumption of alcohol causes liver disorder, which may therefore promote the growth of artificial liver all over the world. Further down, increasing rate of kidney and heart patients across the globe, further makes the artificial organ technology market more demanding in the future. Rapidly aging population across the world makes the artificial organ market more demanding in these days. In addition to this, in recent days scarcity of organ donors and growing number of people affected from organ failures is expected to propel the market growth of artificial organ technology over the next eight years.
The artificial organ technology market in report is segmented by product which includes artificial liver, artificial pancreas, artificial heart, artificial kidney, bionic limbs and others.Moreover, based on technology, the market has been segmented as mechanical bionics and electronic bionics. The global artificial organ technology market has been moreover segmented geographically into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
Moreover, among the other regions, Asia-Pacific is the rapidly growing market on account of improvement in facilities of healthcare units, increasing income levels and others. Large global population suffering from heart, liver and kidney related diseases creates a high demand of artificial organ device. In modern day, without the help of artificial lung and heart, surgeries would not be possible. Advances in technology allow creation of improved devices and procedures to be used henceforward. However, huge cost of implantation and limited surgical expertise are some of the factors which may hinder the growth of artificial organ technology market over the forecast period.
Some of the major players in the global artificial organ technology marketinclude Gambro AB, Biomet Inc., Ekso Bionics, Medtronic Inc., Baxter International Inc., and few to be named.
The Global Artificial Organ Technology Market Has Been Segmented into:
Global Artificial Organ Technology Market: By Product
Global Artificial Organ Technology Market: By Technology
Global Artificial organ technology Market: By Geography