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Artificial Organs Market Size
- Report ID: GMI3447
- Published Date: Oct 2020
- Report Format: PDF
Artificial Organs Market Size
Artificial Organs Market size valued at USD 18 billion in 2019 and is estimated to grow at over 8.9% CAGR from 2020 to 2026. Manufacturers and researchers are continuously focusing on development of artificial organs to improve its chances of acceptance by the receiver. Innovation in artificial organs delivers equally effective treatment solutions to patients that do not qualify for conventional organ transplants. Technological advancements in production process such as bioartificial organ manufacturing, standardization and automation will further stimulate the industry growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2019 |
| Artificial Organs Market Size in 2019: | USD 18.6 Billion |
| Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 8.9% |
| 2026 Value Projection: | USD 33.7 Billion |
| Historical Data for: | 2015 to 2019 |
| No. of Pages: | 101 |
| Tables, Charts & Figures: | 146 |
| Segments covered: | Organ Type, Material Type |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Artificial organs reduce probability of organ rejection and provides advantage of mass production. According to the American Transplant Foundation, about 114,000 people are in the waiting list for organ transplantation and approximately 20 people die due to unavailability of organs. With such increasing demand for the organ transplants, the market will witness significant growth as artificial organs help minimize donor organ’s dearth.
Product innovations aiming to manage drawback of organ scarcity
Rising cases of organ failure owing to severe sepsis, cardiovascular diseases and trauma incidence drives the number of organ transplant procedures. According to the World Health Organization, about 48.9 million sepsis cases were estimated in 2017. Changing lifestyle and adoption of unhealthy habits such as alcohol consumption and smoking result into liver and heart failure. With growing prevalence of such conditions, the risk of organ dysfunction also increases that will ultimately boost the market demand.
Technological advancements will primarily propel the artificial organs market growth in coming years. The BiVACOR has developed total artificial heart (TAH) device providing innovative option to with end-stage heart failure patients that are unable to qualify for transplants. In addition, SynCardia Systems has introduced temporary implantable total artificial heart device that can perform heart functions for patients with end-stage biventricular heart failure. Thus, launch of advanced innovative products offering beneficial solutions will offer immense opportunities for market expansion.
However, risk associated with organ rejection and significant cost associated with artificial organs can hamper the product demand up to some extent.
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Artificial Organs Market Scope
