DUBLIN--(BUSINESS WIRE)--The "Global Artificial Organs Market: Focus on Organ Type, Technology Type, Competitive Landscape, Pipeline Products Data, and 12 Countries Data - Analysis and Forecast: 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The global artificial organs market was estimated at $1.6 billion in 2017 and is anticipated to reach $5.37 billion by 2023.
Among the different artificial organs available in the market, artificial ear contributed to the highest market share of the global artificial organs market in 2017. However, artificial pancreas is expected to witness the highest CAGR during the forecast period between 2018 and 2023. The presence of several artificial pancreas products in the pipeline attributes to the highest CAGR displayed by the artificial pancreas market. Based on technology, implantable devices occupied higher market share as compared to wearable devices, whereas wearable devices demonstrated the potential to register higher growth rate than implantable technology.
The global artificial organs market is segmented by the geographical regions into North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW). The RoW region comprises Latin America and Middle East and Africa. North America is the leading contributor to the global artificial organs market with a contribution of more than 45% total artificial organs market share in 2017. The North America market is also expected to grow at a CAGR of 24.16% in the forecast period 2018-2023.
The global artificial organs market is majorly dominated by the U.S. and the European players. However, several emerging countries of Asia-Pacific and Latin America displayed high potential to witness robust growth rate during the period. The Australia-based company, Cochlear Ltd. offering artificial ears contributed more than 50% of the market value in 2017.
Market Overview
- Transplantation and Rising Need for Artificial Organs
- The Widening Gap between Demand and Supply of Organs
- Advent of Artificial Organs and Current Status
- Impact of Artificial Organs: Advantages and Disadvantages
- The Future of Artificial Organs
- Global Market Scenario
- Assumptions and Limitations
Market Dynamics
Market Drivers
- Growing Geriatric Population
- Rising Incidence of Lifestyle Diseases
- Increasing Need for Organ Transplantation and Substantial Shortage of Available Donors
- Persistent Support from Government and Non-Governmental Organizations
- Technological Advancements and Increased R&D Expenditure
Challenges
- Risks of Device Malfunction and Other Related Concerns
- Immune Barrier to Artificial Organ
- Stringent Regulation and Poor Reimbursement Coverage
- Exorbitant Cost of Artificial Organs
Opportunities
- Application of Advanced Biomaterials in Artificial Organs
- Organ-on-Chips Technology
- Monitoring Artificial Organs Using Precise Diagnostics
Companies Mentioned
- Advanced Bionics AG and affiliates
- Boston Scientific Corporation
- CARMAT
- Cochlear Ltd.
- Dexcom, Inc.
- Insulet Corporation
- KeraMed, Inc.
- MED-EL
- Medtronic plc
- Oticon Medical
- PIXIUM VISION
- Retina Implant AG
- Second Sight Medical Products, Inc.
- SynCardia Systems, LLC
- Tandem Diabetes Care, Inc.
For more information about this report visit https://www.researchandmarkets.com/research/v4jjms/global_artificial?w=4
