Artificial Organs Market Research Report, Size, Share, Trends and Forecast to 2024

According to the latest report by IMARC Group titled, “Artificial Organs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market is expected to reach a value of US$ 23.6 Billion by 2024, registering a CAGR of 9.5% during 2019-2024.

Artificial organs are prosthetic devices that are implanted into the human body for replacing and replicating the functions of a faulty organ. These organs are generally manufactured from biocompatible materials, such as metal, glass, carbon, natural tissues and synthetic polymers. As they aid in keeping patients with severe organ failure alive and their body functioning for numerous years, they are gaining traction as an alternative to natural organ transplantation across the globe. 

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The unhealthy lifestyle of individuals owing to rapid urbanization, inflating income levels and increasing consumption of processed food products has led to a rise in the prevalence of chronic diseases worldwide. This, in confluence with the aging population, the escalating number of accidents and scarcity in organ donation, has catalyzed the demand for artificial organs all around the world. Moreover, manufacturers are introducing innovations, such as stem cell research, tissue engineering and 3D printing, in the manufacturing of artificial organs to improve patient comfort. Besides this, the increasing expenditure in the healthcare sector by governments of several countries is expected to create a positive outlook for the market in the coming years.

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Market Breakup by Type:

1. Artificial Kidney

2. Artificial Heart

3. Artificial Pancreas

4. Cochlear Implants

5. Others

Market Breakup by Region:

1. North America

2. Europe

3. Asia Pacific

4. Latin America

5. Middle East and Africa

Competitive Landscape

The competitive landscape of the market has been examined in the report. Some of the key players include Abiomed, Inc., HeartWare International, Inc., Edwards Lifesciences Corp, Boston Scientific Corporation and Cochlear Limited.

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