Artificial Organs Market Revenue to Cross USD 33.5 Bn by 2026: Global Market Insights, Inc.
SELBYVILLE, Del., Nov. 5, 2020 /PRNewswire/ -- According to the latest report "Artificial Organs Market by Organ Type (Artificial Kidney, Artificial Liver, Artificial Lungs, Artificial Pancreas, Artificial Heart), By Material Type (Silicon, Plastic, Steel), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of artificial organs will cross $33.5 billion by 2026. Technological advancements resulting in artificial organs with better outcomes will propel the market growth.
The rising prevalence of lifestyle diseases, including cardiovascular conditions, lead to organ failure. Organ donations are comparatively lower than the need for organ transplants in patients, resulting in organ scarcity in several developing, as well as developed, countries. For instance, there are about 1,700 Australians that are currently waitlisted for transplant. Moreover, in Canada, over 40,000 were suffering through end-stage kidney disease, and approximately 4,351 people were on the waiting list in 2018. Artificial organs offer an effective solution to minimize the death burden due to the unavailability of organs. Therefore, an increasing population with a high risk of organ failure will positively influence the industry's growth in the coming years.
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Along with the incidence of organ dysfunction, technological advancements in artificial organ devices are expected to fuel the artificial organs market expansion. Developments including bioartificial kidneys, skin bioprinting and 3D printing will drive the industry's revenue during the forecast period. Researchers and organizations are involved in R&D for materials used, functioning and enhancing acceptance rates in receivers that will certainly benefit the market size.
The artificial kidney segment dominated more than 50% of the artificial organs market share in 2019, led by significantly increasing kidney failures. Diabetes and high blood pressure majorly contribute to end-stage renal diseases. About 10% of the global population is affected with chronic kidney diseases, which are responsible for a million deaths every year due to unaffordability of treatment. The growing geriatric population, changing habits and environmental factors accelerate treatment procedures.
The silicon segment accounted for USD 6.5 billion revenue in 2019. Silicon is being widely adopted in development of artificial organs due to its soft nature and flexibility. Its characteristics, including high temperature tolerance, further boosts its preference. Hence, with ability of silicon to withstand coldness and moisture, along with resistance to ultraviolet light, will spur its adoption in the future.
North America's artificial organs market size was around USD 7 billion in 2019. The increase in the number of organ transplants in the region offers opportunities for industry players. As per the American Transplant Foundation, over 700,000 transplants were performed since 1988 in the U.S. Additionally, approximately 40,000 corneal transplants occur every year in the country. Therefore, growing product demand, driven by rising incidences of organ dysfunction among the American population, will impel the regional growth.
Some of the prominent companies operating in the artificial organs market are Medtronic, Nipro Corporation, Zimmer Biomet, Boston Scientific Corporation and Ekso Bionics. These players are expanding their industry presence by implementing various strategies such as augmentation of their product offerings and collaborations. For instance, in March 2020, SynCardia Systems, LLC announced FDA approval for its 50cc temporary Total Artificial Heart System. Such product approvals and launches will offer business growth opportunities to the company with expansion of its customer base.
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Table of Contents (ToC) of the report:
Chapter 3 Artificial Organs Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 - 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By organ type
3.4.2 By material type
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Organ transplant analysis, by region
3.8 Competitive landscape, 2019
3.9 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Artificial Organs Market Growth Predicted at 8.9% Through 2026: GMI
Artificial kidney segment dominated more than 50% of the artificial organs market share in 2019 led by significantly increasing kidney failures.
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