Dublin, May 19, 2023 (GLOBE NEWSWIRE) -- The "Artificial Organ Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global artificial organ market is expected to grow from $20.37 billion in 2022 to $22.24 billion in 2023 at a compound annual growth rate (CAGR) of 9.2%. The artificial organ market is expected to grow to $31.00 billion in 2027 at a CAGR of 8.7%.
The rising geriatric population is expected to propel the growth of the artificial organ market going forward. The geriatric population refers to the population of people of 60 years and above requiring medical care. Artificial organs have the potential to significantly help the elderly in a variety of ways such as providing solutions to health problems like organ failure that elderly people face to improve their quality of life.
For instance, in October 2022, according to the World Health Organization (WHO), a Switzerland-based organization responsible for international public health, the proportion of elderly individuals in each nation's population will rise, as will their overall number. By 2030, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. The world's population of persons aged 60 and over will double by 2050 (2.1 billion). The number of people aged 80 or more is predicted to increase substantially between 2020 and 2050, reaching 426 million. Therefore, the rising geriatric population will drive the artificial organ market.
Product innovations are a key trend in gaining popularity in the artificial organ market. Major companies operating in the artificial organ market are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2021, ALung Technologies, a US-based medical equipment manufacturer announced that its Hemolung respiratory support system, an artificial lung received approval from the Food and Drug Administration, a US-based regulatory organization.
This artificial lung device is developed to treat COVID-19 patients avoiding ventilator use and further damage to their already stressed lungs and to control their respiratory and metabolic function. It is simple, safe, and effective and can be used for a range of applications such as cystic fibrosis and asthma.
In September 2021, Picard Medical Inc (a portfolio company of Hunniwell Lake Ventures LLC), a US-based biotech firm acquired SynCardia Systems LLC and its assets for an undisclosed amount. The acquisition enabled Picard Medical Inc gain access to technical and commercial expertise and helps further develop SynCardia Systems LLC. SynCardia Systems LLC is a US-based firm that makes artificial human hearts as a bridge to human heart transplants for persons dying from end-stage biventricular failure.
North America was the largest region in the artificial organ market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial organ market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the artificial organ market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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Description:
Where is the largest and fastest growing market for artificial organ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The artificial organ market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
1) By Organ Type: Artificial Heart; Artificial Kidney; Artificial Liver; Artificial Pancreas; Other Organ Types
2) By Material: Silicone; Plastic; Steel; Biomaterials
3) By Fixation: Implantable; External
4) By End Users: Hospitals; Ambulatory Surgical Centers; Laboratories And Diagnostic Centers; Research And Academic Institute; Other End Users
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $22.24 billion |
| Forecasted Market Value (USD) by 2027 | $31 billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Artificial Organ Market Characteristics
3. Artificial Organ Market Trends And Strategies
4. Artificial Organ Market - Macro Economic Scenario
5. Artificial Organ Market Size And Growth
6. Artificial Organ Market Segmentation
7. Artificial Organ Market Regional And Country Analysis
7.1. Global Artificial Organ Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Artificial Organ Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes
- Medtronic PLC.
- Abbott Laboratories Ltd.
- ABIOMED Inc.
- Berlin Heart Gmbh
- Boston Scientific Corporation
- Edward Lifesciences Corporation
- Jarvik Heart Inc.
- Baxter International Inc.
- B. Braun Melsungen AG
- Asahi Kasei Medical Co. Ltd.
- Getinge AB
- Zimmer Biomet Holdings Inc.
- Ekso Bionics Holdings Inc.
- Heartware International Inc.
- F. Hoffmann-La Roche Ltd.
- Carmat SA
- Nipro Corporation
- Terumo Corporation
For more information about this report visit https://www.researchandmarkets.com/r/kikflg
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