Covina, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Artificial organ is an engineered or medical device which can be implanted into human body to replace natural organ which led to return normal life to patients as soon as possible. The kidney have become the first organ to have an artificial replacement. The bio-artificial organs are made of biodegradable polymers and living cells while mechanical artificial organs are made of metals and plastics.
Growing geriatric population coupled with rise in prevalence of chronic diseases has contributed in market growth. Further, the rising acceptance of organ transplant technology worldwide, will collectively boost the global market growth. Furthermore, presence of major players and large biotechnology companies has fruitful the demand for Artificial Organ market growth.
Key Highlights:
- In August 2022, KidneyX launched new artificial kidney at prize with $10.5 million in funding. The American Society of Nephrology (ASN) and Department of Health and Human Services (HHS) announced this new prize competition from KidneyX (Kidney Innovation Accelerator) to develop fully functionalized bio-artificial kidney.
Analyst View:
Growing prevalence of chronic diseases across globe has become a leading factor in target market growth. Further, improved and well-developed healthcare facilities worldwide coupled with advanced technological equipment is anticipated to increase the demand for Artificial Organ market growth.
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Report scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By Organ Type - Artificial Heart [Prosthetic Heart Valves, Ventricular Assist Devices, and Cardiac Pacemakers], Artificial Kidney, Artificial Pancreas, Artificial Lungs, Cochlear Implants, and Other Organ Types |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Who are the major players in Artificial Organ market?
- B. Braun Melsungen AG
- Baxter International Inc
- Boston Scientific Corporation
- Getinge AB
- Medtronic PLC
- Thoratec Corporation
- Biomet, Inc.
- Berlin Heart GmbH
- ABIOMED, Inc.
- HeartWare
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Artificial Organ Market key trends:
- Advancements in 3D Printing: 3D printing technology has been increasingly used to create artificial organs, such as prosthetic limbs and even some small-scale organs like ears and skin. This technology allows for greater customization and precision in organ design.
- Bioengineered Organs: Researchers have been working on bioengineering organs using a patient's own cells or stem cells, which can reduce the risk of organ rejection. This approach has shown promise in developing artificial hearts, kidneys, and livers.
- Artificial Pancreas for Diabetes: Artificial pancreas systems that combine continuous glucose monitoring with automated insulin delivery have been gaining traction. These systems help people with diabetes manage their blood sugar levels more effectively.
- Neural Prosthetics: Advancements in neural prosthetics have allowed for improved communication and mobility for individuals with spinal cord injuries or limb loss. Brain-computer interfaces have shown promise in restoring some level of functionality.
- Nanotechnology and Biomaterials: The use of nanotechnology and advanced biomaterials has enabled the development of more biocompatible and durable artificial organs and implants. These materials can also reduce the risk of infection and improve the integration of artificial organs with the body.
These questions can help provide insights into the current state and future prospects of the artificial organ market:
- What is the current size of the artificial organ market, and how has it evolved over the past few years?
- What is the projected growth rate of the market over the next 5-10 years?
- What factors are driving the growth of the artificial organ market?
- How is the increasing prevalence of organ failure and the shortage of organ donors impacting the market?
- Who are the key players in the artificial organ market, and what is their market share?
- Are there emerging startups or disruptive technologies that may reshape the market?
Conclusion:
The artificial organ market represents a dynamic and evolving sector within the field of healthcare and biotechnology. As organ shortages persist and the prevalence of organ failure continues to rise, artificial organs offer a promising solution to address critical medical needs. However, several factors and questions should be considered when assessing the state and future prospects of this market.
Further Reports of Interest:
- Dental Stem Cell Storage Market: Size, Trends, Analysis and Forecast till 2030
- Healthcare CMO Market: By Service (Medical Device Contract Manufacturing Services, Pharmaceutical Manufacturing Services), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032
- Exosomes Market: Increasing adoption of new technologies and smart solutions with the help of artificial intelligence is the next revolution in patient care that is driving the growth of the market.
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