Artificial Organs Market Sales Are Expected To Surpass US$ 35 Billion by 2030, As Stated by insightSLICE

PUNE, India, Jan. 20, 2021 (GLOBE NEWSWIRE) -- The Global Artificial Organs Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.

The global artificial organs market was worth US$ 16.25 Billion in 2019 and is expected to reach US$ 37.7 Billion by 2030 at a CAGR of 8.0% through 2030. Artificial organ is a man-made organ tissue or a device that could replace the original human body organ and continue the same specific function as that of the organ replaced to enable the patient to continue having a normal life. Organ failure is one of the major causes of mortality across the world population. Bio-artificial organs can provide a prolonged life to the patients by substituting the failed/defective organs in the body. The replacement of the artificial organs is not only limited to the life support organs. The artificial organ implants can also be related to improve the individual’s quality of life. One of the ways to create artificial organs is to use the tissue engineering or cell therapy techniques. Also, medical device solutions based on optical, mechanical, or electrical technological characteristics can be used.

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Over the past few years, significant innovations have been introduced in the medical technology, which in turn have impacted the development of artificial organs implantation. Rising number of patients with organ failures along with increase in the amount of people suffering from the chronic diseases are some of the major factors supporting the growth of the global artificial organs market. However, high cost and maintenance along with the concerns of possible infections and other side effects due to artificial organ implants are restraining the growth of the market. However, continuous developments in the field of medical technology coupled with extensive research and development activities and clinical trials would improve the quality of the artificial organs and reduce the risks after the implantations.

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Increase in demand for organ implants

Rising number of people suffering from one or more than one organ failures is one of the major factors increasing the demand for artificial organ implants. Moreover, less amount of organ donation and long lists of people awaiting the organ implants are also supporting the growth of the market globally. For instance, in India, according to data published by Directorate General of Health Services (Dte.GHS) around 1.8 lakhs of people suffer from kidney failure every year. However, only 6000 renal implants are carried. Moreover, over 2 lakhs of people die from liver failure or liver cancer but only 1,500 liver transplants are done over the year on a global scale. Similarly, with ever increasing number of people dying due to heart failure, only a few heart transplants are performed each year. Low number of implants can be attributed to many factors including high costs, less number of donors, underdeveloped healthcare infrastructure, etc. All these factors are encouraging the development and innovations in implantations of artificial organs. This would support the growth of the market significantly in the coming few years.

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Negligent number of organ donors increasing the demand for artificial organ implants

Factors such as having actively spreading cancer, HIV, diabetes, heart or kidney disease prevent people from donating their organs. Thus, the number of people on the donors list is significantly less than those on the waiting list. For instance, according to U.S. Government Information on Organ Donation and Transplantation as of September 2020, there were more than 109 thousand of people on the waiting list for organ implants. However, only 39,718 transplants were carried in 2019. Moreover, there were only 19,257 organ donors in the U.S. less number of organ donors is significantly increasing the demand for artificial organ implants. Artificial organ implants would be able to help many people who are way ahead in the waiting list.

High costs and underdeveloped healthcare infrastructure could restrain the market growth

Although the organ implant may bring prolonged life to the patient, this also needs a lot of money to be put in. In U.S. average cost related to heart transplant is around US$ 1 million and for a kidney transplant the cost is around US$ 400,000 or more. Most of the times it is difficult, for the people to spend high amount on the transplant surgery. Apart from the high treatment cost, under-developed infrastructure in many countries is also one of the factors challenging the growth of the market. Lack of organ transplant and retrieval centers in such countries is limiting the people to reap the benefits of the organ transplant.

Major players active in the global artificial organs market include Zimmer Biomet, Abbott Laboratories, Berlin Heart Gmbh, Boston Scientific Corporation, Ekso Bionics, Iwalk, Inc., SynCardia Systems, LLC., Medtronic, ABIOMED, INC, Biomet, Inc, Edward Lifesciences Corporation, Heartware International, Inc and Jarvik Heart, Inc among the others.

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