Pune, 06, Dec 2022: According to Maximize Market Research, the Artificial Organ Market is expected to be worth USD 55.7 billion by 2029, with a 20.71% CAGR. The government’s increasing investments in research and development activities, the rising demand from patients for organ transplants, the growth of medical technology, the public’s awareness of these issues, and improvements in bionic implants and artificial organ procedures are the main drivers of this market.
Artificial Organ Market Scope and Research Methodology
Both primary and secondary data sources were used to prepare the report. In order to pinpoint issues or assess the system’s past, present, and future performance, the research approach comprises data collection from companies and industries using primary and secondary sources. The financial perspective and SWOT (strengths, weaknesses, opportunities, and threats) models are two of the many tools used for organizational analysis. Value Chain Analysis is one of the methods used to analyze company processes. In addition, the market’s size has been estimated using a bottom-up method. Through primary and secondary research, the major market participants are identified, and their market revenues are evaluated. Primary research involves interviews with important opinion leaders and industry experts such as skilled front-line staff, business owners, and marketing specialists. Secondary research included a review of the annual and financial reports of top manufacturers.
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Artificial Organ Market Overview
Artificial organs take the role of real organs and mimic a certain function so that the patient can resume their usual life. It is a medical device that performs biochemical or mechanical functions, such as those of the kidney, liver, heart, lungs, or sensory organs. The market growth is attributed to the massive demand-supply gap in the human organ transplantation space. Additionally, challenges in acquiring consents, protracted waiting lists for organ donors, and opposition to organ donation all have an impact on how the market for artificial organs and medical bionics is developing. According to the analysis, the severe lack of transplantable organs would continue to have a major impact on market growth. An ongoing driver of market expansion is the growing prevalence of chronic and lifestyle diseases worldwide.
Artificial Organ Market Dynamics
A worldwide increase in organ transplants has exceeded the number of organ donors, necessitating the use of artificial organs. A variety of devices and materials for usage through implantation or outside the body to replace the organ that may have been lost due to injury or disease have been developed recently thanks to breakthroughs in biomaterials. Nano composites, polymers, and ceramics are the biomaterials that are most frequently employed. However, new biomaterials are being produced in the market for artificial organs thanks to better materials and technologies.
The expensive cost of artificial organs, including designed tissues and technologies, is expected to impede the rise of artificial organs, despite notable advancements in transplantation and artificial organs. The price of an artificial organ includes the cost of the device, the surgery, and ongoing medical monitoring. To save the cost of production, researchers are concentrating on creating new artificial organs with superior materials and cutting-edge manufacturing techniques.
Artificial Organ Market Regional Analysis
North America held the largest market share of the Artificial Organ Market in 2021. The primary driving forces behind the growth of the North American artificial organ market are the rising burden of chronic diseases like heart disease, chronic kidney disease, pulmonary fibrosis, organ failure, and others, rising adoption of technologies, increasing product approvals, increasing investments, and significant initiatives taken by key market players. The United States is expected to experience significant growth within North America during the forecast period.
Artificial Organ Market Segmentation
By Type
By Technology
Artificial Organ Market Key Competitors:
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Key questions answered in the Artificial Organ Market are:
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