Artificial organs are manmade device or organs integrated into the human body to replace the functions performed by the natural organs and empower patients to return to a normal life. The unnatural devices or machines are utilized in case of human organ malfunction or organ failure. The manmade devices are usually produced from the stem cell of the respective patients and grown in laboratories in controlled environment. Increasing development and innovation of new artificial organs are gradually progressing promising a positive growth prospect to the global market over the forecast period.
Market Outlook:
The demand for organ donor is increasing owing to the vast gap between the demand and supply of organs to patients. Estimation shows that only 10% of the patients who require a transplant undergo the necessary procedures due to the scarcity of donor organs. More than 119,000 patients in the United States alone were on the waiting list for organ transplantation in 2015. According to the study conducted based on the market, approximately 22 patients die owing to the lack of available organs for transplantation. It was estimated that Europe had more than 143,000 patients on the waiting list for organ transplantation by the end of 2015. Lack of organ for transplantation is responsible for the death of around 18 patients each year in Europe.
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Increasing organ failure owing to the age-related disorder and new and improved technologies are few drivers expected to offer opportunities to propel the market growth. The ability of the device to completely replace the human organ and the tendency to retain the normal functioning of organs, temporarily or permanently is also anticipated to spur the industry growth. Since, increasing chronic disorders has led to affect the one or multiple vital organs leading to the increasing demand of the organs.
Key Players:
Covidien
HealthTronics
Galil Medical Inc.
Angiodynamics
Misonix Inc.
Medtronic Plc.
SonaCare Medical
Boston Scientific Corporation
Medtronic
Incidences of organ failures and lack of potential organ donors is responsible for loss of lives of patients suffering from such crisis and henceforth, has led to the increase demand for the artificial organ’s market. Growing incidences of severe injuries caused due to accidents and acceptance of organ transplant as a successful treatment method globally are other factors fueling the market growth. Furthermore, rising life expectancy, increasing healthcare awareness among population and growth in geriatric population are considered as the important driver for the growth of artificial organs market.
Wearable artificial organs such as pancreas and kidney have created a substantial customer base and thus, is expected to boost the demand over the forecast period. The rising pool of patients suffering from renal failure/dysfunctioning and diabetes will also particularly foster the demand for artificial kidney and pancreas respectively. Additionally, with the advent of the wearable medical device technology, more cost effective organs are expected to arrive in the market which could open new doors for the emerging economies. One of the major constraints for the artificial organ market is the extremely high cost of the artificial organs. This in turn is responsible for various production policies required to address the taxpayers, patients and medical technology corporations.
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Consumers are hesitant to buy the organs owing to the possibility of device malfunction and the consequences they may have on their respective health, which could impede the growth of artificial organs market. Prosthetic devices such as brain pacemaker have very slim chances of being repaired or restored by artificial organs and due to their unaffordable costs, consumers usually opt for other affordable treatment method. Policies such as uncertain reimbursements and lower awareness about the associated surgical procedures are expected to restrict the market penetration over the forecast period. Furthermore, maintaining the quality and efficiency of artificial organs for a long period of time is a major challenge for the medical sector and thus, could further deter the artificial organ growth.
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