Improvements in the rate of regulatory approvals for artificial organs in major markets is generating leverage for sales prospects for new product offerings.
Improvements in the rate of regulatory approvals for artificial organs in major markets is generating leverage for sales prospects for new product offerings.
Fact.MR, Rockville MD: Market research firm Fact.MR ongoing report on the artificial organs market has projected positive growth prospects for 2021. Resumption of elective medical services post the covid-19 pandemic will aid growth in the industry. Further, the CDC has stated that covid-19 patients were at higher risk of damage to organs such as hearts, lungs, and livers among others, which also generate opportunities for artificial organ manufacturers for the foreseeable future.
According to the Health Resources & Services Administration, more than 107,000 people in the United States are on the national transplant waiting list as of February 2021. Also, 17 people are estimated to die each day in requirement of organ transplants, while one person is added to the transplant waiting list for every 9 minutes. These factors are key to creating a conducive environment for the growth of the global artificial organs market.
Organ transplants have to be viewed in relation to the religious, cultural, and socioeconomic conditions. This is especially true in developing economies in the Asia Pacific region, which have emerged as key centers for commercial renal transplants. Government efforts, in collaboration with professional associations, media, along with international organizations such as the WHO, have led to the development of associated legislation to regulate organ trade in line with international guidelines, which will influence developments in the artificial organs market as well.
“Rapidly growth of the global population of geriatrics and the resultant increase in the number of people affected by organ failures are key factors that are driving the artificial organs market. Also, growing public awareness about advancements in relevant medical technology is expected to result in higher demand for artificial organs in the years ahead,” comments a Fact.MR analyst.
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Key Takeaways from Fact.MR’s Artificial Organs Market
- Polymer, nanocomposites, and ceramic biomaterials are expected to hold the lead in artificial organ production.
- Plastic based artificial organs will hold prominent market share owing to cost effectiveness and biocompatibility.
- Artificial kidneys are will reflect strong sales, owing to the large number of global cases of end-stage renal disease.
- Strong GDP spending on organ transplants in the United States will increase artificial organ usage in the country.
- China and India will create lucrative opportunities for market players driven by a large population and high incidences of chronic disease.
- UK and France to display strong potential for growth on the back of relatively higher family refusal rates in organ transplants.
Artificial Organs Market – Prominent Drivers
- A global shortage of organ donors is a major factor driving the demand for artificial organ alternatives.
- The rising number of geriatrics and prevalence of lifestyle ailments has resulted in higher incidences of organ failure creating opportunities for sales.
- Rapid growth in technological advancements including 3D bioprinting and awareness among patients is likely to drive developments in the market.
Artificial Organs – Key Restraints
- The high costs of artificial organs including engineered tissues and devices are expected to hold back market sales.
- Cost-prohibitive capital requirements for clinical trials and product development have hampered research activities in the artificial organs market.
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Competitive Landscape
Leading players in the artificial organs market include Retina Implant AG, Cochlear Ltd., SynCardia Systems LLC, Boston Scientific Corporation, Medtronic Plc, Dexcom Inc., MED-EL, CARMAT, Fresenius Medical Care AG & Co. KGaA, Oticon Medical, and Advanced Bionics AG.
Leveraging faster approval rates for market launches is a key strategy used by major market players. For example, Wearable Artificial Organs Inc. announced the approval of patents for a new version of its Wearable Artificial Kidney in March 2021.
Also, investments into research and development efforts will remain a major strategy in maintaining differentiation in the market. For instance, GBT technologies Inc. revealed research for AI and robotics-based technology for organ identification and transplants.
More Insights on the Artificial Organs Market
In its latest report, Fact.MR offers unbiased analysis of the global artificial organs market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of type (artificial heart, artificial eye, artificial pancreas, artificial ear, and artificial urinary bladder) and technology (implantable technology and wearable technology) across seven regions (North America, Latin America, Western Europe, CIS & Russia, Japan, Asia Pacific, and Middle East & Africa)
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