Artificial Organs Market Size and Growth Rate:
The Global Artificial Organ Market size was Expected to Reach USD 44899.44 million by the end of 2024 from USD 29,366.67 million in 2018 and this market with a CAGR of 7.33% during the forecast period 2018-2024.
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Artificial Organs Market Growth Drivers and Restraints:
The ability of artificial organs to retain the normal functioning of human organs, either temporarily or permanently, will continue to be the strongest factor driving the demand for artificial organs across the globe. Growing prevalence of chronic disorders that affect one or various vital organs is expected to be another key factor supporting market growth. Growing incidences of accidents and severe injuries will also continue to fuel the demand for artificial organs. Rising acceptance and technological advancements of organ transplant technology worldwide will collectively support the market further. Besides the increasing geriatric population and growing life expectancy, increasing healthcare awareness among the population will remain an essential driver to the growth of market.
In addition, including brain pacemaker, certain prosthetic devices, can hardly be repaired or restored by artificial organs. Unaffordable costs of artificial organs, and the entire organ implant procedure may remain longstanding restraints to rapid market growth. Several developing regions are still facing a challenge due to uncertain reimbursement policies, which is expected to restrict the market penetration in the near future. Furthermore, almost lower awareness about artificial organs and organ transplant, advanced to insufficient knowledge about the associated surgical procedures will also prevent the growth of artificial organs market. Also, supporting efficiency and quality of artificial organs, in the long run, is a major challenge for the existing medical sector. This will continue to deter market growth over the next few years as well.
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Artificial Organs Market Geographical Segmentation:
Presently, North America holds a dominant market share, followed by Europe. Growing geriatric population, increasing organ failure cases, and relatively higher spending on healthcare will remain the three key factors driving market growth in these regions. In addition, significant growth will be observed in Asian countries, attributed to the growing healthcare budget, growing healthcare infrastructure, and flourishing medical tourism. The dense population is also a critical factor supporting the market in APAC.
Key players of the Artificial Organs Market:
Some of the key players in the world market include Biomet, Inc., Berlin Heart GmbH, ABIOMED, Inc., HeartWare, Inc., Cochlear Ltd., Asahi Kasei Medical Co., Ltd., Thoratec Corporation, Ekso Bionics, Medtronic PLC., and Ossur hf.
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