LONDON, June 29, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s report on the artificial organ market forecasts the global artificial organ market size is expected to grow from $20.3 billion in 2022 to $22.2 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The global artificial organ market size is expected to grow to $31 billion in 2027 at a CAGR of more than 8%.
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The growing geriatric population is likely to drive the artificial organ market ahead. The geriatric population is defined as those aged 60 and older who require medical care. Artificial organs have the potential to considerably assist the elderly in a variety of ways, including giving answers to health concerns such as organ failure and enhancing their quality of life.
According to the World Health body (WHO), a Switzerland-based body responsible for international public health, the proportion of elderly people in each nation's population will climb in October 2022, as will their overall number. There will be 1.4 billion persons over the age of 60 by 2030, up from one billion in 2020. By 2050, the world's population of persons aged 60 and up will have doubled (to 2.1 billion). The number of persons aged 80 and more is expected to more than double between 2020 and 2050, reaching 426 million. As a result, the growing senior population will fuel the artificial organ market.
Major players in the artificial organ market are Medtronic PLC., Abbott Laboratories Ltd., ABIOMED Inc., Berlin Heart Gmbh, Boston Scientific Corporation, Edward Lifesciences Corporation, Jarvik Heart Inc., Baxter International Inc.
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Product advancements are a major trend in the artificial organ market's growth. Major firms in the artificial organ market are focusing on providing innovative solutions to increase their market position. For example, ALung Technologies, a US-based medical equipment maker, said in December 2021 that their Hemolung respiratory support system, an artificial lung, had been approved by the Food and Drug Administration, a US-based regulatory organisation. This artificial lung device was created to treat COVID-19 patients without using a ventilator and causing more damage to their already taxed lungs, as well as to control their respiratory and metabolic function. It is simple, safe, and beneficial for a variety of uses, including cystic fibrosis and asthma.
North America was the largest region in the artificial organ market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global artificial organ market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global artificial organ market is segmented by organ type into artificial heart, artificial kidney, artificial liver, artificial pancreas, other organ types; by material into silicone, plastic, steel, biomaterials; by fixation into implantable, external; by end users into hospitals, ambulatory surgical centers, laboratories and diagnostic centers, research and academic institute, other end users.
Artificial Organ Global Market Report 2023 by The Business Research Company provides insights on the artificial organ market size, artificial organ market segments, artificial organ market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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