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Artificial organs are the devices that are implanted in the human body to replace the damaged organ and to perform specific functioning of the natural organ which helps the patient to lead normal life as earlier. These organs are formed by the human’s stem cells at the initial stage and are further grown in the laboratory. According to the American Transplant Association, almost 113,000 people in the U.S were on a waiting list as of 2019 July and 36,528 transplants were performed in 2018.
Rise in chronic diseases, rise in geriatric population, and increase in acceptance of organ transplant are the major factors driving the growth of the market. Furthermore, the rise in technological developments coupled with research and developments are boosting the growth of the market. For instance, growth in 3D printing of biomaterials is also expected to fuel market growth. In addition to this, bio artificial developments associated with additive combined molding, and electrophoresis are also propelling the growth of the market.
Key Market Driver -
Increase in acceptance of organ transplant and technological developments
Key Market Restraint -
Increased cost of the procedure and stringent regulations
In addition to this, Syncardia systems launched a total artificial heart that helps in the diagnosis of a patient diagnosed by the last stage of biventricular heart failure. Moreover, artificial organ therapeutics and bio artificial organ manufacturing techniques used to combine multi-nozzle 3-dimensional printing techniques for automated organs are emerging as the potential opportunities for market growth.
However, lack of skilled professionals, side effects of the transplant such as skin irritation, high cost of the procedures, low technology penetration in developing countries and others are hampering the market growth.
The major companies in the global artificial organs market report include F. Hoffmann-La Roche Ltd, Medtronic, Abbott, Baxter, SynCardia Systems, Jarvik Heart, Inc., HeartWare.
Geographically, the artificial organs market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is dominating the market owing to the rise in chronic diseases, an increase in acceptance of organ transplant, favorable reimbursement policies, and early adoption of technology.
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Europe is the second-largest contributor in the market owing to the increased expenditure of healthcare and presence of developed healthcare infrastructure. Asia Pacific is anticipated to witness lucrative growth owing to the rise in geriatric population, increase in healthcare awareness, and government initiatives related to organ transplants. Latin America, Middle East, and Africa are also expecting to experience lucrative growth owing to rising healthcare awareness and increased government financial initiatives towards health care programs.
By Organ Type
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