The global artificial organs market is expected to reach USD 32.62 Billion by 2027, according to a new report by Emergen Research. The market is experiencing rapid growth attributed to growing incidences of organ failure, especially kidney, liver, heart, lungs, and pancreas, among others. The primary benefits of artificial organs are that they provide an opportunity for mass production, along with reducing the chances of rejection by the human body.
The leading players in the market include Zimmer Biomet,
Ekso Bionics, Boston Scientific Corporation, Abiomed Inc., Heartware
International Inc., Cochlear Ltd., Berlin Heart GmbH, Medtronic, Nipro
Corporation, and Baxter International, among others.
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A rapid growth in
demand for organ transplantation across the globe is owing to the growing prevalence
of the failure of vital organs, along with the increasing success rate and
improvement in post-transplant health conditions. Nevertheless, the lack of
donors for transplantation to cater to the rising demand has led to a shortage
crisis in the market for body parts transplantation. Thus, a significant rise
in the number of patients waiting for a transplant and a rise in the mortality
rate of patients due to the unavailability of organs for transplantation is
driving the growth of the market.
Organ
Type Outlook (Revenue, USD Billion; 2017-2027)
Artificial Kidney
Artificial Liver
Artificial Heart
Artificial Lungs
Artificial Pancreas
Others
Usage
Outlook (Revenue, USD Billion; 2017-2027)
Implantable
Extracorporeal
Material
Type Outlook (Revenue, USD Billion; 2017-2027)
Silicon
Plastic
Steel
Others
Regional Outlook (Revenue, USD Billion;
2017-2027)
North
America
Europe
Asia
Pacific
Latin
America
MEA
North
America is projected to command the market expansion over the projected
timeline attributable to the soaring implementation of Ground-based Monitoring
Systems and Sensing and Imagery Systems to enhance the productivity of the
agricultural sector. The augmented adoption of smart and precision farming,
coupled with the presence of significant market players, is contributing to the
progress of the market in the region. The Asia Pacific region is forseen to be
the fastest-growing market due to rising initiatives for water conservation in
the region.
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trends in the industry and read full summary click on the link: https://www.emergenresearch.com/industry-report/artificial-organs-market
Key
Highlights from the Report
In November 2019, Mammoet, who is a global
market leader for lifting and transporting heavy objects, entered into a
partnership with the SGS group. SGS Group is helping the company with the
construction of a large oil refinery in Nigeria.
The ground-based monitoring system segment
held the largest market share of 55.2% in 2019. Growing adoption of the
Ground-based Monitoring Systems among the skilled farmers in the developed
economies to increase agricultural productivity and enhance crop quality is
expected to drive the growth of the segment.
Services are forecasted to grow with the
fastest CAGR of 13.8% over the forecast period. Increasing utilization of the
Internet of things (IoT) enabled devices for agricultural and non-agricultural
purposes, and the growing number of connected agriculture devices is expected
to drive the growth of the services segment in the Artificial Organs market.
The agricultural segment accounted for the
largest market share in 2019. The rising global population, along with the
rising demand for food, is expected to increase the adoption of smart
agricultural practices.
The Asia Pacific region is expected to be the
fastest-growing region over the forecast period. The region is continuously
striving to increase agricultural productivity by implementing technologically
advanced agricultural practices.
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