Artificial Organ Market Size and Growth Rate:
According to our research report, the Artificial Organ Market size is poised to reach USD 44899.44 million by the end of 2024 from USD 29,366.67 million in 2018 and this market witnessed a growth rate of 7.33% during the forecast period 2018-2024.
Artificial Organ Market Growth Drivers:
Factors that are driving the market include Rising Geriatric Population, Scarcity of Donor Organs, and Technological Advancements in the Artificial Organ Sector. Advances in medicine and technology and increased awareness of organ donation and transplantation have contributed to a record number of transplants. But, the gap between supply and demand continues. According to U.S. Government Information on Organ Donation and Transplantation more than 114,000 patients are on the national transplant waiting list as of December 2018, and on an average every 10 minutes another person is added to the waiting list. 34,770 transplants were performed in 2017, and as of November 2018, a total of 33,431 transplants have been performed in the year 2018. 95% of U.S. adults support organ donation but only 54% are actually signed up as donors. only three in 1,000 people die in a way that allows for organ donation. The situation is even direr in countries such as Japan and South Korea where the organ donation rates are very low. Hence, the scarcity of the donor organs is propelling the demand for artificial organs.
Artificial Organ Market Regional Existence:
North America currently dominates the market for Artificial Organ and is expected to continue its strong hold for a few more years. This region is expected to increase its market share in the future owing to the raised demand of the Artificial Organ. The United States spends a significant parentage of its GDP each year on healthcare. According to the recent report of the Organization for Economic Co-operation and Development (OECD), 2018, about 18% of the GDP is spent on healthcare. Out of this, a substantial part goes into transplants being performed in the US. Therefore, the United States holds the largest share in the artificial organs market in the North America region.
Prominent Companies in the Artificial Organ Market analyzed in the report are:
- B. Braun Melsungen AG
- Baxter International Inc.
- Boston Scientific Corporation
- Getinge AB
- Medtronic PLC
This research report includes following segmentation for the Artificial Organ Market size and forecast until 2024:
Artificial Organ Market – By Organ Type:
- Artificial Heart
- Prosthetic Heart Valves
- Ventricular Assist Devices
- Cardiac Pacemakers
- Artificial Kidney
- Artificial Pancreas
- Artificial Lungs
- Cochlear Implants
Artificial Organ Market – By Geography:
- United Kingdom
- South Korea
Middle-East & Africa
Key Takeaways from Artificial Organ Market Report:
- For different Devices types, and applications offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the Artificial Organ Market potential.
- Identify various driving factors, constraints and untold opportunities that can impact the Artificial Organ Market place.
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of the industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide Artificial Organ Market in over 20 top nations.