Artificial Organ Market
Market Overview:
In 2018, the global artificial organ market was valued at USD 29,366.67 million, estimated at USD 44,899.44 million in 2024, a CAGR of 7.33%. Market-driven factors include the growing geriatric population, scarcity of donor organs, and technological advancements in the artificial organ sector.
Medical and technological advances and enhanced knowledge of organ donation and transplantation have led to a record number of transplants. But there is still a gap between supply and demand. More than 114,000 patients are on the national transplant waiting list as of December 2018, according to the U.S. Government Information on Organ Donation and Transplantation, and on average, every 10 minutes, another person is added to the waiting list. In 2017, 34,770 transplants were carried out and in 2018 a total of 33,431 transplants were carried out as of November 2018. Ninety-five percent of US adolescents support organ donation, but only 54 percent are actually signed up as donors; only three out of 1,000 individuals die in a manner that makes organ donation possible. Even in countries like Japan and South Korea, where the rate of organ donation is very low, the situation is direr. Therefore, the scarcity of donor organs is propelling the demand for artificial organs.
Scope of the Report:
An artificial organ is a medical device implanted or incorporated into the body in order to replicate or increase the organs natural function. According to the reports scope, artificial organs include implantable equipment such as fully artificial hearts and pacemakers along with machines to help organs such as dialysis and machines for extracorporeal membrane oxygenation ECMO.
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Key Market Trends:
Artificial Kidney is Projected to hold its Highest Market Share in the Organ Type:
An artificial kidney is thought to have the biggest market size in the market segment of the organ type and is expected to experience a CAGR of 6.21 percent over the forecast period.
More than 650,000 patients are impacted by end-stage renal disease ESRD every year in the United States and an estimated 2 million patients globally. Those living with ESRD make up only 1% of the population covered by Medicare, but account for 7% of the Medicare budget. Every year, the proportion of patients diagnosed with ESRD in the United States increases by 5 percent. Depending on the therapy with ESRD, mortality levels differ. Those on dialysis have a mortality rate of 20-25 percent after one year of therapy, with a survival rate of 35 percent for five years. After five years, people who receive transplants have a mortality rate of 3%.
As mortality rates increase due to dialysis, there is enhanced demand for artificial kidneys, which propels this segments development.
North America Dominates the Market and is Expected to Continue its Dominance in the Forecast Period:
North America is currently dominating the artificial organ market and its stronghold is expected to continue for a few more years. Because of enhanced demand for artificial organs, this region is anticipated to boost its market share in the future. Every year, the United States spends a substantial share of its GDP on health care. According to the Organization for Economic Co-operation and Development OECD s latest 2018 report, about 18% of GDP is spent on health care. A significant portion of this goes into transplants in the United States. The United States therefore maintains the biggest share in the North American regions artificial organ market.
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Competitive Landscape:
The artificial organ market is moderatley competitive and consists of several major players. In terms of market share, the market is presently dominated by few of the main players. However, mid-size to smaller businesses are growing their market presence with technological advances and product innovations by introducing new technologies with lower prices. Companies, such as B. Braun Melsungen AG, Baxter International Inc., Boston Scientific Corporation, Getinge AB, and Medtronic PLC, hold the substantial share in the market.
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