According to Global Observatory on Donation and Transplantation, 135,860 transplants were performed in 2016, however, the demand for organs is increasing on year-on-year basis. Despite the rapid advancements in the healthcare industry, related to surgical transplants, pharmacologic and medical, the lack of availability of original organs for transplant is a challenge faced by the worldwide population. In the early of 21st century, the medical device market witnessed several innovations and the foremost in them was the development of artificial organs for transplantation.
An artificial organ is an engineered device that can impersonate the functions of the organs of a body. These organs are medical devices based on optical, mechanical, (electro-) physical, or other technological properties of living organs. The development of artificial organs has given a hope to patients with damaged organs. At present, there are five major types of artificial organs, such as artificial pancreas, heart, ear, eye, and urinary bladder.
Artificial pancreas is designed to enhance the quality of life of insulin dependent patients. The device consists of continuous Glucose Monitor (CGM), an insulin pump, and a digital controller. The device can automate the delivery of insulin whenever needed by the body. Artificial heart can be implanted by replacing the ventricles of the heart, which is a boon for patients who have suffered from heart failure. Artificial ears or cochlear implants, that can restore the hearing of the patients. These prosthetic devices consist of an implant and a sound processor. Artificial eyes are medical devices that have the ability to restore the vision of a person. Artificial urinary bladder is used for treating the dysfunction of the urinary sphincter. The three devices that are used for this are ARTUSTM system, ProAct system, and the AMS 800 urinary system. Other than these organs there are others as well, however, they all are in the stage of development.
As per a new market intelligence report published by BIS Research, titled Global Artificial Organs Market – Analysis and Forecast (2018 – 2023), the artificial organs market was valued at $1.6 billion in 2017. The market is likely to witness a growth rate of 21.56%, during the forecast period from 2018 to 2023. Owing to the factors, such as the growing geriatric population, rising incidence of lifestyle diseases, technological advancements & increased research & development expenditure, continuous support from government and non-government organizations, and increasing need of organ transplantation & substantial shortage of organ donors, the market is anticipated to grow at a robust pace.
On the other hand, there are certain restraining factors that can inhibit the growth of the market, such as risks of device malfunction & other related concerns, high cost of artificial organs, stringent regulations & poor reimbursement coverage policy, and the immune barrier i.e. the immune system of the body rejecting the implant of artificial organ, as indicated in the artificial organs market report. Based on the artificial organs report, by BIS Research, the market is segmented by organ type, technology type, and region. Based on the by type segmentation of the market, the subsegments are artificial urinary bladder, heart, eye, ear, pancreas. In 2017, 80% of the market by dominated by artificial ears. Artificial pancreas is expected to showcase the maximum growth, during the forecast period.
The artificial organs market by technology is sub-segmented by wearable and implantable technologies, where implantable technology dominated the market in 2017. Based on the segmentation by region, the market of North America dominated the market in 2017 and is expected to maintain the dominance. Other than this the report also answers certain questions from the perspective of an investor, and gives insights as to which particular country in a region is likely to be more favorable for the launch of a specific artificial organ.