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Persistence Market Research has announced the release of a new report, titled ‘Artificial Organs Market: Global Industry Analysis and Forecast to 2015 to 2021’. This report covers the current scenario along with the growth prospects of the market for artificial organs. For calculating the market size, the revenue generated via the sale of artificial hearts, artificial kidneys, cochlear implants, and artificial pancreas has been taken into account. This report presents in-depth analysis on the market and also collates the vendor landscape.
The rising count of accidents and injuries and the increasing technological innovations in the making of artificial organs are amongst the key factors fuelling the market for artificial organs. An artificial organ is any machine, device, or any other material that is utilized as a substitute for any faulty or missing human organ. It is a man-made object integrated or implanted into a human body for replacing a natural organ to restore a required function or groups of related functions within the body. Artificial organs can be either permanent or temporary and help the patient lead a normal life.
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Factors such as the rising aging population, increasing prevalence of cardiac disorders worldwide, and the increasing health awareness amongst people have greatly contributed to the growth of the market for artificial organs. On the other hand, the soaring costs of artificial organs and the volatile reimbursement policies in various regions may impede the growth of the market in the coming years.
At present, North America leads the artificial organs market, trailed by Europe. This is owing to the increasing count of organ failures because of the expanding aging population and a number of age-related disorders in this region. On the other hand, Asia is predicted to be the most swiftly expanding market in the coming five years owing to the increasing medical tourism and rising healthcare expenditure here.
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The prime players dominant in the market include Berlin Heart GmbH, ABIOMED, Inc., Biomet, Inc., Thoratec Corporation, HeartWare, Inc., and Cochlear Ltd, among others.
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