Global Artificial Organs Market- Industry Analysis and forecast (2019 – 2027)
Posted by manisha on May 24th, 2021
Global Artificial Organs Market size was valued US$ XX Bn. in 2019 and the total revenue is expected to grow at 8.3% from 2019 to 2027, reaching nearly US$ XX Bn.
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The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
An artificial organ is a human-made organ or device or tissue that is implanted into human interfacing with living tissue to replace a natural organ, to augment/duplicate a specific function or functions so the patient may return to normal life as soon as possible.
With rapid technological advancement, fast technological developments in the medical field, ever-growing demand for artificial organs, the global artificial organs market is anticipated to have vigorous development during 2019-2027. The market also throws up various opportunities about the upsurge in income and growing demand in developing economies thanks to a rise in awareness. Also, the scope of artificial organs in therapeutics provides opportunities for market players. However, many developing regions are still facing a challenge because of uncertain reimbursement policies, which is expected to restrict the artificial organs market penetration in the upcoming years. Likewise, the global artificial organs market dynamics are thoroughly studied and explained in the MMR report, which helps to understand emerging market trends, drivers, restraints, opportunities, and challenges at the global and regional level for the artificial organs market.
The report covers the segments in the artificial organ market such as type, method of fixation, and technology. By technology, mechanical technology is expected to continue to hold the largest XX% share in artificial organ market owing to the rising incidence of organ failure and the low cost of mechanical bionics. For example, in 2018, the FDA permitted Abbott’s world’s smallest mechanical heart valve. The device is intended to treat the babies and toddlers in the need for an aortic and mitral heart valve.
In 2019, North America accounted for the largest market share, with a market value of US$ XX.38 billion; the regional market is expected to register a CAGR of XX.50% during 2019-2027. This growth is because of the rising number of transplantation procedures and an upsurge in need of artificial organs owing to the high incidence of organ failures. Also, the existence of well-developed healthcare services & the local presence of various large biotechnology and medical device companies, like Zimmer Biomet, Medtronic, and Novartis AG contributes to its dominance.
Above 650,000 patients, annually, in the U.S. and an estimated 2 million patients globally are affected by end-stage renal disease (ESRD). Those who live with ESRD make only ~1% of the Medicare-covered population, however, account for 7% of the Medicare budget. The number of patients in the U.S. diagnosed with ESRD is growing by 5% every year.
Companies in the global artificial organs market are more focused on enhancing their product and service offerings through various strategic approaches. Such as, in 2017, Otto Bock Healthcare Company completed its acquisition of BionX Medical Technologies, a prominent company involved in the manufacturing of active prosthetic foot and ankle solutions. This strategic initiative enabled the Otto Bock Company to strengthen its market presence in the artificial organ business.
The objective of the report is to present a comprehensive analysis of the Global Artificial Organs Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
For more information of visit:https://www.maximizemarketresearch.com/market-report/global-artificial-organs-market/66288/
Global Artificial Organs Market, By Type
• Artificial Heart
• Asia Pacific
• Abiomed, Inc.
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About the Authormanisha
Joined: June 26th, 2020
Articles Posted: 99
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