The global artificial organ market is expected to grow with a CAGR of 7.33% during the forecasted period. Factors that are driving the market include the rising geriatric population, scarcity of donor organs, and technological advancements in the artificial organ sector.
Advances in medicine and technology and increased awareness about organ donation and transplantation have contributed to a record number of transplants. But the gap between supply and demand continues. According to the US 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 2018. 95% of US 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 donor organs is propelling the demand for artificial organs.
Key Market Trends
Artificial Kidney is Expected to hold its Highest Market Share in the Organ Type
In the organ type segment of the market, an artificial kidney is believed to have the largest market size and is expected to witness a CAGR of 6.21% during the forecast period.
More than 650,000 patients, per year, in the United States and an estimated 2 million patients worldwide are affected by end-stage renal disease (ESRD). Those who live with ESRD make only 1% of the Medicare-covered population, but account for 7% of the Medicare budget. The number of patients in the United States diagnosed with ESRD is increasing by 5% each year. Mortality rates vary depending on the ESRD treatment. After one year of treatment, those on dialysis have a 20-25% mortality rate, with a five-year survival rate of 35%. People who receive transplants have a 3% mortality rate after five years.
As the rate of mortality because of dialysis is increasing, there is increased demand for artificial kidneys, which is propelling the growth of this segment.
North America Dominates the Market and is Expected to Continue its Dominance in the Forecast Period
North America currently dominates the market for artificial organs, and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to increased demand for artificial organs. 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 United States. Therefore, the United States holds the largest share in the artificial organ market in the North American region.
The artificial organ market is moderatley competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new technologies with less prices. Companies, like B. Braun Melsungen AG, Baxter International Inc., Boston Scientific Corporation, Getinge AB, and Medtronic PLC, hold the substantial share in the market.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rising Geriatric Population
4.3.2 Scarcity of Donor Organs
4.3.3 Technological Advancements in the Artificial Organ Sector
4.4 Market Restraints
4.4.1 Expensive Procedures
4.4.2 Risks Associated With Artificial Organs
4.5 Industry Attractiveness - Porter s Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Organ Type
5.1.1 Artificial Heart
220.127.116.11 Prosthetic Heart Valves
18.104.22.168 Ventricular Assist Devices
22.214.171.124 Cardiac Pacemakers
5.1.2 Artificial Kidney
5.1.3 Artificial Pancreas
5.1.4 Artificial Lungs
5.1.5 Cochlear Implants
5.1.6 Other Organ Types
5.2.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.2.4 Middle East & Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East & Africa
5.2.5 South America
188.8.131.52 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 Baxter International Inc.
6.1.3 Boston Scientific Corporation
6.1.4 Getinge AB
6.1.5 Medtronic PLC
6.1.7 Asahi Kasei Medical Co. Ltd
6.1.8 Berlin Heart GmbH
6.1.9 Carmat SA
6.1.10 Edward Lifesciences Corporation
6.1.11 Jarvik Heart Inc.
6.1.12 Terumo Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS