September 08, 2020 08:02 ET | Source: Fior Markets

Newark, NJ, Sept. 08, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, theglobal wearable artificial organs market is expected to grow from USD 5.26 billion in 2019 and to reach USD 17.48 billion by 2027, growing at a CAGR of 16.20% during the forecast period 2020-2027.

The rising demand and supply gap of organ donors, along with the increasing frequency of organ failure, is driving the market growth. Technological advancement and continuous investments in research and development activities for wearable artificial organs also boost the market growth. The artificial organ is an engineered tool integrated into human living tissues to substitute the human organ. The requirement for wearable artificial organs is increasing due to less cost of wearable artificial organs than organ transplantation and the growing number of geriatric populations prone to kidney failure. Leading players in the industry are emphasizing on the advancement of wearable artificial organs for the disease that cannot be cured with alternative techniques. Wearable and portable devices would potentially enhance the quality of life by enabling patients to continue their daily activities while undergoing therapy or dialysis. Improvement in the field of stem cell, microelectronics, nanotechnology, artificial intelligence, genetic engineering, genomics, proteomics, and bioinformatics is generating new avenues for wearable artificial organs.

Artificial organs are synthetic machines or devices that replace several human organs that undergo from the malfunctioning or loss of complete functioning ability. Artificial organs are constructed from human stem cells and then developed in laboratories. However, advancements and innovation of modern artificial organs are still improving, offering significant growth outlooks to the global artificial organs market during the forecast period. An artificial organ is an engineered tissue or tool that is implanted into the human body. The artificial organs replace a natural organ to replicate a distinct function so that the patient can return to a healthy life. It is a remedial tool with a biochemical or mechanical function such as lung, heart, liver, kidney, or neurosensory organs.

Producers in the industry are focused on organ repair and biological replacement that will operate as a tissue-based artificial organ and simulates a physiological function of an organ. The devices are customized to the changing needs of the patients. The market for wearable artificial organs is shifting from mechanical alternative towards original biological replacement. Moreover, the machines are less expensive than organ transplants, thereby generating new opportunities and demand in the market. Improving healthcare infrastructure and decreasing waiting time for FDA permission are also factors that augment market growth. For instance, in August 2019, FDA authorized MED-EL Cochlear Implant System for asymmetric hearing loss. The system is utilized for children five years and older. A high number of permanent injuries, as well as rising incidence of road accidence, are also creating demand for wearable artificial organs.

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Key players operating in the global wearable artificial organs market include Medtronic, AWAK Technology, Second Sight Medical Products, Inc., Cochlear Ltd., Ekso bionics, MED-EL, Abbott Laboratories, Boston Scientific, HDT Global, Touch Bionics, Inc., Neurotron Biotechnology, Retina Implant AG, ReWalk Robotics, Rex Bionics Plc., Suit X (U.S. Bionics Inc.) and Lockheed Martin Corporation. To gain a significant market share in the global wearable artificial organs market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

The cochlear implant segment dominated the market and held the largest market share of 19.07% in the year 2019 The product segment includes vision bionics, brain bionics, bionic limbs, exoskeleton, cochlear implants, pancreas and kidney. The cochlear implants segment held the highest share of 19.07% in the wearable artificial organs market in 2019 due to frequent product launches. In December 2019, the FDA authorized the first active Osseointegrated steady-state implant, which can be utilized for children of 12 years and older with single-sided sensorineural deafness. The device would help in enhancing the patients capacity to hear in both quiet and noisy situations.

The electronic segment dominated the market and valued at USD 2.85 billion in the year 2019 The technology segment includes electronic and mechanical. The electronic segment held the highest share of UDS 2.85 billion in the wearable artificial organs market in 2019. It is due to the rising adoption of electronic wearable artificial organs and technological advancement. The need for electronic wearable artificial organs among amputees is rising. Electronic and battery systems are utilized to generate muscle and nerve movement in the remaining organ. The devices are creating a revolution in the therapeutic electronics industry. The market is anticipated to observe innovative product launches over the forecast period. For instance, in June 2020, Medtronic exhibited the positive results of MiniMed 780G System, its artificial pancreas. The device would give both basal insulin and correction boluses every five minutes to serve patients to avoid high and lows of insulin with greater comfort.

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Regional Segment Analysis of Global Wearable Artificial Organs Market

On the basis of geography, the global wearable artificial organs market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America had the largest share of 26.38% in the wearable artificial organs market in 2019. Rising research and development investment and speedy FDA permissions of the wearable artificial organs boost the demand in the region. The presence of significant market players and extremely modern healthcare infrastructure is also increasing the application in the region. In North America, the U.S. dominated the market due to factors such as favorable reimbursement policies, large patient pool, and deepening shortage of organ donors.

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About the report: The global wearable artificial organs market is analyzed on the basis of value (USD Billion), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porters five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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Global Wearable Artificial Organs Market Is Expected to Reach USD 17.48 billion by 2027 : Fior Markets - GlobeNewswire