The global wearable artificial organs market is estimated to expand at a considerable CAGR during the forecast period, 2021 – 2028. Wearable artificial organs are machines that assist or replace human organs with damaged functioning ability. Wearable artificial organs are man-made devices that are engineered to replicate the essential functions of the organs. These artificial organs are constructed on biophysical, mechanical, and electrical characteristics to support human organs.
Extensive research is carried out in this field to foster the growth of the market. Rising population is fueling the number of people being diagnosed with organ malfunction, which in turn, is fueling the market.
Market Trends, Drivers, Restraints, and Opportunities:
• Gap between demand and supply of organ donors and the rising occurrence of organ failure are anticipated to drive the market.
• Technological improvements and constant in investments in R&D of wearable artificial organs are driving the market growth.
• The demand for wearable artificial organs is rising due to growing geriatric patient population who are susceptible to kidney failure.
• The adoption of artificial organs is higher due to their lower cost than organ transplantation.
• The demand for wearable artificial organs is gradually shifting from mechanical alternative towards realistic biological organ replacement, which is tissue-based and mimics natural physiological functions. This is an opportunity for manufacturers in the market.
Global Wearable Artificial Organs Market Segment Insights:
Cochlear implants segment to grow at a rapid pace
On the basis of products, the global wearable artificial organs market can be divided into kidney, pancreas, cochlear implants, exoskeleton, bionic limbs, brain bionics, and vision bionics. The cochlear implants segment holds a significant share of the market and is anticipated to grow substantially during the forecast period owing to frequent product launches by manufacturers that are equipped with superior technology. New technologies in cochlear implants help patients hear better in a noisy environment, thus fueling segment growth.
Electronic segment to hold a key share of the market
In terms of technology, the market can be bifurcated into mechanical and electronic. The electronic segment holds a major share of the market owing to technological progression and increasing acceptance of electronic wearable organs. The growth in the segment can be attributed to rising demand for wearable organs among amputees, as they are able to support muscle-nerve movement in functional parts of residual organs.
Asia Pacific holds a significant share of the global market
Based on regions, the global wearable artificial organs market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to grow substantially due to the presence of enormous patient pool and frequent occurrence of organ failure. Moreover, rapid transformation in medical 3D printing and artificial intelligence (AI) are boosting the growth in the region. Initiatives by governments in the Internet of Things (IoT) and 3D printing are anticipated to create opportunities in the wearable artificial organ market.
Major players in the global wearable artificial organs market includes AWAK Technology, Cochlear Ltd, Ekso bionics, Lockheed Martin Corporation, MED-EL Medical Electronics, Nurotron Biotechnology Co. Ltd., Össur, ReWalk Robotics, Rex Bionics Plc, and Second Sight Medical Products, Inc. The market is highly fragmented. Companies adopt strategies such as investment in R&D, joint ventures, acquisitions, and product launches to increase their market share and market presence.
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