The market size of wearable artificial organs is valued at USD 17.48 billion by 2032, growing at a CAGR of 16.2% during forecast period.
The global wearable artificial organs market was valued at USD 5.55 billion in 2020 and is projected to grow at a CAGR of 15.9% during the forecast period. Factors driving the growth of the wearable artificial organs market include increasing prevalence of organ failure, technical advantages of artificial organs and rising demand and supply gap of organ donors.
The global wearable artificial organs market is segmented based on technology and product. Technology is further split into, electronic and mechanical. The electronic segment dominated the market and is also projected to grow at a highest CAGR. On the basis of product, the market is segmented into kidney, pancreas, cochlear implants, exoskeleton, bionic limbs, brain bionics and vision bionics. The cochlear implant was the largest market of the wearable artificial organs market in 2020 due to frequent product launches.
Regionally, North America accounted for the largest market share of the global wearable artificial organs market due to increase in the number of product launches. Leading players of the global wearable artificial organs market Medtronic, Second Sight Medical Products, Inc., AWAK Technology, Cochlear Ltd, MED-EL, Abbott Laboratories, Ekso bionics, Boston Scientific, Touch Bionics, Inc., HDT Global, among others.
wearable artificial organs market Scope
|Revenue forecast in 2032
|USD 17.48 billion
|CAGR of 16.2 % during 2022-2032
|Technology, Product, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Medtronic, Second Sight Medical Products, Inc., AWAK Technology, Cochlear Ltd, MED-EL, Abbott Laboratories, Ekso bionics, Boston Scientific, Touch Bionics, Inc., HDT Global, among others.
Key segments of the global wearable artificial organs market
- Cochlear implants
- Bionic Limbs
- Brain Bionics
- Vision Bionics
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
Reasons for the study
- Technical advantages of artificial organs
- Increasing number of patients suffering from renal failure
- High incidence of organ failure
What does the report include?
- The study on the global Wearable artificial organs market includes qualitative factors such as drivers, restraints and opportunities
- The study covers qualitative and quantitative analysis of the market segmented on the technology and product. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global wearable artificial organs market is suitable for all the players across the value chain including product manufacturing companies, suppliers/distributors, R&D labs, CROs, healthcare organizations, medical reimbursement and insurance providers
- Venture capitalists and investors looking for more information on the future outlook of the global wearable artificial organs market
Consultants, analysts, researchers, and academicians looking for insights shaping the global wearable artificial organs market
Frequently Asked Questions (FAQ) :
Despite the ethical issues involved with the development of artificial organs, this particular field of study has received immense support and financial backing. As the name suggests, artificial organs are made to match the function of our natural organs through tissue engineering. Many medical professionals are against this research due to the fact that these “organs” are not naturally-occurring and can be potentially harmful to humans. Others, however, are heavily in favor of this newly refined medical innovation. Many medical professionals have said that the study into artificial organs is pushing the boundaries of ethicality within the medical field. However, stem cells actually make the process safer for future patients. Although the critics provide a strong argument, there is no doubt that the development of artificial organs is the only solution to help those in need of organ donors. Currently, thousands of people are dying annually because there aren’t enough resources to go around. With the efforts made by institutions such as McGowan and Organovo, the future of healthcare seems to be promising. Not only will this new form of technology revolutionize the healthcare world due to its reliability, safety, and complexity, but it will also create opportunities for future members of the medical community.
On the basis of product, the wearable artificial kidney segment is expected to grow at a highest CAGR by 2028. The Wearable Artificial Kidney, also known as the WAK, is a miniaturized dialysis machine that can be worn on the body. The carrier resembles a tool belt; the device connects to a patient via a catheter. Like conventional dialysis machines, it is designed to filter the blood of people whose kidneys have stopped working. Unlike current portable or stationary dialysis machines, it can run continuously on batteries and is not plugged into an electrical outlet or attached to a water pipe. The WAK project was one of three proposals, out of 32 applications, chosen by the FDA to participate in its Innovation Pathway program. The FDA designed the Innovation Pathway to help safe, breakthrough medical products reach patients in a timely manner. The End-Stage Renal Disease Challenge, issued in 2012, focused specifically on innovative devices that addressed kidney failure, which is a growing public health-care concern in the United States.
North America dominated the market for wearable artificial organs in 2020. There are more than 117,000 people in the U.S. waiting for a life-saving organ transplant. Thousands are waiting for tissue donations. One person is added to the waiting list every 11 minutes, while 19 people die each day waiting for an organ. There are many more people who need an organ than there are organs available. Studies show that while 90% of people support organ and tissue donation, only about half actually donate their organs. The Organ Procurement and Transplantation Network’s (OPTN) Strategic Plan includes six key goals for improving the national organ transplant system in the United States. The top priority, as stated by the OPTN Board of Directors, is to increase the number of transplants among patients with end-stage organ disease. Despite this priority, substantial effort has been devoted to proposals that focus on altering the distribution of the current organ supply, and/ or modifying waitlist prioritization. Policies that focus on waitlist priority would not, however, increase the overall number of transplants because such policies simply redistribute the existing supply.