Artificial Organ Global Market Report 2024

The artificial organ market size has grown strongly in recent years. It will grow from $22.23 billion in 2023 to $24.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period of artificial organs can be attributed to factors such as the increasing incidence of organ failure, a rising aging population, advancements in materials and biocompatibility, substantial investments in research and development, and growing awareness among the populace.

The artificial organ market size is expected to see strong growth in the next few years. It will grow to $35.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period of artificial organs can be attributed to factors such as the growing demand for organ transplants, expansion of indications, trends in personalized medicine, increasing investment in healthcare infrastructure, and greater acceptance and social awareness. Additionally, major trends in the forecast period include developments in the regulatory landscape, increasing investment, the prominence of personalized medicine, integration of AI and machine learning, and global collaboration.

The surge in the geriatric population stands as a significant driver propelling the growth of the artificial organ market in the foreseeable future. As the population of individuals aged 60 and above requiring medical care increases, artificial organs play a pivotal role in addressing health challenges prevalent among the elderly, particularly organ failure, thereby enhancing their quality of life. Reports from the World Health Organization indicate a projection where by 2030, 1 in 6 individuals globally will be 60 or older, with an anticipated doubling to 2.1 billion by 2050. Similarly, data from the UK Parliament's House of Commons Library forecasts a rise in the senior population in the UK, constituting 24% of the total population, or 17.4 million people, by 2043. This demographic shift toward an aging population is expected to drive the growth trajectory of the artificial organ market.

The escalating demand for organ transplants serves as another key factor driving the expansion of the artificial organ market. Organ transplantation, a vital medical procedure replacing damaged or failing organs, has increasingly relied on artificial organs to sustain life, enhance quality of life, mitigate organ shortages, prevent damage, improve compatibility, reduce rejection risks, and foster new therapeutic avenues for researchers and medical practitioners. Notably, statistics from the UK's National Health Service Blood and Transplant revealed a 27% surge in organ transplants and an 18% increase in deceased organ donors in comparison to the previous year (2021-2022). This rising demand for organ transplants underscores the pivotal role of artificial organs in meeting healthcare needs and is a significant driver propelling the artificial organ market's growth.

Innovative product developments represent a notable trend gaining momentum within the artificial organ market. Leading companies in this sector are channeling their efforts towards pioneering solutions, aiming to fortify their market foothold. A case in point is ALung Technologies' December 2021 announcement of the FDA approval for its Hemolung respiratory support system, an artificial lung designed to treat COVID-19 patients. This innovative artificial lung device serves as an alternative to ventilators, safeguarding stressed lungs while managing respiratory and metabolic functions. It offers a safe and effective solution with diverse applications extending to conditions such as cystic fibrosis and asthma, exemplifying the trend of innovative solutions within the artificial organ market.

Major players within the artificial organ market are prioritizing the development of innovative products, particularly leveraging AI-powered pathology solutions to drive market revenues. These solutions represent a transformative breakthrough in pathology, offering pathologists powerful tools aimed at enhancing diagnostic accuracy, operational efficiency, and ultimately, patient care. A notable example is the September 2023 launch by Aiosyn, a Netherlands-based medical software company, introducing an AI kidney suite. This innovative suite is designed to objectively quantify kidney lesion ratings, enhancing repeatability and expediting medication discovery through cutting-edge AI-powered computational pathology techniques. The platform empowers research organizations and biopharma entities to conduct in-depth analyses of kidney structures, quantifying lesions that significantly impact kidney health, courtesy of advanced deep-learning technology.

In September 2021, Picard Medical Inc, a US-based biotech firm under Hunniwell Lake Ventures LLC's portfolio, successfully acquired SynCardia Systems LLC along with its assets in an undisclosed transaction. This strategic acquisition provided Picard Medical Inc with access to technical and commercial expertise, facilitating further advancements in SynCardia Systems LLC. SynCardia Systems LLC, recognized for manufacturing artificial human hearts serving as a bridge to heart transplants for individuals suffering from end-stage biventricular failure, significantly strengthened Picard Medical Inc's position in the artificial organ domain. This acquisition underscores Picard Medical Inc's commitment to advancing artificial heart technology, leveraging SynCardia Systems LLC's expertise to augment their offerings for patients in need of heart transplants.

Major companies operating in the artificial organ market report are Medtronic plc, Boston Scientific Services Private Limited., Abbott Laboratories Inc., Zimmer Biomet Holdings Inc., Ekso Bionics Holdings Inc., Cochlear Limited, Cyberonics Inc., LIVANOVA plc, NeuroPace Inc., Ossur India Private Limited, Vivani Medical Inc., St Jude Medical India Private Limited, LifeNet Health Inc., Ottobock SE & Co. KGaA, Edwards Lifesciences India Pvt. Ltd., SynCardia Systems LLC, Demant A/S, Berlin Heart GmbH, Conmed Devices Private Limited, Wright Medical Group N.V., Baxter International Inc., B. Braun Melsungen AG, ABIOMED Inc., Carmat SA, Jarvik Heart Inc., Terumo Corporation, F. Hoffmann-La Roche Ltd., Tissium SAS, Organovo Holdings Inc., Satellite Bio, HeartWare plc, Arthrex Inc., Novartis AG, Stryker Corp.

North America was the largest region in the artificial organ market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial organ market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial organ market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of artificial organs encompass artificial hearts, artificial kidneys, artificial livers, artificial pancreas, and others. For instance, an artificial heart is an implanted pump that takes over the function of damaged heart ventricles and valves. It is operated by an external mechanism called a driver. These devices are made from materials such as silicone, plastic, steel, and biomaterials, and can be fixed through implantable or external means. Various end-users benefit from artificial organs, including hospitals, ambulatory surgical centers, laboratories, diagnostic centers, research institutions, and academic institutes.

The artificial organ market research report is one of a series of new reports that provides, artificial organ market statistics, including, artificial organ industry global market size, regional shares, competitors with an artificial organ market share, detailed, artificial organ market segments, market trends and opportunities, and any further data you may need to thrive in the artificial organ industry. This artificial organ market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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