Wearable Artificial Organs Market: Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2027)
As per the research report, Global Wearable Artificial Organs Market is expected to reach the market valuation of US$ 17,457.2 million by 2027 expanding at a reasonable CAGR of 16.9% during the forecast period (2021-2027) from US$ 5,897.4 million in 2020.
Many devices in the field of Medical Bionics are currently being developed, fuelling the anticipation that this field will grow significantly over the next decade. Retinal prostheses provide sensory cues for the blind, while Functional Electrical Stimulation (FES) aids paraplegics in standing and walking; DBS is used to treat extreme depression and other mental disorders; vestibular prostheses are used to help people with severe coordination disorders; and recording/feedback systems like brain-computer interfaces and peripheral nerve recording arrays are used to monitor computer-assisted devices like artificial limbs.
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The replacement or improvement of compromised human tissue with artificial instruments and structures has been a key feature of health care for many decades. Kidney failure affects an estimated 2 million people globally, and the number of people living with the condition is growing at a rate of 5-7 percent each year. The countries with the highest rates of kidney disease are Taiwan, Japan, Mexico, the United States, and Belgium. Although comprehensive evidence on global mortality rates is scarce, a 2007 study found that on equivalent care modalities, the mortality risk in the United States was 15% higher than in Europe and 33% higher than in Japan. Body donation and transplantation are the safest and most cost-effective care choice for end-stage organ failure. Organ shortage, religion, under-represented ethnic groups, consent questions, misunderstanding, and general ethical issues, on the other hand, pose significant barriers to organ donation, representing the challenge of graft procurement and allocation. Many kidney disease patients undergo dialysis as they wait for a donor kidney to become eligible. The average time a person spends on the waiting list for a kidney transplant is two and a half to three years, but it may be shorter or longer.
The growing number of geriatrics vulnerable to kidney failure, as well as the the prevalence of organ defects and waiting times for organ transplants, are pushing the Wearable Artificial Organs Market. Furthermore, the demand is expected to be driven by the rising number of cases of hearing loss. Hearing deficiency affects almost 466 million people globally, with 34 million of them being teenagers. About 900 million people are expected to experience crippling hearing loss by 2050. The high cost of devices, as well as improvements in government reimbursement and subsidy systems, are expected to stifle the Wearable Artificial Organs market's development.
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The major players in the global Wearable Artificial Organs market are Second Sight Medical Products, Abbott Laboratories, Cyberdyne, Cochlear Ltd., Demant A/S, MED-EL, Medtronic, Ekso Bionics, ReWalk Robotics, and Sonova. These companies have made a number of mergers and acquisitions as well as formed alliances in order to provide consumers with high-tech and creative products.
Insights Presented in the Report
“Amongst product, the kidney is anticipated to grow at the highest CAGR during the analyzed period”
The market is further divided into kidney, pancreas, cochlear implants, exoskeleton, bionic arms, brain bionics, and vision bionics depending on the type of device. Cochlear implants have the highest industry sales share of 34.7 percent in 2020, and this trend is projected to continue during the forecast periodIn 2017, the Global Burden of Disease Chronic Kidney Disease Collaboration announced that the incidence of chronic kidney disease (CKD) was 9.1% in 195 nations, with 5.0 percent in stages 1-2, 3.9 percent in stages 3, 0.16 percent in stages 4, 0.07 percent in stages 5, 0.041 percent dialysis, and 0.011 percent kidney transplantation.
“Amongst technology, electronic segment holds the major share”
The market is divided into mechanical and electronic segments based on technology form. Due to technical advancements and growing penetration of these products, the electronic segment dominated the industry with a share of 69.7% in 2020 and is expected to continue its dominance throughout the forecast period.
“North America signifies one of the largest markets of Wearable Artificial Organs Market”
A systematic research was performed for various regions around the globe, including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and the Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC) and the Rest of the World, to gain a greater understanding of the consumer conditions of the Wearable Artificial Organs Market. Because of rising dialysis in ESKD patients, high disposable income, and increased support for R&D activities related to Wearable Artificial Organs, North America led the market and produced revenue of US$ 2,703.1 million in 2020. Kidney disease affects almost 750,000 people in the United States each year, with an estimated 2 million people worldwide.
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