Published on : Dec 30, 2015
In simple terms, an artificial organ is a man-made machine or device which can be implanted into a human as a replacement of his natural organ. This procedure is done in order to restore a particular function or even a group of related functions so the patient can resume normal life as early as possible. According to the research conducted by American Transplant Foundation, currently 123,000 patients the U.S. around are eagerly waiting for the procedure organ transplantation and approximately 21 people are dying every day because of the scarcity of organ transplant. Apart from organ scarcity, the main concern is to find the right organ for the body. The global artificial organ market comprises organs such as heart, kidney, pancreas, blood vessels, liver, eyes and ears. Among these, heart and kidney are the widely used artificial organs across the globe.
The tremendously rising number of renal failure due to bad lifestyle, dialysis, increasing aging population, the rise in the number of accidents, and an increasing number of people waiting for organ transplantation are some of the major factors that are expected to boost the demand for artificial organ bank market in the next few years. The inadequate battery life, regulatory needs of an artificial organ, and extremely high costs of organs and its transplant procedures are some of the key factors that are expected to hamper the growth of this market in the near future. In addition, the patient who is implanted with an artificial organ can never take any kind of complex medical examination as a magnetic reaction can be formed between the artificial organ and metal.
Some of the prominent players operating in the global artificial organ bank market comprise Berlin Heart GmbH., Biomet Inc., Thoratec Corporation, ABIOMED, Inc., HeartWare, Inc., and Asahi Kasei Medical Co., Ltd. Analyzing the stiff competition of the market, many new entrants are trying to enter the market and expand their horizon. Many angel investors and venture capitalists are expected to play a major role in the artificial organs bank market in the coming few years. This will prove to be very beneficial for the global market, as many manufacturers are moving forward with their prototypes and also use them in clinical trials on humans.