The global wearable artificial organs market size is expected to reach USD 17.7 billion by the year 2027, expanding at a CAGR of 16.2%, according to a new report by Grand View Research, Inc. Growing cases of transplant failure coupled with the increasing shortage of organ donors are creating massive growth opportunities for wearable artificial organs. Technological advancement in the field of 3D printing and artificial intelligence is creating new avenues for the market.
These
devices are improving the patient’s quality of life by allowing them to
continue their routine activities while undergoing therapy or dialysis. The
market is expected to witness several product launches and FDA approvals. For
instance, in December 2019, the FDA approved Tandem Diabetes Care’s Control-IQ
artificial pancreas system. The device is an automatic insulin dosing system
designed to deliver correction boluses. In August 2019, the FDA approved a
MED-EL cochlear implant system for single-sided asymmetric hearing loss. This
system is approved for use in children 5 years and older.
Increasing
incidence of road accidents resulting in severe injuries also creates a demand
for wearable artificial organs. According to the World Health Organization,
approximately 1.4 million people die in a road accident every year, and around
20 to 50 million people suffer from non-fatal injuries.
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Wearable
Artificial Organs Market Report Highlights
- Based on the
product, the cochlear implant segment is dominating due to the
rising aging population and increasing adoption of these devices
- The wearable
kidney segment is expected to witness the fastest CAGR owing to the
presence of various clinical trials and expected product launch in the
coming years
- Based on
technology, the electronic wearable organ segment dominates the market
owing to the high adoption rate of these devices
- North America
was the leading regional sector in 2019 and is expected to maintain its
position during the forecast period, owing to the presence of various
market leaders and continuous technological advancements.
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Wearable
Artificial Organs Market Segmentation
Grand View Research has
segmented the global wearable artificial organs market on the basis of product,
technology, and region
Wearable
Artificial Organs Product Outlook (Revenue, USD Million, 2016 - 2027)
- Kidney
- Pancreas
- Cochlear Implants
- Exoskeleton
- Bionic Limbs
- Brain Bionics
- Vision Bionics
Wearable
Artificial Organs Technology Outlook (Revenue, USD Million, 2016 - 2027)
- Mechanical
- Electronic
Wearable
Artificial Organs Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- Germany
- The U.K.
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- MEA
- South Africa
- Saudi Arabia
- UAE
List of Key
Players of Wearable Artificial Organs Market
- Medtronic
- AWAK Technology
- Second Sight Medical Products, Inc.
- Cochlear Ltd.
- Ekso Bionics
- MED-EL
- Medtronic
- Abbott Laboratories
- Boston Scientific
- HDT Global
- Touch Bionics, Inc.
- Neurotron Biotechnology
- Retina Implant AG
- ReWalk Robotics
- Rex Bionics Plc
- Suit X (U.S. Bionics Inc.)
- Tandem Diabetes and Lockheed Martin Corporation
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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