Market Trends of Global Artificial Organ Industry
This section covers the major market trends shaping the Artificial Organ Market according to our research experts:
Ventricular Assist Devices Subsegment Within Artificial Heart Segment is Expected to hold its Major Market Share in the Organ Type
A ventricular assist device (VAD) is a device that helps pump blood from the lower chambers of the heart (ventricles) to the rest of the body. Ventricular assist devices (VAD) are essential for patients with weakened hearts or heart failures. They temporarily maintain the heart function until it recovers or before the heart transplant. In some chronic heart conditions, they are used as permanent support therapy, as mechanical pumps surgically implanted in the heart to pump blood in the whole body.
Factors such as increasing product launches, rising research and development activities, and strategies adopted by key market players will drive the studied segment growth.
Moreover, new product approvalsand continuous government support are projected to boost the segment's growth. For instance, in February 2020, Abbott received Breakthrough Device designation from the United States Food and Drug Administration (FDA) for its in-development Fully Implantable Left Ventricular Assist System (FILVAS).
Also, in March 2021, Penn State Health Milton S. Hershey Medical Center became the second hospital in the nation to implant a newly-designed EvaHeart2 Left Ventricular Assist System (LVAS) in a patient with severe heart failure. The procedure was part of the COMPETENCE Trial, a multi-center clinical study to evaluate EvaHeart2, including 40 clinical sites and 399 patients with severe heart failure through 2022. Such transplants of advanced devices and trials proving the efficacy of the devices boost the market growth.
Thus, due to the above-mentioned factors, the studied segment is expected to contribute to the significant growth of the market.
North America Dominates the Market and is Expected to Show its Dominance in the Forecast Period
North America currently dominates the artificial organ market and is expected to continue its stronghold for a few more years. The primary driving factors for the growth of the North American artificial organ market are the growing burden of chronic diseases such as heart diseases, chronic kidney diseases, pulmonary fibrosis, organ failure, and others, rising adoption of technologies, increasing product approvals, increasing investments, and key initiatives taken by the key market players.
The United States within North America is expected to grow significantly during the study period. The rising burden of cardiovascular diseases leading to heart failure is expected to boost the advancements in the artificial heart market. For instance, according to the Centers for Disease Control and Prevention (CDC)'s Article titled 'Heart Disease Facts,' updated in February 2022, Heart disease is one of the leading causes of death in the United States. The same source also reports that about 659,000 Americans have a heart attack every year. As the mortality due to heart diseases, there is a continuous need for devices that can increase the efficiency of hearts, thus driving the studied market.
Launching products and services in the region will also drive the market significantly. For instance, in October 2020, the United States Food and Drug Administration (FDA) granted 510(k) clearance to Abiomed's cardiopulmonary bypass system. This artificial lung will help treat COVID-19 patients and other people with cardiogenic shock or respiratory failure. In March 2021, Baxter received 510(k) clearance from the United States Food and Drug Administration for its portable hemodialysis machine, Artificial Kidney 98. It will help dialysis providers minimize the operational challenges that can come with administering multiple hemodialysis sessions per machine daily.
Moreover, rising research and development activities and investments are expected to propel market growth. For instance, in September 2021, The Kidney Project, a nationwide collaboration led by Shuvo Roy, Ph.D. of the University of California San Francisco, and William Fissell, MD of Vanderbilt University Medical Center (VUMC), received prize money of USD 650,000 from KidneyX for its first-ever demonstration of a functional prototype of its implantable artificial kidney. Such advancements in the artificial organ market will boost its acceptance, thus driving the market.
Therefore, due to the above-mentioned factors, the studied market is expected to lead to lucrative growth in North America.
