The global Wearable Organs Market is expected to reach USD 19.74 Billion by 2027, according to a new report by Emergen Research. The growth of this market can be attributed to an increase in the deficiency of available organ donors, growth in the incidence of organ failures due to many chronic & life-threatening diseases, and rising practice of adopting artificial devices for organ efficacy. The enhancement in the genomics, surgical techniques, genetic engineering, and availability of the proper instruments for the transplant could increase the success rates of the operations, the advancements in the wearable organs technologies have helped reduce the rate of mortality causing from the organ failures.
The growth in North American region is mainly driven by the growing demand for the artificial organ transplantation and higher rate of affordability for the same. Additionally, advancements in the biotechnology, healthcare and surgical systems, higher expenditure in healthcare facilities by the government and availability of many prominent players in the market placed North America in the superior position in the wearable organs market.
A sort of artificial device called a wearable organ is inserted into human living tissues to replenish the organ. Wearable organs are generally human-made machines or technologies that can replace human organs that suffer from malfunction or loss of full operating capacity. The wearable organs are often created from specific human stem cells, which are then cultivated in labs. For the past few decades, wearable organs have been revolutionising the medical landscape due to these factors. The global market for wearable organs has promising growth possibilities in the near future, despite the fact that advancements and/or innovations of new wearable organs are still in the early stages.
Furthermore, the report provides a comprehensive analysis of the factors that are likely to bolster or impede the growth of the market in the coming years. The report considers the COVID-19 pandemic that is currently unfolding as a key market influencer. The report provides a thorough estimation of the overall impact of the pandemic on the wearable organs market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the wearable organs market.
Some Key Highlights from the Report:
- The organ replication sub-segment is forecasted to retain its dominance in the market due to its higher applicability, extended investment, quality control, and higher revenue count. Many newer start-ups and established companies have been investing a handful of amount in the research & developments, especially in the organ replication and showcased patents that eventually can have the chance of replicating human organs.
- The Electronic sub-segment had the highest market share of 68% in 2019 due to its increasing implementation and use cases that in turn, increased the applicability as well as the demand for the wearable organs.
- More than 120,000 solid organs transplant are performed every year, and that is nearly just the 1/5th of the total patients who require an organ transplant. More and more countries around the world are incorporating wearable organ technology into their public healthcare systems and working with companies on developing new use cases and applicability of the same.
- The Asia Pacific is predicted to witness a significant CAGR during the forecast period due to the higher inclination towards artificial organ transplantation in emerging economies like China and India, the rising cases of organ failures due to various chronic diseases and accidents, and improved healthcare infrastructures, among others.
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The report is formulated through extensive primary and secondary research and is curated with an intent to offer the readers and businesses a competitive edge over other players in the industry. The report sheds light on the minute details of the wearable organs industry pertaining to growth factors, opportunities and lucrative business prospects, regions showing promising growth, and forecast estimation till 2027. The report assesses the historical data and current scenario to offer accurate estimations of the wearable organs market in the coming years.
The report further divides the wearable organs market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the wearable organs market.
For the purpose of this report, Emergen Research have segmented the global Wearable Organs Market on the basis of product, technology, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Kidney
- Pancreas
- Cochlear Implants
- Exoskeleton
- Bionic Limbs
- Vision Bionics
- Brain Bionics
- Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Electronics
- Mechanical
Application Outlook (Revenue, USD Billion; 2017-2027)
- Organ Replication
- Organ Efficacy
- Clinical Testing
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The report also studies the key companies of the wearable organs market along with analysis of their business strategies, M&A activities, investment plans, product portfolio, financial standing, gross profit margin, and production and manufacturing capacities.
Some players analyzed in the report are:
Abbott Laboratories, Medtronic PLC, Boston Scientific Corporation, Ekso Bionics Holdings Inc., Neurotron Biotechnology, Cochlear Ltd., HDT Global, Inc., AWAK Technology, ReWalk Robotics, and Second Sight Medical Products, Inc., among others.
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Valuable Market Insights:
- The report highlights the latest trends observed in the consumption pattern of each regional segment.
- Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.
- The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global wearable organs market.
- The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.
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