Lack of Donors Driving the Wearable Artificial Organs Market: Current Analysis and Forecast with Different Segments, Key Players Insights | UnivDatos Market Insights
NOIDA, India, April 6, 2021 /PRNewswire/ -- A comprehensive overview of the Wearable Artificial Organs market is recently added by UnivDatos Market Insights to its humongous database. The Wearable Artificial Organs market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Wearable Artificial Organs market. The Wearable Artificial Organs market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Wearable Artificial Organs market at the global and regional level. The Global Wearable Artificial Organs Market is expected to grow at a CAGR of 16.9% from 2021-2027 to reach USD 17,457.2 million by 2027.
Market Overview
The Global Wearable Artificial Organs Market is experiencing significant growth on account of increasing frequency of organ failures and waiting time for the organ transplants and the growing number of geriatric population prone to kidney failure. The best and most cost-effective treatment option for end stage organ failure remains the donation and transplantation of organs. Organ scarcity, faith, under-represented ethnic groups, consent problems, lack of awareness, and general ethical issues, however, present daunting obstacles to organ donation, representing the difficulty of recruitment and allocation of graft. With 113,000 patients in the US in need of a transplant in 2019, and more than half (67,000) being ethnic minorities, the need for transplants greatly outstrips availability. Moreover, nearly only 58% of the US population is registered as a potential donor (145.5 million actual donors), making organ shortage an ongoing issue.
Furthermore, the increasing cases of hearing loss is also expected to drive the market. Almost 466 million people worldwide have hearing loss that is debilitating, and 34 million of these are children. By 2050, it is estimated that over 900 million people will have hearing loss that is debilitating.
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COVID-19 Impact
The current impact of COVID-19 on global health is enormous, but in addition, the worldwide impact on the economy, employees, and companies is going to be considerable. For instance, the impact is more profound in the lives of the cochlear implantees seeking habilitation and facing technical challenges with the implant. Many governments and specialist bodies have suggested canceling elective procedures, including cochlear implantation, in response to the COVID 19 pandemic. It was recommended that elective surgeries be resumed after the authorities had provided sufficient authorizations and the hospital had adequate facilities in terms of equipment and manpower to initiate elective surgeries without compromising patient safety and treatment. The KEM Hospital-Pune, India have completed only 5 cochlear implants surgeries till October 2020 amid COVID-19.
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Global Wearable Artificial Organs Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Technology, the market is primarily bifurcated into
- Mechanical
- Electronic
Electronic segment dominated the by type of the global Wearable Artificial Organs market and will row at 17.4% CAGR to reach US$ 12,524.5 million by the year 2027.
By Product, the market is primarily segmented into
- Kidney
- Pancreas
- Cochlear Implants
- Exoskeletons
- Bionic Limbs
- Brain Bionics
- Vision Bionics
Amongst product type, cochlear implants accounted for the largest share in 2020 and is expected to grow at 6.3% CAGR during the forecast period 2021-2027. However, the kidney segment is anticipated to grow at the highest CAGR during the analyzed period and is expected to account for a revenue share of almost 35.8% by 2027.
Wearable Artificial Organs Market Geographical Segmentation Includes:
- North America (the United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, the North America region dominated the Wearable Artificial Organs market with almost US$ 2,703.1 million revenue in 2020. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 18.8% over the forecast period on account of the increasing elderly population and modernization of healthcare infrastructure.
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The major players targeting the market includes
- Abbott Laboratories
- Cochlear Ltd.
- Cyberdyne
- Demant A/S
- Ekso Bionics
- MED-EL
- Medtronic
- ReWalk Robotics
- Second Sight Medical Products
- Sonova
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the wearable artificial organs market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Wearable Artificial Organs market?
- Which factors are influencing the Wearable Artificial Organs market over the forecast period?
- What are the global challenges, threats, and risks in the Wearable Artificial Organs market?
- Which factors are propelling and restraining the Wearable Artificial Organs market?
- What are the demanding global regions of the Wearable Artificial Organs market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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