MOUNTAIN VIEW, Calif., Oct. 15, 2015 /PRNewswire/ -- The rapid increase in age-related disorders and the number of terminally ill patients awaiting organ transplants brings awareness to artificial organs. With the supply of donor organs stagnating in the past five years, the medical community's resistance to artificial organs is gradually decreasing. These devices have the ability to serve as a bridge-to-transplant therapy for terminally ill patients until a donor organ becomes available. This service is creating opportunities for research and commercialization.
Analysis from Frost & Sullivan, Innovations in Artificial Organs (http://www.frost.com/d68f), finds there have been several breakthroughs in the use of human cell line to develop artificial organs as well as a variety of wearable and implantable solutions. The seven main categories of artificial organs covered in this study are cochlear implants, heart, liver, pancreas, eyes, lungs and kidneys.
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"Several companies have created novel systems capable of mimicking the function of a diseased native organ," said Technical Insights Research Analyst Karan Verma. "Artificial organs often leverage innovations across industries to better assist in managing diseased states."
However, given the nature of the research, the cost of R&D activities is extremely high. Poor reimbursement policies, material biocompatibility issues and general lack of physician interest towards newer devices are other serious challenges impeding technology developers' efforts to obtain funding for their projects. Additionally, the stringent regulatory approvals make it difficult to introduce devices to the market further alienate investors.
In short, the growth of artificial organs' R&D highly relies on private sector investment from angel and seed investors as well as venture capitalists (VCs) across North America, Europe, Middle East and Asia. Top tier firms need to be educated on the potential of artificial organs and the various technologies currently under development by a number of start-ups and VC-funded firms.
"Working closely with universities and research organizations will enable companies to earn funds to expand the capabilities of the technology," observed Verma. "Investor support not only boosts R&D but also accelerates commercialization."
Manufacturers can play their part in popularizing artificial organs by developing low-cost solutions. In addition, their pricing strategy needs to be sensitive to specific markets as the majority of the affected people are from low-income groups.
Innovations in Artificial Organs, a part of the TechVision (http://ww2.frost.com/research/technology/health-wellness) subscription, identifies and profiles 10 technologies expected to shape the medical device and imaging industry. The list includes technologies that are already in the market as well as recently commercialized technologies. This research throws light on technology capability, maturity, global research intensity, adoption over the short and medium terms, and funding activities.
Frost & Sullivan's global TechVision practice is focused on innovation, disruption and convergence that provides a variety of technology based alerts, newsletters and research services as well as growth consulting services. Its premier offering, the TechVision program, identifies and evaluates the most valuable emerging and disruptive technologies enabling products with near-term potential. A unique feature of the TechVision program is an annual selection of 50 technologies that can generate convergence scenarios, possibly disrupt the innovation landscape, and drive transformational growth. View a summary of our TechVision program by clicking on the following link: http://ifrost.frost.com/TechVision_Demo.
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Innovations in Artificial Organs
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SOURCE Frost & Sullivan