Artificial Organs: A Global Strategic Business Report
San Jose, CA (PRWEB) December 3, 2007
Owing to major strides made in biomedical science, organ transplantation has rapidly developed into a common medical practice across the world. With increasing number of patients suffering from late-stage diseases, organ failure has been accounting for the largest chunk of worldwide medical spending. On the other hand, the rising success rate of transplantation has been dramatically fuelling organ failure patients to opt for it. However, as the organ recipients continue to rise, patient population on the waiting lists also has been rapidly growing. The imbalance between number of receivers and donor organs has compelled the healthcare sector to search for other alternatives.
With decades of research and advances in technology, artificial organs have become the viable alternative to effectively address donor organ shortage problem. Artificial organs have been radically changing the facet of medical technology industry. Besides sustaining life and minimizing disease burden, artificial organs have been playing a crucial role in enhancing patient's quality of life. Additionally, artificial organs are not only enhancing patient outcomes and accelerating recovery times, but also minimizing the overall healthcare expenditure. However, only few implantable devices have been approved for clinical use, while several others are still in clinical trials awaiting approvals.
Global artificial organs market is projected to exceed US$9.7 billion in 2010, as stated by Global Industry Analysts, Inc. Artificial kidneys, the largest segment of artificial organs, is forecast to continue its domination and reach US$4.6 billion in 2010. However, best growth for artificial organs market is likely to emanate from artificial liver. Over the next five years, the artificial liver market is forecast to register a scorching CAGR of nearly 90%. Artificial heart represents the second fastest growing segment, at 20%.
Buoyed by the increasing patients on the waiting lists, artificial organs market is expected to bode bright prospects in the coming years. The increasing number of product approvals from the FDA and other regulatory authorities across the world would largely increase the number of artificial organ transplantations. The new implantable artificial organs with excellent biocompatibility, durability, and safety are immensely aiding to prolong life expectancy. Further, the emerging artificial organs market is on the cusp of significant transformation with the development of new advanced technologies that would play an influential role in the future market growth. In the artificial heart sector, CardioWest™ Temporary Total Artificial Heart (TAH-t) bagged approval for complete restoration of blood circulation in patients suffering from irreversible bi-ventricular failure. Several other companies in ventricle assist devices market received approval for bridge-to-transplant, bridge-to-recovery, post-cardiotomy recovery and destination therapy. The approval of many more products that are still in clinical trials is further expected to boost the artificial heart market prospects.
Major strides in the field of bioengineering and technological advances are expected to aid in the development of implantable artificial pancreas in the coming years. Further, public and private collaborations are fuelling advancement towards artificial pancreas development. With over 100 million people across the world suffering from diabetes mellitus, artificial pancreas is expected to witness lucrative growth prospects. However, the major hindrance in the development of artificial pancreas includes lack of long life, reliable biocompatible blood glucose sensor, and an implantable insulin catheter that allows free insulin passage. Although with advanced insulin pumps and sophisticated computer controlled algorithms several artificial pancreas prototypes are being developed, they have to undergo extensive clinical trials. Besides, artificial pancreas has to comply with stringent regulatory rules to obtain clearance for commercial use.
While only a few products approved by the FDA, a number of other artificial organs including artificial kidney, liver, and lungs are in developmental stage or under clinical trials. With commercialization of these life-saving, life-sustaining products for both bridge as well as destination therapy, stupendous growth is likely to be witnessed by the artificial organs market.
Key players operating in the marketplace include Abbott Laboratories, Abiomed Inc, Arbios Systems, Inc., Arrow International, Inc., Asahi Kasei Medical Co., Ltd., Baxter International, Inc., Bayer AG, F. Hoffmann-La Roche Ltd., Fresenius Medical Care AG & Co. KgaA, Gambro AB, Gish Biomedical, Inc., HepaLife Technologies, Inc., Jarvik Heart, Inc., Kawasumi Laboratories, Inc., MC3, Inc., Medtronic, Inc., MicroMed Cardiovascular, Inc., Minntech Renal Systems, Nikkiso Co., Ltd., Nipro Corporation, SynCardia Systems, Inc., Terumo Corporation, Thoratec Corporation, Toray Medical Co., Ltd., Ventracor Limited, Vital Therapies, Inc., WorldHeart Corporation, and Xenogenics Corporation.
The report titled "Artificial Organs: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a cross-sectional analysis of five major artificial organs - artificial heart, artificial kidneys, artificial liver, artificial pancreas, and artificial lungs. The report takes a detailed look at key technological developments in the industry and their impact on the introduction of new artificial organs and the future market growth. Also included in the report are recent developments, mergers, acquisitions, and other strategic industry activities.
For more details about this research report, please visit http://www.strategyr.com/MCP-1126.asp.
About Global Industry Analysts, Inc.:
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.
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