The global wearable artificial organs market size is expected to reach USD 17.7 billion by the year 2027, expanding at a CAGR of 16.2%, according to a new report by Grand View Research, Inc. Growing cases of transplant failure coupled with the increasing shortage of organ donors are creating massive growth opportunities for wearable artificial organs. Technological advancement in the field of 3D printing and artificial intelligence is creating new avenues for the market.
These devices are improving the patient’s quality of life by allowing them to continue their routine activities while undergoing therapy or dialysis. The market is expected to witness several product launches and FDA approvals. For instance, in December 2019, the FDA approved Tandem Diabetes Care’s Control-IQ artificial pancreas system. The device is an automatic insulin dosing system designed to deliver correction boluses. In August 2019, the FDA approved a MED-EL cochlear implant system for single-sided asymmetric hearing loss. This system is approved for use in children 5 years and older.
Increasing incidence of road accidents resulting in severe injuries also creates a demand for wearable artificial organs. According to the World Health Organization, approximately 1.4 million people die in a road accident every year, and around 20 to 50 million people suffer from non-fatal injuries.
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Based on the product, the cochlear implant segment is dominating due to the rising aging population and increasing adoption of these devices
The wearable kidney segment is expected to witness the fastest CAGR owing to the presence of various clinical trials and expected product launch in the coming years
Based on technology, the electronic wearable organ segment dominates the market owing to the high adoption rate of these devices
North America was the leading regional sector in 2019 and is expected to maintain its position during the forecast period, owing to the presence of various market leaders and continuous technological advancements.
Grand View Research has segmented the global wearable artificial organs market on the basis of product, technology, and region
Wearable Artificial Organs Product Outlook (Revenue, USD Million, 2016 - 2027)
Kidney
Pancreas
Cochlear Implants
Exoskeleton
Bionic Limbs
Brain Bionics
Vision Bionics
Wearable Artificial Organs Technology Outlook (Revenue, USD Million, 2016 - 2027)
Mechanical
Electronic
Wearable Artificial Organs Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
The U.S.
Canada
Europe
Germany
The U.K.
France
Italy
Spain
Asia Pacific
Japan
China
India
South Korea
Australia
Latin America
Brazil
Mexico
Argentina
Colombia
MEA
South Africa
Saudi Arabia
UAE
List of Key Players of Wearable Artificial Organs Market
Medtronic
AWAK Technology
Second Sight Medical Products, Inc.
Cochlear Ltd.
Ekso Bionics
MED-EL
Medtronic
Abbott Laboratories
Boston Scientific
HDT Global
Touch Bionics, Inc.
Neurotron Biotechnology
Retina Implant AG
ReWalk Robotics
Rex Bionics Plc
Suit X (U.S. Bionics Inc.)
Tandem Diabetes and Lockheed Martin Corporation
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