Although North America is currently the market leader in artificial organ technologies—valued at USD 4.08 billion in 2014 and expected to reach USD 7.13 billion by the end of 2019, according to Mordor Intelligence—patients are flocking to foreign countries to lessen the economic hardships associated with these types of medical procedures in North America.
Given the cost of artificial organ transplants, countries that focus on attracting medical tourists could greatly benefit from the growth of this market in their region.
Analyst projections show Asia as the fastest-growing market for artificial organs. While countries such as China and India begin to see improvements and expansions to their healthcare infrastructure, along with the development and growth of medical tourism in their region, the artificial organ transplants market may experience steady growth as well.
Countries with an interest in medical tourism who are experiencing increasing healthcare expenditure, growing income levels, and growing surgical procedures have amplified possibilities of becoming key players in this emerging market.
This, coupled with lesser competition than North American and European countries, and the rising knowledge and preference for artificial organs, create a promising environment for healthcare professionals, patients, and countries as a whole.
Twenty-two people in the United States die every day while waiting for an organ transplant. On a global scale, the numbers are astronomical. What if artificial organ transplants could change that.
More than 120,000 people are currently on the national waiting list for transplants, and number grows every 10 minutes when a new name is added.
So far in 2016, more than 16,000 transplants have been performed in the U.S.1
The statistics showing the demand for organs in the U.S. are high, when those numbers are combined with global statistics the numbers could be scary.
There have been almost 8,000 donors so far in 2016. These numbers are just not matching up for the demand for organs.
Since there are not enough natural organs to cover the demand, the market for artificial organs is steadily growing. According to a new report published by Transparency Market Research, the artificial vital organs and medical bionics market was valued at USD 17.5 billion in 2011 and is expected to reach an estimated value of USD 32.3 billion in 2018.
Artificial organs, usually made from patient stem cells, are grown in laboratories and are used to replace the function of a natural organ. Artificial organs are often used to take the place of life-sustaining functions, or even for replacement joints found in knee or hip replacements.
The noted growth of this market is a result of the growing number of organ failures due to age-related disorders, high numbers of people on waiting lists for organs, new or improved technologies for the development of organs and increasing accidents and injuries leading to amputations.
According to a report by MarketsAndMarkets research firm, manufactures are currently focused on the development of artificial implant products such as wearable artificial kidney, bio-lung, and artificial pancreas for diseases that cannot be cured with alternative treatment methods.
Although this market is a great source of revenue for any nation, a few pivotal factors such as the ever- increasing costs of artificial organ technologies and a lack of surgical training in the field, have limited the reach of these medical procedures to countries outside of North America and Europe.