Market Forecast By Product Type (Artificial Kidney, Artificial Heart, Artificial Pancreas, Cochlear Implants, Others) And Competitive Landscape
Product Code: ETC432860 | Publication Date: Nov 2022 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
The India Artificial Organs Market is expected to grow during the forecast period. The increasing number of organ donors, technological advancements, and favorable government initiatives are the major factors driving the growth of the market. In India, the Artificial Organs Market is defined as the market for devices that are implanted or integrated into the human body to replace a natural organ or perform a specific function. This includes, but is not limited to, artificial hearts, lungs, pancreases, kidneys, livers, and adrenal glands. It also includes supporting components and services required for implantation and maintenance of these devices.
According to the National Transplant Organization (NTO), the number of kidney transplants and liver transplants is high in India. The number of organ donors in India has been increasing every year. Moreover, with the advancement of technology, artificial organs are becoming more efficient and durable. For instance, implantable cardioverter defibrillators (ICDs) have an average lifespan of 7-10 years. Additionally, government initiatives such as the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) have also contributed to the growth of the market. Under this scheme, the government provides financial assistance for setting up new medical colleges, hospitals, and AIIMS-like institutions across the country.
According to 6Wresearch, the India Artificial Organs Market size is expected to grow during 2022-2028. The rising prevalence of chronic diseases is one of the major challenges faced by the market players. According to data published by WHO, most deaths in India are due to chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory diseases. These diseases require long-term treatment and often lead to organ failure. An artificial organ is a man-made device that is implanted or integrated into a human to replace a natural organ. As per WHO estimates, globally around 2% of people have an implantable device such as a pacemaker or cochlear implant. With advances in technology, there has been a growing demand for artificial organs in recent years.
The India Artificial Organs Market which is a part of Asia-Pacific Artificial Organs Market confronted various challenges during the pandemic. The healthcare sector during the COVID-19 pandemic was concentrating on COVID cases. The sudden and high spread of the virus forced the healthcare sector to focus on COVID cases. Due to these challenges other diseases and surgeries got neglected. People with other diseases were afraid to visit hospitals because of the spread of the deadly coronavirus. The India Artificial Organs Industry faced numerous challenges in the times of the pandemic. The sector is now recovering from the impacts of the virus.
On the basis of product type, the Artificial Organs Market in India can be divided into Artificial Kidney, Artificial Heart, Artificial Pancreas, Cochlear Implants, and Others. Each type of product has its own unique set of benefits and uses that must be considered.
The competitive landscape of the market has also been analyzed, with some of the key players being Abiomed Inc., Edwards Lifesciences Corp, HeartWare International, Inc., Cochlear Limited, and Boston Scientific Corporation.
The growth of the market is attributed to the increasing number of organ transplantation procedures, rising prevalence of chronic diseases, and technological advancements in artificial organs.
Organ transplantation is the only treatment available for end-stage organ failure. According to the National Organ and Tissue Transplant Organization (NOTTO), more people waiting for organ transplantations in India die every year due to the lack of donors. This has resulted in a growing demand for artificial organs. Moreover, with the advancement of technology, artificial organs are becoming more efficient and reliable, which is further fuelling the market growth. However, high cost of artificial organs and lack of awareness about organ donation are some of the key factors restraining the market growth.
The report offers a comprehensive study of the subsequent market segments: