The market is expected to be work $1.3B in 2017 and with a consumer annual growth rate (CAGR) of 20%, it is expected to be work $3.5B by 2022.
“This impressive growth is mainly driven by the exceptional growth of the artificial pancreas segment, showing a 49% CAGE between 2017 and 2022 in value,” Marjorie Villien, technology and market analyst at Yole Développement, said. “The ventricular assist device market is mature and showing a 9% CAGR during this period. From its side, the total artificial heart market is still emerging. Its CAGR reaches 15% between 2017 and 2022.”
This year alone the market has seen a slew of new research and developments regarding artificial organs. Researchers have made artificial hearts out of silicone, artificial skin and recently, the Cleveland Clinic predicted that the artificial pancreas will be the number one medical disruptor of 2018.
Artificial organs could play a role in reducing the number of people on the organ transplant list a lot faster. According to the United Network for Organ Sharing, there are 116,592 people who need a lifesaving organ. There have been 26,034 transplants this year and 12,211 donors as of September. Approximately 20 people a day will die waiting for an organ transplant while every 10 minutes, someone new is added to the list.