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The global artificial organs market is forecast to reach US $20 billion by the year 2017, primarily driven by the growing demand among patients for organ transplants. Additionally, technological advancements, cost benefits, an aging population, and scarcity of donor organs are some of the other factors which are expected to fuel demand within the artificial organs market in the upcoming years.
Owing to major strides made in biomedical science, organ transplantation has rapidly developed into a common medical practice across the world. With an increasing number of patients suffering from late-stage diseases, organ failure has become quite common on a global scale. Meanwhile, the rising success rate of transplantation has been dramatically fuelling organ failure patients to opt for organ transplantation.
Helped by an increasing number of patients on the waiting lists, the artificial organs market is expected to show 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 global market for artificial organs is led by artificial kidneys. In developed regions, such as the US and Europe, poor lifestyle continues to be a major factor leading to renal failure, which makes an increasing number of people dependent on dialyzers at some point in time.
With over 100 million people across the world suffering from diabetes mellitus, artificial pancreas is expected to witness lucrative growth prospects. Artificial lungs market worldwide is projected to post a CAGR of 7.81% during the analysis period.
For more information on the artifical organs market, see the latest research: Artifical Organs Market Report
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