According to the report titled ‘Global Wearable Artificial Organs Market Size study, by Product (Kidney, Pancreas, Cochlear Implant, Exoskeleton, Vision Bionics, Brain Bionics, Bionics Limbs), by Technology (Mechanical, Electronic) and Regional Forecasts 2020-2027’, available with Market Study Report, global wearable artificial organs market was worth USD 5.4 billion in 2019 and is expected to grow with a CAGR of 16.2% during 2020-2027.
 

Rising incidences of road accidents and permanent injuries, in consort with surging demand & supply gap of organ donors owing to increasing cases of organ failure are the key factors driving the growth of global wearable artificial organs market.
 

For those uninitiated, artificial organ is a man-made device designed to replace damaged human organ and is inserted into living tissues. Typically, it is developed from specific human stem cells and is later grown in laboratories.
 

For the past few decades, artificial organs have changed the scenario of medical sector. As per the report, nascent development stage of this health technology is creating lucrative opportunities for worldwide wearable artificial organs industry partakers.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2895877/
 

Moreover, growing number of wearable artificial organs approved by the FDA and advancements in healthcare infrastructure are further accelerating the market expansion. In fact, the MED-EL Cochlear Implant System was approved by the FDA in August 2019 for asymmetric hearing loss and single-sided deafness which can be used by children aged 5 years and above.
 

However, lack of awareness in developing economies and hefty cost of these organs are likely to act as restraining factor for the industry growth.
 

Citing the geographical landscape, global wearable artificial organs market sphere is segmented into Latin America, North America, Asia Pacific, Europe, and Rest of the World. The research document cites that North America currently accounts for a considerable market share and is expected to register a decent growth over the analysis timeframe. The regional growth is attributable to concentration of major vendors in the region along with growing research & development spending, and rapid FDA approval of these devices.
 

Meanwhile, Asia Pacific industry poised to accrue notable revenues by the year 2027, on account of growing healthcare budget, booming medical tourism, and increasing cases of organ failure.
 

Leading organizations impacting global wearable artificial organs market trends are Touch Bionics Inc., HDT Global Inc., Boston Scientific Corporation, Abbott Laboratories, MED-EL, Ekso Bionics Holdings Inc., Cochlear Limited, Second Sight Medical Products Inc., Awak Technologies Pte. Ltd., and Medtronic plc.