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The unhealthy lifestyle of individuals owing to rapid urbanization, inflating income levels and increasing consumption of processed food products has led to a rise in the prevalence of chronic diseases worldwide. This, in confluence with the aging population, the escalating number of accidents and scarcity in organ donation, has catalyzed the demand for artificial organs all around the world. Moreover, manufacturers are introducing innovations, such as stem cell research, tissue engineering and 3D printing, in the manufacturing of artificial organs to improve patient comfort. Besides this, the increasing expenditure in the healthcare sector by governments of several countries is expected to create a positive outlook for the market in the coming years.
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Market Breakup by Type:
1. Artificial Kidney
2. Artificial Heart
3. Artificial Pancreas
4. Cochlear Implants
5. Others
Market Breakup by Region:
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East and Africa
Competitive Landscape
The competitive landscape of the market has been examined in the report. Some of the key players include Abiomed, Inc., HeartWare International, Inc., Edwards Lifesciences Corp, Boston Scientific Corporation and Cochlear Limited.
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