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Artificial Heart. The Center of Future Medical Device Industry

Author Hwang Won-Sik, Kim Seung Min Date 2013.12.10 Issue No 571
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Artificial Heart, as a future growth engine of medical device industry, is a future-oriented high value added industry into which various technologies are combined.

 

As the demand for artificial heart is on the increase thanks to the rise in heart-related disease, its market size is prospected to be on the dramatic growth globally.   

 

The increase in the heart-related disease is leading to the rise in the number of the waiting-list for heart transplant, which would exacerbate the imbalance between supply and demand..

 

The market of artificial heart is expected to maintain more than 7% growth rate on an annual basis in the next several years.

In terms of the economic spillover effect, the medical device industry including artificial heart results in the indirect forward and backward production inducement effect, which is the 1.4 times the size of the industry, and brings about forward and backward employment inducement effect, the more than 2 times the size of the industry.

In many advanced countries, their private sectors and the governments are jointly developing artificial heart in order to predominate its market for the next several decades, and the countries have established the stipulations about the clinical trial related to artificial heart.      

 

In order to develop the domestic artificial organ industry which is at its initial stage, it is urgent to prepare support measures at a governmental level and complement the relevant institutions.

 

It is also necessary for the government to provide immediate support measures to artificial organ industry in which technology predomination matters most, and to establish the infrastructure for the relevant domestic industries 

 

It is also required to complement the institutions related to the clinical trial and intellectual property rights for the development of artificial organ.