Global Artificial Organs and Bionic Implants Market Overview
Artificial organs and bionic implants are artificially made engineered medical devices which are either implantable or externally worn. These organs act as a substitute to the original organs and are implanted in the body if the natural organ fails or if any organ is damaged by an external factor like an accident.
The bionic implants are also implantable devices which have electrical and mechanical components associated with it. Bionics can be broken down into biology and electronics. These are the implants that are improved versions with robotic technology. The major applications of robotic bionics are in prosthetics like prosthetic legs, prosthetic hands, prosthetic fingers etc.
Both artificial organs and bionic implants are made up of with bio-materials which are engineered substances that interact with biological systems used for medical purpose. These biomaterials are used to repair and replace the original biological organs as they are used to make artificial organs and bionic implants. They include alumina, zirconia, titanium, tantalum, carbon, composites etc. Artificial organs and bionic implants can also be rejected by the biological systems of the body if they are biologically incompatible, which is also termed as transplant rejection.
Market Size and Forecast
The market is observing a robust growth on account of increasing demand for artificial organs and bionic implants. Due to the scarcity of the original biologically compatible organs, the market is estimated to experience a noteworthy growth in upcoming years. The market will only increase in financially developed countries as the cost of these organs and implants are very high followed by its surgical procedures. Apart from that, factors such as increasing number of accidents and organ failures are further expected to boost the market growth. The global artificial organ and bionic implants market is anticipated to grow at a CAGR of 9.8% over the forecast period i.e. 2018-2027.
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Growth Drivers
Increase in Accidents
Stated by WHO, almost 20 to 50 million non-fatal injuries take place due to road accidents which results in serious disabilities. As the cases of disabilities are increasing, the demand for bionic implants are also increasing which are the substitutes having both mechanical and robotic elements that are used as prosthetics as a replacement for broken body parts such as hand, legs, limbs etc.
Technological advancements
With growing technological advancements such as electronic bionics and mechanical bionics, there has been a huge enhancement in the field of artificial organ and bionic implants. Manufactures are concentrating more on the organ development which includes artificial pancreas, wearable artificial kidney, bio-lung etc.
Restraints
High price
The high cost associated with organ transplantation procedure and the escalating medical bionic implant prices are some the restraining factors that are estimated to limit the growth of the market.
Market segmentation
Our-in depth analysis of the global artificial organ and bionic implants market includes the following segments:
By Product Type
- Artificial Organs
- Bionic Implant
By Artificial Organs
- Artificial Heart
- Artificial Liver
- Artificial Kidney
- Artificial Pancreas
- Insulin Pump
By Medical Bionics
- Ear
- Orthopaedics
- Cardiac
By Location of Implant
- Externally Worn
- Implantable
By Region
On the basis of regional analysis, the global artificial organ and bionic implants market is segmented into five major regions including North America, Latin America, Europe, Asia-Pacific, Middle East & Africa.
U.S. is anticipated to grab a major market share in the global market of artificial organs and bionic implants during the forecast period which can be attributed to the high demand for artificial organs and bionic implants in that region. Increasing rate of the injuries and organ failures in the region of North America is estimated to drive the market growth. Additionally, increment in expenditure of the health sector and growing income levels is also contributing to the growth of the market.
The markets of Europe and Asia-pacific are anticipated to grow at a significant rate during the forecast period owing to higher consumer base and increasing healthcare initiatives taken by the government followed by the high disposable income.
The global artificial organs and bionic implants market is further classified on the basis of region as follows:
- North America (United States), size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating the Market
- Edwards Lifesciences
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- LifeNet Health
- Sonova
- Orthofix Holdings Inc
- BionX Medical Technologies
- Medtronic
- Ekso Bionics
- Gambro AB
- Cochlear Ltd
Author Credits: Radhika Pawar
- Report ID: 1373
- Published Date: Feb 06, 2023
- Report Format: PDF, PPT
