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.CLICK TO DOWNLOAD FREE SAMPLE REPORT
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.
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.
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.
Our-in depth analysis of the global artificial organ and bionic implants market includes the following segments:
By Product Type
By Artificial Organs
By Medical Bionics
By Location of Implant
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:
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