Segmentation By Product Type (Artificial Organs And Bionic Implants); By Artificial Organs (Artificial Heart, Artificial Liver, Artificial Kidney, Artificial Lungs, Artificial Pancreas and Insulin Pumps); By Medical Bionics (Ear Bionics, Orthopaedics Bionics and Cardiac Bionics); By Location Of Implant (Externally Worn and Implantable) - Global Demand Analysis & Opportunity Outlook 2027
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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.
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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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
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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