The Global artificial organs bionicsmarket was valued at US$ 18.5 Billion in 2017 and is expected to reach US$ 29.12 Billion by 2022 growing at a CAGR of9.5% during the forecast period 2017-2022.Artificial organs and bionics are mechanical devices that can be implanted into humans to substitute for a natural organ or offer support towards restoring of certain bodily functions by which the patient may be able to return to normal life. Nowadays, manufacturers are concentrating on the advancement of bionic implant products like wearable artificial kidney, artificial pancreas, and bio-lung for diseases which cannot be cured with alternative treatment methods.
The market for artificial organs bionics is primarily driven due to a large number of patients who are in need of organ transplantation due to age-related disorders and growing public awareness about the various diseases. The market is also projected to grow due to the advancements in medical bionic implant and artificial organs procedures. There is also an increase in the incidence of road accidents and injuries leading to amputations which call for artificial organs bionics.
But, the market growth is constrained due to lack of availability of donor organs and bio-artificial organs, and the high cost of the devices and uncertain reimbursement scenarios.The factors which pose as a challenge are the issue of dealing with the side effects like skin irritation and also the high chance of a transplant rejection.
The global market for Artificial Organs Bionics can be segmented based on product, technology and the type of fixation. On the basis of products, the market is further sub-segmented into artificial organs and bionics. Artificial organs segment is further sub-segmented into artificial heart, artificial pancreas, artificial kidney, artificial liver, and artificial lungs. Bionics segment is further sub-divided into vision bionics, orthopedic bionic, cardiac bionics, and brain bionics. By technology, the market is sub-segmented into electronic bionics and mechanical bionics. By type of fixation, the market is divided into implantable and externally-worn. Cardiac bionics and brain bionics account for the largest share in this market.
The global market is geographically segmented into North America, Latin America, Europe, Asia Pacific, Africa and Middle-East. Across the globe,North America is the biggest market in terms of market share, followed by Europe. The market in North America is highly driven due to increasing population and awareness among the patients and the players regarding healthcare facilities and medical tourism. The market in the Asia-Pacific region is projected to grow at the highest CAGR in the forecasted period.
The increasing aging population, large consumer base, high disposable income and rising government initiatives for enhancing healthcare provide promising opportunities for the artificial organs bionics industry. There is also rising awareness in developing countries and the scope of artificial organs in therapeutics are some of the major opportunities for market players.
Some of the major players in the artificial organs bionics market include Orthofix International N.V., Biomet, Inc., Medtronic, Inc., Cochlear Ltd., Second Sight Medical Products, Inc., Ossur, St. Jude Medical,Ekso Bionics, Inc., Baxter International, Inc., Asahi Kasei Medical Co., Abiomed Inc., Asahi Kasei Medical Co., Ltd, Berlin Heart GmbH, Boston Scientific Corporation,F Hoffman-La Roche Ltd, Worldheart Corporation,Gambro AB, Lifenet Health, Thoratec Corporation, Jarvik Heart Inc. among others.
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