The global artificial vital organs and medical bionics market is expected to reach USD 45.92 billion by 2022, according to a new report by Grand View Research Inc. Key growth drivers identified in the artificial vital organs market include increasing base of geriatric population suffering from chronic diseases such as cardiovascular and respiratory diseases leading to organ failures or damage.
Furthermore, the increasing number of patients suffering from physical disabilities such as loss of limbs and arms owing to congenital factors, accidents, serving in armed forces and industrial accidents is likely to positively reinforce medical bionics market growth over the forecast period.
The proliferation of universal health coverage schemes launched by various governments and increasing public and private reimbursement policy coverage are major trends expected to boost the usage rates of artificial vital organs and medical bionics in the next seven years.
The artificial vital organs market includes products such as artificial heart, pancreas, kidneys, and lungs. These are used for organ transplantation in patients suffering with organ damages or complete organ failures.
In 2014, artificial kidney market accounted for the largest market share of over 60% owing to increasing prevalence of high blood sugar, hypertension, post-surgery infections, glomerular diseases, injury or burns, HIV, and other risk factors.
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Artificial liver is expected to be the fastest growing product segment growing at a lucrative rate over the forecast period of seven years. Key factors attributing to its rapid growth include increasing prevalence of chronic lung diseases such as COPD and disadvantages of using mechanical ventilators.
The medical bionics segment includes products such as brain, ear, vision bionics, exoskeleton, and bionic limbs. In 2014, brain bionics held the largest market share of nearly 41% due to the continually increasing number of patients suffering from neurological conditions. Furthermore, non-invasive nature of spinal cord stimulators, vagus nerve stimulators, and deep brain stimulators are key factors positively impacting market growth in the next seven years. Exoskeletons are likely to witness a rapid rise in demand owing to its wide applications in rescue, emergency response, home healthcare, and patient rehabilitation.
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Further key findings from the report suggest:
North America accounted for the largest market share of over 40% in 2014 owing to increasing prevalence of geriatric population suffering with organ damages or failures coupled with increasing numbers of physically challenged persons opting to use prosthetic limbs due to rising awareness and better reimbursement policies for such procedures
Asia Pacific is expected to be the fastest growing market in the next seven-year period. Key factors contributing to growth in Asia Pacific are increase in public and private healthcare expenditure, penetration of healthcare insurance across urban and rural centers. Furthermore, increase in chronic diseases and increase in medical tourism are also expected to significantly boost the artificial vital organ transplant and medical bionics market over the forecast period.
The global vital organ transplant and medical bionics market is dominated by players such as Abiomed, Touch Bionics, Baxter, Medtronics, Ottobock Healthcare, and Heartware.
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