The global artificial organs and bionics market size worth USD 38.75 billion in 2020 which is anticipated to grow at a CAGR of more than 9.3% during the forecast period. An artificial organ is a medical device that can be implanted or integrated in the human body for the purpose of restoring the target function by replacing the natural organ. Biomaterials are used to fabricate body implants or interfaces. Processing abilities which do not occur naturally can be installed and constructed with the help of artificial organs. The study and application of mechanics and electronics in order to replace a part of the functional organ that is mechanically powered or limb is known as medical bionics. A rapid development pertaining to the biomedical science field has led to the evolution of organ transplantation. Further, new organs that are used for humans can be artificially grown either in the lab, with the help of stem cells, manufactured using a machine or cyborgistation, xenotransplantation or in animals that are genetically modified.
All artificial organs are not used to repair the damage that is physical, for instance, brain pacemaker help to relieve epilepsy, shivering caused due to the Parkinson’s disease and neural network diseases. Even though they are expensive, artificial organs are widely used to prevent death and enhance patient’s physiological function. There is an ongoing research in the fields of memory, vision and information processing. Presently, researchers are working so that they can make the bionic organs permanent along with commissioning on sensory and natural feel of the devices in order to replicate the original instruments and organs such as 3D printing of bionic organs, another type of organs such as artificial skin and others are anticipated to emerge in the future.
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Owing to growing R&D expenditure new products such as bionic eye, exoskeleton and bionic orthopaedics have been developed. Growing prevalence of acute renal failure and renal disorders because of the lifestyle of the population, increasing organ failures due to aging and age-related disorders, increase in accidents and injuries are expected to promote growth in the number of people undergoing organ transplants and in turn drive market growth.
The product segments that are covered in the report comprises of artificial organs, which can be segregated into artificial liver, artificial lungs, artificial heart, artificial pancreas, artificial kidney, whereas bionics can be categorized into cochlear implants, cardiac bionics, brain bionics, exoskeletons, bionic limbs and vision bionics.
Among the artificial organs segment, artificial lungs and kidney are expected to experience a lucrative growth during the forecast period, owing to the increase in patient pool. Further, heart bionics are expected to account for the largest share in the bionics market due to the growing population base that are suffering from disease related to heart.
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On the basis of geography, the global artificial vital organs and medical bionics market can be categorized into North America, Europe, Asia-Pacific and Rest of the World (RoW) regions. North America accounted for the largest market share in the medical bionic implant space and the artificial organ, followed by Europe. The rise in population along with the rising awareness among the patients and players is anticipated to drive the growth of the market. In addition, growing levels of income, increase in the healthcare expenditure, less competition as compared to the mature countries are some of the other factors that are responsible to increase the interest of the market players in the developing markets. Asia-Pacific region is anticipated to be the rapidly growing segment in the future due to the rising medical tourism, enhanced healthcare infrastructure and others.
Some of the players in the bionic implant or artificial organ market comprises of Asahi Kasei Kuraray Medical Co. Ltd., WorldHeart Corp., Biomet Inc., Berlin Heart Gmbh, Medtronic Inc., Lifenet Health, Jarvik Heart Inc., Boston Scientific Corporation, Abiomed Inc., Thoratec Corporation, Gambro AB, Cochlear Ltd, Ekso Medical bionics, Heartware International Inc., Walk Inc. Ossur, Sorin S.P.A., and others.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/healthcare-it
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