July 24, 2024
Artificial Vital Organs And Medical Bionics Market

The Rising Prevalence Of Chronic Diseases Is Anticipated To Open Up New Avenues For The Artificial Vital Organs And Medical Bionics Market

Market Overview:

The artificial vital organs and medical bionics market involve products like artificial heart, artificial kidney, artificial pancreas, cochlear implants, bionic limbs, artificial liver and lungs that help replace the functions of damaged or dysfunctional organs. These products enhance the treatment and management of conditions such as diabetes, kidney failure, heart conditions, deafness and limb loss. Advancements in material science and 3D printing has led to the development of innovative products that mimic the function of natural organs.

Market Dynamics:

Rising incidence of chronic diseases such as cardiovascular diseases, neurological disorders, diabetes and accidents resulting in limb loss are majorly driving the growth of this market. According to the data by World Health Organization, cardiovascular diseases are the leading cause of deaths globally, taking an estimate of over 17.9 million lives each year. The geriatric population is also growing exponentially worldwide and chronic diseases are highly prevalent among the aged group. This has fueled the demand for long term organ replacement therapies and medical bionics. Another driver is the increasing funding in R&D for development of next generation technologies such as stem cell therapies and regenerative medicines to cure vital organ failures. However, high costs associated with these medical devices remain a major challenge for widespread adoption.

The global Artificial Vital Organs And Medical Bionics Market Growth is estimated to be valued at US$ 51 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis

The artificial vital organs and medical bionics market can be segmented into artificial organs and medical bionics. Artificial organs include artificial hearts, kidneys, lungs and liver whereas medical bionics include ventricular assist devices, neurostimulators, and artificial pancreas. The medical bionics segment is currently dominating the market owing to increasing demand for devices like pacemakers, cochlear implants and insulin pumps for treatment of various cardiovascular, neurological and metabolic disorders.

PEST Analysis

Political: Government regulations support the use of artificial organs and medical bionics for treatment. Economic: Rising healthcare expenditures and increasing cases of organ failure are driving market growth. Social: Growing awareness about organ transplantation and advanced medical technologies acceptance in the society. Technological: Continuous R&D in biomaterials, 3D printing and microelectronics aid development of better performing, miniaturized and affordable devices.

Key Takeaways

The global Artificial Vital Organs And Medical Bionics Market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases. The North America region is expected to dominate the market over the forecast period owing to rising demand for organ transplants and presence of developed healthcare infrastructure and key players in the region.

Regional analysis

The North America region currently accounts for the largest share in the global market due to availability of advanced healthcare facilities, rising organ failures due to lifestyle diseases and growing geriatric population. The Asia Pacific region is expected to witness the fastest growth over the forecast period owing to increasing healthcare expenditures, growing medical tourism industry and large patient pool.

Key players

Key players operating in the Artificial Vital Organs And Medical Bionics market are SynCardia Systems, LLC, BiVACOR, CARMAT, Cleveland Heart, Jarvik Heart, MyLVAD, Cirtec Medical Systems, Thoratec Corporation, Abbott Diabetes Care, Inc., Abiomed, Inc., Asahi Kasei Medical Co., Ltd., Cyberonics, Inc., Edwards Lifesciences Corporation, Ekso Bionics Holdings, Inc., F. Hoffmann-La Roche Ltd., Fresenius Medical Care AG & Co. KGaA, Gambro AB (Baxter International, Inc.), and iWalk, Inc.