Artificial Organs and Bionics Market Trends, Industry | 2030

Report Description

The global artificial organs and bionics market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for advanced medical treatments and increasing number of surgical procedures.

Get Free Sample Report

An artificial organ is a human made organ device that is implanted into the human body. The newly integrated tissues interface with the living tissues to replace the natural organ with a duplicate organ. The implantation results into the augmentation of a specific function or group of functions to initiate normal life processes. The most common example is the replacement bones and joints, such as those found in hip replacements. The constructing and installing artificial organs is an extremely research-intensive and expensive process. The process initially entails many years of ongoing maintenance services and high medical expenditures. The medical implantation surgeries aid in providing life support to prevent imminent death, improving the patient ability for self care, and enhancing the quality of life through cosmetic restoration after a surgery or an accident. On the other hand, bionics is the application of biological methods and systems to the study and design of engineering systems and modern technology. Bionics is also called as biologically inspired engineering. The study of bionics has produced artificial neurons, artificial neural networks, and swarm intelligence. However, in medicine, bionics means the replacement or enhancement of the body organs. Bionic implants are different from mere prostheses. The bionics comprises of mimicking the original function very closely and sometimes even surpassing it.

The COVID-19 pandemic had significantly affected the dynamics of various industries including healthcare industry. The high risk of developing serious illness due to coronavirus disease has made it challenging for several other healthcare problems. The outbreak situation resulted into nationwide lockdowns, which disrupted the supply of healthcare facilities and manufacturing of surgical devices. The stringent regulations and slowdown in economy hampered the growth of the organs and bionics market.

Market Trends, Drivers, Restraints, and Opportunities

• Rising aging population and increasing prevalence of heart & kidney disorders are the major factors anticipated to fuel the growth of the market in the coming years.
• Increasing disposable income of the urban population and large-scale adoption of advanced technology are expected to spur the market growth during the forecast period.
• Growing health awareness and unhealthy lifestyle are some of the factor propelling the market expansion during the projected timeline.
• High cost associated with body parts implantation and lacks of awareness regarding the artificial organ in under developed economies are anticipated to hamper the market growth in the coming years.
• Increasing research & developments activities for innovative products launches and growing industrial investments for the expansion of product line and offerings is expected to offer immense opportunities for the market players in the long run.

Scope of the Report

The report on the global artificial organs and bionics network market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Artificial Organs and Bionics Market Segment Insights

Artificial kidney sub-segment is anticipated to register a substantial CAGR

On the basis of types, the market is bifurcated into artificial organs and bionics. The artificial organs segment is further segregated into cochlear implants, artificial heart, artificial lungs, artificial kidney, and others. The bionics segment is categorized as ear bionics, vision bionics, cardiac bionics, and orthopedic bionics. The artificial kidney sub-segment is anticipated to register a substantial CAGR during the projected period owing to the increasing geriatric population and growing kidney disorders. Moreover, increasing technological developments in artificial kidney devices and related fields are anticipated the growth of the market segment in the coming years. Furthermore, the rising awareness about various kidney-related disorders and associated treatment are expected to boost the growth of the market segment during the projected timeline. However, the bionics segment is expected to register at a rapid pace during the forecast period owing to the growing adoption of novel medical bionics as a therapy in emerging markets.

Get Free Sample Report

North America market is anticipated to dominate the market

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to expand at a significant CAGR during the forecast period owing to the emergence of new healthcare facilities. Furthermore, the growing income level, unhealthy lifestyle, and increasing medical expenditure are anticipated to fuel the market segment in the coming years. On the other hand, the market in Asia Pacific is expected to grow at a significant rate during the forecast period due to the rising innovation, globalization, and commoditization of products.

Get Free Sample Report