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.
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 - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Artificial Organs [Cochlear Implants, Artificial Heart, Artificial Lungs, Artificial Kidney, and Others] and Bionics [Ear Bionics, Vision Bionics, Cardiac Bionics, and Orthopedic Bionics])
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Boston Scientific Corporation; Abiomed Inc; Medtronic Inc.; Ossur; and Baxter
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.
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.
The global artificial organs and bionics market has been segmented on the basis of
- Artificial Organs
- Cochlear Implants
- Artificial Heart
- Artificial Lungs
- Artificial Kidney
- Ear Bionics
- Vision Bionics
- Cardiac Bionics
- Orthopedic Bionics
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Boston Scientific Corporation
- Abiomed Inc
- Medtronic Inc.
Key players competing in the global artificial organs and bionics market are Boston Scientific Corporation; Abiomed Inc; Medtronic Inc.; Ossur; and Baxter. The companies are focusing on business strategies, collaborations, research & development activities, and forming strong distribution network to improve their competitive position in the market.
In November 2021, Medtronic Inc. planned to set up a global research & development center involving an investment of around USD 159 million at Hyderabad, India. The initiative facilitated the research work for medical products to treat over 70 health conditions that include cardiac devices, cranial & spine robotics, surgical tools, insulin pumps, patient monitoring systems, and others.
In January 2021, Boston Scientific Corporation announced the reallocation of its cardiac rhythm management and research & development resources. The reallocation aimed to increase productivity, innovation, and competitiveness to enhance the ability to deliver new products to the physicians and patients.
In October 2019, Abiomed Inc announced the 1,000th patient has been treated with the Impella heart pump in Japan. The Impella 2.5 and Impella 5.0 heart pumps are approved for the treatment of drug-resistant acute heart failure. The Impella heart pump are the first and only percutaneous temporary ventricular support devices that are Pharmaceuticals and Medical Devices Agency (PMDA) approved. The Impella, a minimally invasive therapy is capable of taking over the pumping function of the heart and blood circulation in the body while the heart rests and recovers.