Asia Pacific Artificial Organs & Bionic Implants Market Outlook
The Asia Pacific artificial organs & bionic implant market size was valued at USD 6.49 Billion in 2022 and is estimated to reach USD 13.08 Billion by 2031, expanding at a CAGR of 8.1% during the forecast period, 2023–2031. The growth of the market is attributed to increasing incidence of disabilities.
The artificial organs and bionic are a human made devices that can be implanted or integrated in human body, either to provide support for purpose of restoring specific function or replacing the natural organs to help the patients to return to normal life.
The artificial and bionic organs can replicate the function of damaged organs. There are various parts of the body implanted such as limbs joints, eye, heart, liver, and lungs.
The Covid-19 pandemic affected the demand and supply of the Asia pacific artificial organs and bionic implants market because of lockdown in various countries.
Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth.
Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Asia Pacific Artificial Organs & Bionic Implants Market Trends, Drivers, Restraints, and Opportunities
- The research & development and technological advancement in the medical sector are estimated to drive the market during the forecast period.
- Increasing incidence of disabilities is demanding the artificial organs and bionic implants organs. This is expected to drives the market.
- Increasing geriatric population prone to organ failure is projected to drive the Asia pacific artificial organs and bionic implants market during the forecast period.
- The cost of artificial organs and expensive procedures are hampering the market growth during the forecast period.
- The fear about malfunction of device, its results and lack of specialist to carry out the procedure is hindering the artificial organs and bionic implants market.
- Increasing development in artificial organs and bionic implants sector is estimated to fuel the market.
Scope of Asia Pacific Artificial Organs & Bionic Implants Market Report
The report on the Asia pacific artificial organs & bionic implants market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Artificial Organs & Bionic Implants Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Artificial Organs [Artificial Heart, Artificial Kidney, Artificial Liver, Cochlear Implants, and Others], Bionics [Vision Bionics, Ear Bionics, Orthopedic Bionic, and Cardiac Bionics])
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Geographical Scope
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Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Ossur; Boston Scientific Corporation; Otto Bock Holding GmbH & Co.KG; Medtronic plc; Zimmer Biomet
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Asia Pacific Artificial Organs & Bionic Implants Market Segment Insights
Products Segment Analysis
Based on products, the Asia pacific artificial organs & bionic implants market is bifurcated into artificial organs and bionic. The artificial organs are further divided into artificial heart, artificial kidney, artificial liver, cochlear implants, and others. The bionic segment is further segmented into vision bionics, ear bionics, orthopedic bionic, and cardiac bionics.
The orthopedic bionic segment is projected to expand at a considerable CAGR during the forecast period because of increasing road accidents and injuries requiring amputation. In 2018, a total 4, 67,044 road accidents has been reported by the union territory in India. The China country has 63,194 accidental cases recorded by the national bureau of statistics of China, in 2018.
The Japan has 3,532 deaths due to road accidents recorded by the statistical bureau of Japan. Therefore, increasing road and transport injuries are projected to boost the market. However, the cochlear implant segment is anticipated to constitute a key market share during the forecast period because of increasing demand and low cost of the implantation.
Asia Pacific Artificial Organs & Bionic Implants Market Segment Analysis
In terms of geography, the Asia pacific artificial organs and bionic implants divided into China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific. Japan is anticipated to constitute a key market share during the forecast period due to advancement in the technology in the country. On the other hand, India is also improving their medical sector because of increasing accidental cases.
Segments
Products
- Artificial Organs
- Artificial Heart
- Artificial Kidney
- Artificial Liver
- Cochlear Implants
- Others
- Bionics
- Vision Bionics
- Ear Bionics
- Orthopedic Bionic
- Cardiac Bionics
Geography
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Key Players
- Ossur
- Boston Scientific Corporation
- Otto Bock Holding GmbH & Co.KG
- Medtronic plc.
- Zimmer Biomet
Competitive Landscape
Key players competing in the Asia pacific artificial organs and bionic implants market include Ossur; Boston Scientific Corporation; Otto Bock Holding GmbH & Co.KG; Medtronic plc.; Zimmer Biomet.
These key players are constantly implementing several marketing strategies such as merger & acquisitions, capital investments, partnerships, and new product development to sustain industry position in the market.
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