USA Artificial Organs and Bionic Implants Market Outlook 2031:
The USA Artificial Organs and Bionic Implants Market size was valued at USD 8.61 Billion in 2022 and is projected to reach USD 15.84 Billion by 2031, expanding at a CAGR of 7.01% during the forecast period 2023 - 2031. The growth of the market is attributed to increasing demand for artificial limbs. Moreover, increasing healthcare expenditure in the country is expected to drive the market growth.
Artificial organs are made by medical professionals and are deployed in human bodies with living tissue. It performs the original function of human body parts. Artificial organs are used to replace the functions of a faulty or missing organ or other part of the human body.
Some of these organs include artificial heart and pacemaker. Bionics refers to the replacement or improvement of body parts by use of mechanical or electronic parts. Bionic implants refer to electronic or mechatronic parts that augment or restore physical functionality to a differently-abled person. Bionics merges biology, mechanics, engineering, and computer science to create realistic and functional parts of the body.
The major applications of bionics are arms, legs and hearing aids. Conversely, the strides are being made in areas such as organs, vision and brain. The bionics industry has grown around four major application areas, which are vision, hearing, orthopedics and a small, motley group of implants that augment cardiac and neurological functions.
USA Artificial Organs and Bionic Implants Market Trends, Drivers, Restraints, and Opportunities
- Increasing incidence of disabilities and organ failures in geriatric patients is one of the major drivers that is contributing to the growth of the USA Artificial Organs and Bionic Implants Market.
- Rising technological advancements, leading to enhanced applications of various implants and artificial organs is expected to augment the market growth.
- The Covid-19 pandemic has impacted the artificial organ bionic implant market owing to the disruption in the supply chain. However, the market is anticipated to recover soon.
- Fear of device malfunction and infection can restrain the growth of the market.
- Limited specialists to carry out the procedure in the artificial organic and bionic implant segment in turn can hinder the market growth.
- Growing number of grants to fund the research and development in the field of artificial organs and bionics is expected to create lucrative opportunities in the projected timeline.
- Ongoing technological advancements is expected to create lucrative opportunities during the forecast period.
Scope of Artificial Organs and Bionic Implants Market Report
The report on the USA Artificial Organs and Bionic Implants Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
USA Artificial Organs and Bionic Implants Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Artificial Organs [Artificial Heart, Artificial Kidney, Cochlear Implants, and Others], Bionics [Vision Bionics, Ear Bionics, Orthopedic Bionic, Cardiac Bionics, Others])
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
ABIOMED, Boston Scientific Corporation, Berlin Heart GmbH, Edward Lifesciences Corporation, Otto Bock Holding GmbH & Co. KG, LifeNet Health and Medtronic plc.
USA Artificial Organs and Bionic Implants Market Segment Insights
Bionics segment to grow at a rapid pace
Based on products, the market is divided into artificial organs and bionics. The artificial organs segment is further divided into artificial heart, artificial kidney, cochlear implants, and others. The bionic segment is divided into vision bionics, ear bionics, orthopedic bionic, cardiac bionics, and others. The bionics segment is anticipated to grow at a rapid pace during the forecast period.
Increasing prevalence of cardiovascular diseases associated with the increasing geriatric population in the US is expected to drive the segment growth. According to Centres for Disease Control and Prevention, heart disease is the leading cause of death for men, women, and among racial and ethnic groups in the United States. It has been found that one person dies every 36 seconds in the US from cardiovascular disease.
The USA artificial organs and bionic implants have been segmented on the basis of
- Artificial Organs
- Artificial Heart
- Artificial Kidney
- Cochlear Implants
- Vision Bionics
- Ear Bionics
- Orthopedic Bionic
- Cardiac Bionics Others
The major players of the USA Artificial Organs and Bionic Implants market are ABIOMED, Boston Scientific Corporation, Berlin Heart GmbH, Edward Lifesciences Corporation, Otto Bock Holding GmbH & Co. KG, LifeNet Health and Medtronic plc.
Companies are investing in research and development, and focusing on strategies such as agreements, collaborative models, acquisitions, and partnerships to expand their market share.