The size of the Asia-pacific Artificial Organs and Bionics Market is forecasted to worth USD 8.84 Billion by 2027. This market is estimated at USD 5.39 billion in 2022 and growing at a CAGR of 10.40% between 2022 to 2027.
The growth in demand for bionic implants is propelling the market growth during the forecast period. Technological advancements leading to the developments in the R & D are positively impacting the market growth. As per the data published by the United Nations population in 2019, by 2050, one in four people in Asia and the Pacific will age more than 60 years. Therefore the aging population is significantly growing in the Asia-Pacific region, which is estimated to favor the growth of the artificial organs and bionics market during the forecast period.
The rise in the number of chronic ailments leading to organ failure is further expected to add to the market's growth rate. According to an Indian government report, an estimated 4,67,044 road accidents happened in 2018. India is also ranked as number one in the number of accidents occurring in a year in a country. The aforementioned is expected to demand more artificial organs to adjust the lives that are gone through the accidents, supporting the market growth in this region. The same is happening in China, as well. According to the National Bureau of Statistics, China registered around 63,194 deaths due to car crashes in 2018.
Less supply of artificial organs for transplantation is expected to favor negatives on the market growth to a small extent. Additionally, high costs associated with the treatment procedures is another significant challenge to the market.
This research report on the Asia Pacific Artificial Organs and Bionics Market has been segmented and sub-segmented into the following categories:
By Fixation Type:
Based on region, the Artificial Organs and Bionics market in the Asia-Pacific region is projected to grow at the highest CAGR, which is significant due to the increasing aging population and large consumer base, rising government initiatives enhancing healthcare, and high disposable income.
Japan is predicted to have most of the share in the artificial organs and bionics market over the period. Improvements in carrying out organ transplantations with expert surgeons' support are expanding the market's growth rate. An increasing number of road accidents and injuries and a growing number of occurrences of disabilities and organ failures are likely to boost the artificial organs and bionics market in APAC during the period.
China and India are also lucrative regions.
Companies that are dominating the Asia Pacific Artificial Organs and Bionics Market profiled in the report are Orthofix International N.V., Biomet, Inc., Medtronic, Inc., Cochlear Ltd., Second Sight Medical Products, Inc., Ossur, Ekso Bionics, St. Jude Medical, Inc., Baxter International, Inc., Abiomed Inc., Asahi Kasei Medical Co., Ltd, Berlin Heart GmbH, Boston Scientific Corporation, F Hoffman-La Roche Ltd, Worldheart Corporation, Thoratec Corporation, Gambro AB, Lifenet Health, Jarvik Heart Inc.,
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