As Per the Report, the Latin America Artificial Organs and Bionics Market Size is valued at USD 2.44 Billion in 2022 and is projected to reach USD 3.95 Billion by 2027, growing at a CAGR of 10.10% during the forecast period from 2022 to 2027.
The demand for organ donors is increasing with very few numbers in supply. It has been a massive boost for the artificial organ market as patients cannot afford to stand in line with poor treatment outcomes. The main contributors to organ failure are blood loss, drug addiction, poor sanitation habits, severe trauma, genetic deformities, and other acute illnesses. In addition, lifestyle disorders such as poor eating habits, smoking, alcohol consumption, stress, and lack of exercise are also significant reasons for organ failure.
Furthermore, artificial organs can mimic the action of affected organs. Therefore, they can reduce the effect of damaged tissues. Thus, the availability of advanced medical systems is also expected to stimulate the demand for Latin American artificial organs and the bionic market.
The senior population is more prone to organ failure due to complications from chronic diseases and more susceptibility to post-transplant malignancies; this makes them the target population for artificial organs and bionics—the number of people over 65 awaiting organ transplants the waiting list increases.
According to the HRSA, in 2019, performed over 8,600 organ transplant procedures across the globe and from 2001-2017, reported over 99,800 solid organ transplants procedures in Brazil over the entire period. In addition, according to an HRSA report, every 10 minutes, someone is added to the U.S. transplant waiting list, increasing demand for artificial organs and bionics.
The increasing incidence of organ failure has resulted in growing donor demand for kidney, heart, lung, liver, and pancreas transplants, popular in biotechnology and medical device companies. As a result, companies focus on developing 3D printed bionic products, which use myoelectric technology and sensory electrical technology that allow the physical mobility of synthetic parts in the human body.
An increasing number of product launches and the FDA's rapid approval of these devices reduce the donor shortage. In addition, the increase in R&D in the field of synthetic human body parts is also driving the growth of the artificial and bionic organs market. Hence, with increasing healthcare expenditure and rapid FDA approval of manufactured human body parts, the market is expected to increase during the projected period.
However, High prices associated with treatment, surgery and clinical trials, and product launch will restraint the market. Moreover, artificial organ transplants are often associated with other secondary complications due to host rejection, leading to death or crippling injury, which is also expected to limit the market's growth.
This research report on the Latin America Artificial Organs and Bionics Market has been segmented and sub-segmented into the following categories.
By Fixation Type:
Geographically, the Brazil artificial organs and bionics market held a significant market share of 40%. This market is anticipated to dominate the Latin American artificial organ and bionics market during the given period due to improving healthcare facilities and growing government initiatives to recognize healthcare needs. Hence, increasing life expectancy and rising demand for organ donors drive artificial organs and bionics. As a result, bionics products such as cochlear and limbs gross more revenue in this regional market.
The Latin American countries offer various advanced surgical procedures with booming medical tourism and skilled physicians. The low cost of surgeries in the area allows many patients to adopt artificial organs and bionics. The existence of many research laboratories, biotechnology, and medical device companies will contribute towards better development. Countries like Argentina, Chile, Peru, and Uruguay are estimated to show favorable growth rates.
The Mexico artificial organs and bionics market is projected to grow the fastest during the forecast period, owing to emerging economic growth, rising healthcare needs, and popularity in medical tourism. Additionally, a large population with a high incidence of chronic diseases is expected to fuel the development of the market.
KEY MARKET PLAYERS
Noteworthy Companies leading the Latin America Artificial Organs and Bionics Market Profiled in the Report are Ossur, Ekso Bionics, St. Jude Medical, Inc, Worldheart Corporation, Thoratec Corporation, Gambro AB, Lifenet Health, Jarvik Heart Inc, Medtronic, Inc., Cochlear Ltd., Second Sight Medical Products, Inc, Abiomed Inc., Asahi Kasei Medical Co., Ltd, Boston Scientific Corporation, F Hoffman-La Roche Ltd, Berlin Heart GmbH, Orthofix International N.V., Biomet, Inc, Baxter International, Inc.,
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