As Per the Report, the Size of the Middle East & Africa Artificial Organs and Bionics Market is valued at USD 1.93 Billion in 2022 and is projected to reach USD 3.03 Billion by 2027, growing at a CAGR of 9.45% during the forecast period from 2022 to 2027.
Major factors responsible for the growth of the artificial and bionic organs market include the growing incidence of organ disabilities and failures, genetic disabilities, advancement in technology, and high incidence of traffic accidents resulting in amputations. Furthermore, when left uncontrolled, specific disorders such as diabetes affect organs, causing microorganisms to grow at large, resulting in necrosis and amputation.
As per the report published by the Centers for Disease Control and Diagnosis, diabetes is one of the most common diseases affecting organs. In addition, the increasing prevalence of kidney disorders, acute renal failure, and increasing organ failures due to the aging population are some of the factors driving the market in this region.
Data from the report indicates that the percentage of adults diagnosed with diabetes and their complications has resulted in chronic renal failure. The numbers have increased from 19.8% in 2015-2019 to 28%. In addition, according to the United Nations Department of Economic and Social Affairs, there are approximately 3,171,000 people over the age of 65 in South Africa. Having such a large number of people over 65 is more prone to organ failure.
Therefore, the increasing prevalence of the aging population is likely to impact the segment's growth positively. Another major factor is the shortage of organ donors. The lack of availability of potential organs for transplantation has been a significant problem. Organs such as kidneys, heart, lungs are in high demand for donors than the actual supply. As a result, there is a huge waitlist for people who need organs, especially from chronic kidney failure, stroke, etc.
In particular African region and the Middle East region, there is rapid participation in biomedical sciences where organ transplantation is a more viable option. Further, the development of bionic in the skin, orthopedics, eye, and exoskeleton are driving the market growth. According to the United Nations Department of Economic and Social Affairs, approximately 3,172,000 people over 65 in South Africa are more susceptible to diabetes and, ultimately, organ failure. Therefore, the increasing prevalence of the aging population is likely to impact the studied market's growth positively.
However, factors like fear of device malfunction, the high price of surgeries, the risk of artificial organ compatibility and its consequences, limited customer base may affect the growth of the MEA artificial organs and bionics market. Furthermore, these bionics are expensive and need strict regulatory rules, which has also been limiting the market's growth.
This research report on the Middle East & Africa Artificial Organs and Bionics Market has been segmented and sub-segmented into the following categories.
By Fixation Type:
Geographically, the Middle East dominates MEA artificial organs and bionics market. In the MEA region, the Kingdom of Saudi Arabia has the largest market share. The Saudi Arabia artificial organs and bionics market growth can be attributed to increasing R&D, growing international interest by key market players, technological advancements, and a growing aging population suffering from diabetes. In addition, the presence of developed healthcare infrastructure is also expected to boost the market.
The South Africa artificial organs and bionics market is expected to grow at a CAGR of 3% in the artificial organs and bionics market thanks to improving healthcare infrastructure with growing awareness about artificial organs and bionics. In addition, increased spending, key industry players, and government initiatives will drive market growth in the region.
Other countries in the MEA region like the United Arab Emirates, Kuwait, Bahrain, Oman, and Egypt are also expected to grow in the years to come owing to technological developments and healthcare facilities.
KEY MARKET PLAYERS
Key Market Companies dominating the Middle East & Africa 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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