The North American Artificial Organs and Bionics Market Size is valued at USD 7.33 billion in 2022 and is poised to reach USD 11.37 billion by 2027, showcasing a CAGR of 9.2% during the forecast period 2022 to 2027.
The rising prevalence of impairments and organ failures, technical advancements, and the high incidence of amputations due to traffic accidents contribute to the growth of the artificial organs and bionics market in North America. In addition, rising healthcare expenditures, rising income levels, a growing preference for bionics due to better and faster recovery than prosthetics, an increase in surgical procedures in place of medical tourism, and less competition than mature countries have stimulated market players' interest in emerging markets.
Growth in the number of transplants and the number of people waiting for donors drive the market for artificial organs and bionics. In 2020, the Human Resource and Services Administration (HRSA) estimated that there would be over 112,000 people on the national waiting list in the United States. According to the HRSA report, a person is added to the transplant waiting list every 10 minutes in the United States, increasing the demand for artificial medical devices. In addition, loss of blood, drug misuse, traumatic trauma, and other acute disorders are significant causes of organ failure.
Additionally, lifestyle diseases such as poor eating habits, smoking, excessive alcohol consumption, and a lack of exercise are vital causes of organ failure. Furthermore, advancements in healthcare facilities and the availability of improved artificial support systems are likely to enhance the demand for artificial organs and bionics.
Advances in the science of 3D bioprinting, which is used to manufacture artificial organs, have proven to be vital in organ transplantation. 3D bioprinting is in increasing demand since it reduces the risk of organ rejection. Furthermore, artificial intelligence is on the verge of reshaping artificial device trends.
Fear of device malfunction, risk of artificial organ compatibility, and their consequences, among other factors, may impact market growth. Some of the constraining aspects expected to hinder the market's growth include the high costs of organ transplantation procedures and the rising prices of medical bionic implants.
This research report on the North America Artificial Organs and Bionics Market has been segmented and sub-segmented into the following categories
By Fixation Type:
Geographically, the North American region leads the global artificial organs and bionics market due to an increase in injuries and organ failures in the North American area. In addition, rising income levels and increased healthcare spending are also contributing to the market's expansion.
The U.S artificial organs and bionics market has the most significant market share in the North American region. The dominance of the North American area in the artificial organs and bionics market is aided by the increased frequency of chronic diseases and the growing desire for non-invasive surgical treatments.
The Canadian artificial organs and bionics market is projected to be boosted by the availability of well-developed healthcare infrastructure & technological advancements such as electrical bionics and mechanical bionics.
KEY MARKET PLAYERS
Promising Companies dominating the North American Artificial Organs and Bionics Market Profiled in the Report are Jarvik Heart Inc, Asahi Kasei Medical Co., Ltd, Berlin Heart GmbH, Medtronic, Inc., Cochlear Ltd., Second Sight Medical Products, Inc., Ossur, Worldheart Corporation, Thoratec Corporation, Gambro AB, Lifenet Health, Boston Scientific Corporation, F Hoffman-La Roche Ltd, Orthofix International N.V., Biomet, Inc.,
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