The Global Artificial Organs and Bionics Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Global Artificial Organs and Bionics Market is estimated to be $ 18.50 billion and predicted to rise to $ 29.12 billion with a CAGR of 9.5%. The market is segmented by Product (Artificial Organs (Artificial Heart, Artificial Kidney, Artificial liver, Artificial pancreas, and Artificial lungs), Bionics (Vision bionics, Orthopedic bionic, Cardiac Bionics, and Brain bionics)), by Technology (Electronic bionics, Mechanical bionics), by Type of fixation (Implantable, Externally worn). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The market for Artificial Organs and Bionics is mainly driven due to increasing organ failure owing to aging and age-related disorders, high incidence of road accidents and injuries leading to amputations and growing public awareness about various diseases, advancements in medical bionic implant and artificial organs procedures. But, the market growth can be hampered due to high implantation cost of artificial organs, lack of surgical experts in transplantation field, and uncertain reimbursement scenario.
Cardiac bionics and Brain bionics accounts for the largest share in this market. This is primarily due to large global population with heart diseases, and brain injuries, and the market witnessing a myriad of technological advancements in the recent times. The presence of high unmet medical needs in neurology diseases, coupled with expensive treatment procedures is expected to drive the market for brain bionics.
North America is the biggest market in terms of market share across the globe, followed by Europe. The market in North America is highly driven due to increasing population and awareness among the patients and the players regarding healthcare facilities and medical tourism. The Artificial Organs and Bionics market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to increasing aging population and large consumer base, rising government initiatives for enhancing healthcare, and high disposable income.
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. are the major players of Global Artificial Organs and Bionics market.
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