(MoneyNewsWire.Net, January 10, 2018 ) According to the report Artificial Organs and Bionics Market, published by Market Data Forecast, the Global market is projected to reach USD 31.8 billion by 2022, at a CAGR of 9.5% from 2017 to 2022
Artificial organ is a tissue or device designed or engineered to implant into a human. It might be used as a replacement to a natural organ or to perform or enhance certain functions to aid the patient. Bionics involves the studying of natural biological systems and apply them to design artificial systems using modern technology. Artificial organs which are currently used by people are limbs, bladder, brain, eye, ear, lungs, heart, liver, pancreas and thymus.
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Artificial Organs and Bionics Market: Drivers & Restraints
Growing demand for organ transplantation surgeries, technological advancements in bionics and artificial organs in using nanotechnology and increasing awareness regarding the use of artificial organs are the major factors driving the market growth. Increase in the number of rehabilitation facilities to aid the transplant patients and rising number of accidents are also expected to drive the market growth.
However, unfavorable reimbursement policies and high price of the organs due to the sophistication involved are hindering the market growth.
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Artificial Organs and Bionics Market: Segmentation
• Artificial Organs
o Artificial Heart
o Artificial Kidney
o Artificial liver
o Artificial pancreas
o Artificial lungs
o Vision bionics
o Ear bionics
o Orthopedic bionics
o Cardiac bionics
o Brain bionics
• Electronic bionics
• Mechanical bionics
By Type of fixation
• Externally worn
• North America
o United States
• Asia Pacific
o South Korea
• Latin America
o Rest of Latin America
• Middle East & Africa
o Middle East
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Artificial Organs and Bionics Market: Overview
Based on the product, bionics holds the largest market share. It is due to the huge demand for orthopedic and ear bionics. Ear bionics contributes significantly to the market due to the high geriatric population with hearing problems. Artificial organs segment is expected to be the fastest growing market segment. It is due to the increasing awareness among the patients regarding the use of artificial organs rather than wait for the organ donor.
North America leads the Artificial Organs and Bionics market. It is because this region offers one of the best healthcare facilities in the world and due to the high adoption rate of artificial organs by the patients. Asia Pacific is expected to be the fastest growing segment. It is due to the large geriatric population with need for organs and presence of very few donors. Also, healthcare sector is booming in this region.
Artificial Organs and Bionics Market: Key Players
Major players in the Artificial Organs and Bionics market are Medtronic, Inc., Orthofix International N.V., Cochlear Ltd., Second Sight Medical Products, Inc., Biomet, Inc., Asahi Kasei Medical Co., Ltd, Berlin Heart GmbH, Ossur, Baxter International, Inc., Abiomed Inc., F Hoffman-La Roche Ltd, Ekso Bionics, St. Jude Medical, Inc., Boston Scientific Corporation, Worldheart Corporation, Thoratec Corporation, Lifenet Health, Jarvik Heart Inc. and Gambro AB.
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