Artificial Organs and Bionics - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Artificial Organs and Bionics Market is accounted for $25.90 billion in 2019 and is expected to reach $62.77 billion by 2027 growing at a CAGR of 11.7% during the forecast period. Some of the key factors propelling the market growth include technological advancements in the artificial organ and bionics, increased incidence of disabilities and organ failures, and high incidence of road accidents leading to amputations. However, risk of compatibility issues and malfunctions is restricting the market growth.
Artificial Organs are made by a human. These Organs are implemented in human bodies with living tissue; it can able to perform the original function of human body parts. Bionics refers to replacement or improvement of body parts by mechanical kinds. Artificial organs composed of the plastic that is planted with stem cells from the relocate receiver, hence the body’s immune system does not discard the artificial organ. Artificial organs and bionics are developed to increase the life expectancy rate of patient but it cannot repair the physical damage like neural network diseases, brain pacemaker and shivering of Parkinson’s disease.
By technology, electronic bionics segment is expected to register significant growth rate in the artificial organs and bionics market during the forecast period, due to increasing number of road accidents, rising prevalence of amputees, and individuals born without limbs are expected to create the demand for electronic bionics. In most of the developing countries, the logistical and financial barriers remain high. The only option for many who are disabled is to obtain prosthetics such as artificial hands, arm, and legs these prosthetics are battery and electronic systems that are myoelectric-controlled and can create nerve movement through sensors. These sensory electric technologies enable mobility in artificial organs. These devices use personalized computational neuromuscular skeletal models that use machine learning, smart wearables, and element modeling to achieve mobility.
Based on the geography, Asia-Pacific is expected to witness the significant growth in the smart wearable market during the forecast period, owing to the emerging economies like Japan, China, and India. These countries have a large population base with a high incidence of chronic diseases. Increase in the number of chronic diseases that lead to organ failure is expected to boost artificial organ and bionics devices growth. The countries are technologically advanced and offer various advanced surgical procedures with booming medical tourism. The low cost of surgical procedures in the region allows a large number of patients to visit for medical reasons. Thus, an increase in the number of chronic diseases leading to organ failure and a rise in medical tourism has contributed significantly to the growth of the market in the region.
Some of the key players in Artificial Organs and Bionics Market include ABIOMED, INC, Berlin Heart Gmbh, Boston Scientific Corporation, Asahi Kasei Medical Co. Ltd, Baxter International Inc., Biomet, Inc, Roche Holding AG, Edward Lifesciences Corporation, Ekso Bionics, Heartware International, Inc, Iwalk, Inc., Jarvik Heart, Inc, SynCardia Systems, LLC., Nipro Corporation, Zimmer Biomet, Medtronic, Abbott, Getinge AB, Ѕоrіn Ѕ.Р.А., and Orthofix Holdings.
• Artificial Bionics
• Artificial Organs
• Electronic Bionics
• Mechanical Bionics
Fixation Types Covered:
• Externally Worn
End Users Covered:
• Clinical Research Institutions
• Academic Centers
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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