Artificial Vital Organs And Medical Bionics Market Is Estimated To Witness High Growth
Market Overview:
The artificial vital organs and medical bionics market encompasses products like artificial hearts, lungs, kidneys, pancreas, orthopedic bionics, ear bionics, and cardiac bionics. These products mimic or replace functions of vital organs and body parts that have failed due to disease, trauma or congenital disabilities. They facilitate improved quality of life for patients.
Market Dynamics:
The artificial vital organs and medical bionics market is primarily driven by increasing prevalence of organ failure diseases worldwide. As per the data by the American Transplant Foundation, over 113,000 patients in the US are waiting for organ transplants and every day about 20 people die while waiting for an organ transplant due to shortage of donors. Moreover, rising elderly population globally is also positively impacting the market growth as chances of organ failure increases with age. However, high costs associated with the development and implantation of these prosthetic organs and devices along with lack of awareness regarding availability of bionics in developing regions are some of the hindering factors.
The global Artificial Vital Organs And Medical Bionics Market Growth is estimated to be valued at US$ 51 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Artificial vital organs and medical bionics are replacing defective human organs with improved functionality. They offer improved quality of life, increased lifespan and reduced risk of complications. The market is witnessing significant investments in R&D which is helping deliver technologically advanced solutions.
Weakness: High costs associated with development and production makes devices and procedures unaffordable for many. Challenges remain in replicating complex human physiology and ensuring long term biocompatibility.
Opportunity: Aging population worldwide is driving the need for such solutions. Further advancements in materials, manufacturing and regenerative medicine can help address current limitations. Emerging economies represent large patient populations with growing healthcare spends.
Threats: Stringent regulations can delay product approvals and market entry. Ethical issues, reluctant social acceptance and skepticism also impact market potential. Dependence on imported materials and components increases supply chain risks.
Key Takeaways
The global artificial vital organs and medical bionics market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases and age-related health issues. Growth will also be fuelled by rising healthcare expenditures, technological innovations and evolving reimbursement structures across regions.
Regional analysis:
North America currently dominates the market, accounting for over 35% share. This can be attributed to presence of sophisticated healthcare infrastructure, availability of skilled professionals and vibrant research environment in the US and Canada. Asia Pacific is poised to witness fastest expansion owing to surge in middle class population with lifestyle diseases, focus on medical tourism by countries like India and expanding healthcare investments in China, Japan and South Korea.
Key players:
Key players operating in the artificial vital organs and medical bionics market are SynCardia Systems, LLC, BiVACOR, CARMAT, Cleveland Heart, Jarvik Heart, MyLVAD, Cirtec Medical Systems, Thoratec Corporation, Abbott Diabetes Care, Inc., Abiomed, Inc., Asahi Kasei Medical Co., Ltd., Cyberonics, Inc., Edwards Lifesciences Corporation, Ekso Bionics Holdings, Inc., F. Hoffmann-La Roche Ltd., Fresenius Medical Care AG & Co. KGaA, Gambro AB (Baxter International, Inc.), and iWalk, Inc.
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