Artificial organs and bionics are man-made devices that can be implanted or integrated in humans, to either replace a natural organ or provide support for the purpose of restoring specific function or a group of related functions, helping the patient to return to his normal life. The global artificial organs and bionic implants market is expected to register a CAGR of 9.5% during the forecast period (2018 - 2023).
Scarcity of Donor Organs
The lack of availability of potential organs to transplant has been a major issue. The demand for organ donors, is ever increasing and is very high, when compared to the actual supply. It has been estimated that, of all the patients who need organ transplantation, only 10% are able to undergo the process. This has been a major boost for artificial organs and bionics market, as the patients cannot afford to wait in the queue, since the stakes are very high. Bionics and artificial organs can cater to those in need of organ transplantations and replacements. Bionics and artificial organs, can replicate the function of damaged organs. The replication is almost the same. This level of scarcity of organs has turned into a boon for artificial organs and bionics industry.
Increased incidence of disabilities and organ failures, technological advancements and high incidence of road accidents leading to amputations, are some of the other factors contributing to the growth of the market.
Expensive Procedures
The cost of the procedure is a major constraint on the artificial organs and bionics market. The high cost of these organs is due to the production policies to address the patients, taxpayers, and medical technology corporations. For instance, organ transplant has many issues in the current market scenario, such as the policies for procurement, transplant tourism, organ trafficking, and others.
Each year, there are about 32,500 people at the age of 55-70 years, in the final stages of their heart diseases and are in need of an artificial heart. However, the protocol requiring written consent of the patient, limits the number to 12,000. The estimates of the cost of the organ, surgical procedure, device, and continuing surveillance of the patients, are in the range of USD 100,000-USD 300,000.
Additionally, fear of device malfunction and its consequences, and limited specialists to carry out the procedure, are also restraining the growth of the artificial organs and bionic implants market.
North America to Lead the Market
The global artificial organs and bionic implants market is segmented by product and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America holds the largest share in the artificial organ or medical bionic implant space. Also, the market is emerging due to the rise in the population, coupled with awareness among the players and the patients. Growing income levels, increasing healthcare expenditure, and less competition than mature countries, are the factors that are responsible for an increase in the interest of market players in emerging markets.
Key Developments in the Market
Major Players: ABIOMED, ASAHI KASEI MEDICAL CO. LTD, BAXTER INTERNATIONAL INC., BERLIN HEART GMBH, BOSTON SCIENTIFIC CORPORATION, COCHLEAR LIMITED, CYBERONICS INC., EDWARD LIFESCIENCES, EKSO BIONICS, ROCHE HOLDING AG, AND MEDTRONIC.
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Scarcity of Donor Organs
The lack of availability of potential organs to transplant has been a major issue. The demand for organ donors, is ever increasing and is very high, when compared to the actual supply. It has been estimated that, of all the patients who need organ transplantation, only 10% are able to undergo the process. This has been a major boost for artificial organs and bionics market, as the patients cannot afford to wait in the queue, since the stakes are very high. Bionics and artificial organs can cater to those in need of organ transplantations and replacements. Bionics and artificial organs, can replicate the function of damaged organs. The replication is almost the same. This level of scarcity of organs has turned into a boon for artificial organs and bionics industry.
Increased incidence of disabilities and organ failures, technological advancements and high incidence of road accidents leading to amputations, are some of the other factors contributing to the growth of the market.
Expensive Procedures
The cost of the procedure is a major constraint on the artificial organs and bionics market. The high cost of these organs is due to the production policies to address the patients, taxpayers, and medical technology corporations. For instance, organ transplant has many issues in the current market scenario, such as the policies for procurement, transplant tourism, organ trafficking, and others.
Each year, there are about 32,500 people at the age of 55-70 years, in the final stages of their heart diseases and are in need of an artificial heart. However, the protocol requiring written consent of the patient, limits the number to 12,000. The estimates of the cost of the organ, surgical procedure, device, and continuing surveillance of the patients, are in the range of USD 100,000-USD 300,000.
Additionally, fear of device malfunction and its consequences, and limited specialists to carry out the procedure, are also restraining the growth of the artificial organs and bionic implants market.
North America to Lead the Market
The global artificial organs and bionic implants market is segmented by product and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America holds the largest share in the artificial organ or medical bionic implant space. Also, the market is emerging due to the rise in the population, coupled with awareness among the players and the patients. Growing income levels, increasing healthcare expenditure, and less competition than mature countries, are the factors that are responsible for an increase in the interest of market players in emerging markets.
Key Developments in the Market
- February 2018: A joint development agreement for an abdominal aortic aneurysm stent graft has been concluded between Jikei University School of Medicine and Asahi Kasei Corp.
- January 2018: Boston Scientific received an FDA approval for Spectra WaveWriter™ Spinal Cord Stimulator System
Major Players: ABIOMED, ASAHI KASEI MEDICAL CO. LTD, BAXTER INTERNATIONAL INC., BERLIN HEART GMBH, BOSTON SCIENTIFIC CORPORATION, COCHLEAR LIMITED, CYBERONICS INC., EDWARD LIFESCIENCES, EKSO BIONICS, ROCHE HOLDING AG, AND MEDTRONIC.
Reasons to Purchase the Report
- Market analysis for the global artificial organs and bionic implants market, with region-specific assessments and competition analysis, on a global and regional scale
- Analyze various perspectives on the industry, with the help of Porter’s five forces analysis
- The treatment type that is expected to dominate the market
- Regions that are expected to witness the fastest growth, during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the market estimate sheet (in Excel)
Customization of the Report
This report can be customized to meet your requirements.
This product will be delivered within 2 business days.
Table of Contents
1. Introduction
5. Market Overview
6. Drivers, Restraints, Opportunities, and Challenges Analysis (Droc)
7. Market Segmentation
8. Competitive Landscape
9. Key Players
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ABIOMED
- Asahi Kasei Medical Co. Ltd
- Baxter International Inc.
- Berlin Heart GmbH
- Boston Scientific Corporation
- Cochlear Limited
- Cyberonics Inc.
- Edward Lifesciences
- Ekso Bionics
- Roche Holding AG
- Medtronic
Methodology
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