The global artificial organ and bionics market is expected to reach USD 38.75 billion by 2020 at an estimated CAGR of 9.3% from 2014 to 2020, according to a new study by Grand View Research, Inc. Increasing prevalence of acute renal failure and renal disorders due to lifestyle habits such as excessive alcohol consumption and growing geriatric population base causing a rise in organ failure rates is expected to serve this market as a high impact rendering driver. In addition, growing incidence rates of accidents is expected to boost the demand for organ transplants, thus increasing demand for artificial organ. Artificial kidney dominated the global market in 2013, with revenue estimated at over USD 12.21 billion; demand is expected grow due to the increasing chronic kidney patients. Artificial liver is the fastest growing market
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Further key findings from the study suggest:
Brain bionics in the medical bionics market held the largest share of revenue for the year 2013 and the market is expected to grow at an estimated CAGR of 40.0%.The presence of high unmet medical needs in neurology disease segment coupled with expensive treatment procedures is expected to drive the market for brain bionics. Exoskeleton is the fastest growing segment and is expected to grow at a CAGR of 16.0% from 2014 to 2020.
North America was the largest regional market in 2013, accounting for over 42.0% of global revenue due to the increasing population and awareness among the patients and the players.
Asia Pacific is the fastest growing market and is expected to grow at a CAGR of 11.0% from 2014 to 2020 on account of rising demand due to the improvement in healthcare facilities, medical tourism and others.Increasing income levels and healthcare expenditure is expected to interest of the players’ in the emerging markets.
Key industry participants include Abiomed Inc., Asahi Kasei Kuraray Medical Co. Ltd., Thoratec Corporation, WorldHeart Corp., Gambro AB and others.
Grand View Research has segmented the global artificial organ and bionics market on the basis of product, technology and region:
Artificial Organ Product Outlook
Total artificial heart
Biological tissue valves
Transcatheter heart valves
Ventricular assist device
Deep brain stimulators
Spinal cord stimulators
Vagus nerves stimulators
Artificial Organ Technology Outlook
Artificial Organ Regional Outlook
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