Global artificial vital organs and medical bionics market size was estimated at USD 22.67 billion in 2014. Increasing prevalence of diseases such as respiratory ailments, cirrhosis, heart, and kidney & liver failures is expected to boost demand for synthetic organs over the forecast period. Furthermore, increasing the geriatric population highly prone to organ disorders at an unprecedented rate also makes a remarkable contribution towards the artificial vital organs and medical bionics market growth.
Technological advancements pertaining to novel product development, such as the full-functioning artificial heart by the SynCardia Systems Inc. that caters to address the needs of organ recipients, are expected to drive the artificial vital organs and medical bionics market growth over the forecast period.
North America artificial vital organs and medical bionics market, by product, 2012-2022, (USD Million)
Furthermore, scarcity in organs and tissues for transplants and rising needs for immunosuppressive drugs coupled with increasing R&D procedures for organ regeneration through engineered tissues are expected to positively reinforce market growth.
Additionally, the artificial vital organs and medical bionics industry are expected to witness significant gains due to favorable government initiatives to safeguard the patient safety standards, which is anticipated to facilitate artificial vital organs and medical bionics market growth over the forecast period. Ongoing research activities such as the development of bioartificial organs with improved survival rate and faster recuperation of patients have spurred the demand for artificial organs.
Improvements with respect to durability and compatibility of organ implants and focused research on minimizing the complication rates are anticipated to drive artificial market growth over the forecast period. The implementation of life-saving technologies such as the bridge to transplant and bridge to recovery in critical cases is expected to facilitate market growth over the forecast period.
The artificial vital organs segment held the largest market share of nearly 64% and is expected to grow at a CAGR of 7.7% while retaining its dominant position over the forecast period. Major factors attributing to the market growth are rapid technological advancements and high unmet needs. Furthermore, increasing awareness about medical bionics is expected to heighten patient acceptance. Constant advancements in the field of medical research and biomedical engineering are expected to boost the usage rate of synthetic organs over the forecast period.
North America was identified as the largest regional segment with a market share of nearly 42% in 2014 owing to the increasing adoption of artificial organs in emerging markets. Furthermore, a low level of cadaveric organ donation by deceased people is expected to trigger the need for artificial organ transplants. Heavy investments from the private sector and the increasing number of new product approvals pertaining to optimal utilization of novel transplants are expected to drive the industry.
Additionally, the extensive presence of significant players operating in this region and increasing capacity of healthcare expenditure is expected to groom the economy of this region over the forecast period. Europe followed by Asia Pacific, is expected to register the highest increase in revenue share during the forecast period. High awareness levels regarding the novel technologies penetrating the market and improving healthcare infrastructure are expected to positively reinforce market growth.
Medtronic Inc., Baxter International, Edwards LifeScience Corporation, Touch Bionics, WorldHeart Corporation, and Abiomed Inc. are the major players operating in the market. These players develop an array of products, which cater to the needs of numerous surgical applications such as cardiovascular disorders and organ failures. Key business strategies adopted by these players include collaboration with research organizations and hospitals to enhance the quality, and effectively commercialize the products with an aim to acquire global expansion.
For example, Medtronic PLC in collaboration with Apollo Group of Hospitals introduced a new hemodialysis system in India with an aim to provide improved products for renal replacement therapies. Furthermore, the growing advent of novel technologies such as the Harvard Apparatus Regenerative Technology is a Boston-based Regenerative Medicine Company to develop synthetic trachea systems through patient’s stem cells.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.