by Market Overview:
Artificial organs and medical bionics are artificial devices or implants used to replace or support organs that are non-functioning or damaged. This includes artificial heart, lungs, kidneys, pancreases, etc. Medical bionics help in improving the lives of people through prosthetics, cardiac pacemakers, cochlear implants, etc.
Market key trends:
One of the key trends in the artificial vital organs and medical bionics market is the rise in research and development activities for 3D bioprinted organs. 3D bioprinting uses living cells, biomaterials like extracellular matrix, and growth factors to print layer upon layer of living tissues and organs. It promises to address the shortage of donor organs and produce personalized living tissues and organ replacements. Researchers are actively working on developing 3D bioprinters that can print heart tissues, livers, and kidneys. Successful 3D bioprinting of organs will significantly boost the artificial vital organs market in the coming years.
One of the key trends in the artificial vital organs and medical bionics market is the increasing adoption of implantable medical bionics. Implantable medical bionics are artificial devices that are surgically implanted in the body to either replace a biological organ or enhance an existing organ function. For example, implantable artificial hearts, kidney replacements, artificial pancreas for diabetics, auditory implants (cochlear implants), retinal implants, and limbic implants are some types of implantable medical bionics.
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: The artificial vital organs and medical bionics market has growing acceptance of bionic implants and devices due to their ability to improve quality of life.
Weakness: High costs associated with development and maintenance of bionic implants and devices.
Opportunity: Rising geriatric population worldwide who are more prone to organ failures creates opportunities for growth.
Threats: Stringent regulatory approvals and reimbursement policies pose challenges.
Key Takeaways
The global Artificial Vital Organs And Medical Bionics Market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases and genetic disorders leading to organ failures.
Regional analysis: North America dominates the global market currently owing to presence of advanced healthcare facilities and favorable reimbursement policies for organ transplants and bionic implants in countries like the US and Canada. Asia Pacific is expected to exhibit highest growth during the forecast period with countries like China, India emerging as major hubs for medical bionics production and research.
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.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
