The artificial vital organs and medical bionics market was valued USD 23 billion in 2014. Rising health conditions like cirrhosis, respiratory ailments, liver & kidney failures, etc. will aid future growth in the market. The geriatric populace also drives demand.
Technological developments have led to new and improved products. SynCardia Systems Inc. of the U.S. has developed a total artificial heart that replaces both the ventricles. Life-saving technologies like bridge-to-transplant and bridge-to-recovery cater to the needs of critically ill patients. Such advancements also further market incomes.
Full research report on global artificial vital organs and medical bionics market analysis:
Extensive research in organ regeneration through engineered tissues would open new opportunities. Bioartificial organs and other such innovations claim to minimize complications and improve patient survival rate. Scarcity of organs & tissues for transplantation also has a positive impact.
By 2022, revenues of the artificial vital organs and medical bionics market could surpass USD 44 billion. This may be attributed to governmental all-inclusive health coverage schemes. Proliferating private & public reimbursement policies would be market favorable.
The market is categorized on the basis of products and geographies. Products include artificial vital organs, medical bionics, and cardiac bionics. Artificial vital organs comprise kidneys, hearts, livers, lungs, and pancreas. Medical bionics are split into ear bionics (cochlear implants), exoskeletons, brain bionics, visions bionics, and bionic limbs. Heart valves and ventricular assist devices (VADs) constitute cardiac bionics.
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Artificial vital organs, with 65% of the revenues, dominated the market in 2014. A huge untapped customer base and technological advancements will drive this segment. Kidneys were the biggest sub-segment in 2014. Livers are likely to grow at the fastest rate on account of chronic lung diseases.
Bain bionics led medical bionics in 2014. They held close to 40% of the market that year. Rising neurological conditions helped them dominate the medical bionics market. The share of exoskeletons in medical bionics may increase due to emergency response, patient rehabilitation, rescue, and home healthcare.
Regions wise, the artificial vital organs and medical bionics market encompasses North America, Europe, Asia Pacific, and Rest of the World (RoW). North America led the market in 2014. Its huge geriatric and physically-challenged populations are estimated to add regional incomes. Asia Pacific would grow at the fastest rate in the forthcoming years.
Key players of the global market include Touch Bionics, Medtronics, Abiomed, and Baxter. They collaborate with hospitals and research institutes to enhance the quality of their products and facilitate commercialization.
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