Market Overview
Bionic implants are known as artificially
engineered devices. These devices are implanted into a human in order to
replace a natural organ and to act as a substitute of the same. The global medical
bionic implant/artificial organs market share is projected to reach USD 22.17
billion by 2030 at a CAGR of 7.90% over the assessment period between 2022 and
2030.
It is reported that the growing incidences
of organ failure to have a positive effect on increasing the demand for
replaceable or implantable organs. This is thereby pushing the growth of the
overall bionic implant/artificial organs market. The growing aging population
is another key factor driving the market demand for these
implantable/artificial organs as organ failure is found to be more common in
the older age bracket.
A vast number of factors are identified as
the potential drivers of the market, such as technological advancements, rising
incidences of accidents and injuries, improving regulatory framework,
prevalence of organ failure, increasing government support in terms of
initiatives and R&D expenditures, and growing prevalence of eye diseases.
However, the high cost associated with the
devices, poor healthcare facilities in low and mid-level income nations, and
lack of any skilled or proficient professionals can hamper the growth of the
market during the forecast period.
Competitive
Landscape
The global medical bionic implant
artificial organs market players includes the following key players
·
Biomet, Inc. (U.S.),
·
NeuroPace, Inc. (U.S.),
·
Medtronic, Inc. (U.S.),
·
Aleva Neurotherapeutics SA
(Switzerland),
·
Boston Scientific Corporation
(U.S.),
·
Ekso Bionics (U.S.),
·
Cochlear Ltd. (Australia),
·
LivaNova PLC (U.K),
·
Orthofix International N.V.
(The Netherlands),
·
Ossur (Iceland),
·
Cyberonics, Inc. (U.S.),
·
Biocontrol Medical (Israel),
·
St. Jude Medical, Inc. (U.S.),
·
Second Sight Medical Products,
Inc. (U.S.), and others.
Market
Segmentation
The global medical
bionic implant/artificial organs market overview segmentation is done on
the basis of product, technology, fixation, and end-user.
By technology, the market divides into
electronic bionics and mechanic bionics.
By fixation, the market is classified into
externally worn and implantable.
By end-users, the market includes research
and academic institutes, hospitals and clinics, and others.
By product, the market comprises orthopedic
bionics, ear bionics, vision bionics, neural/brain bionics, heart bionics, and
others.
Here, vision bionics is narrowed down into
bionic and others.
Ear bionics is segmented into Bone Anchored
Hearing Aid (BAHA) and cochlear implant.
Orthopedic bionics sub-segmented into bionic
finger, bionic leg, bionic hand, electrical bone growth stimulators, and exoskeleton.
Bionic leg breaks down into bionic feet and bionic knee. Electrical bone growth
stimulator segment comprises non-invasive bone growth stimulators and invasive
bone growth stimulators.
Heart Bionics segment is divided into total
artificial heart, artificial heart valve, pacemaker, and ventricular assist
device. The pacemaker segment includes external pacemaker and implantable
cardiac pacemaker. Artificial heart valve narrows down into tissue heart valve
and mechanical heart valve.
Neural/brain bionics is broken down into
vagus nerve stimulators, spinal cord stimulators, and deep brain stimulators.
Regional
Analysis
The global medical
bionic implant/artificial organs market report is regionally segmented into
North America, Europe, Asia Pacific, and the Middle East & Africa region.
The Americas hold the dominant portion of
the market due to the emergence of advanced medical bionic implants by various
key players.
Europe stands tall as the second largest
market in medical bionic implant artificial organs. Herein, favorable
government support towards research and development activities and prevalence
of organ failure and other relevant complications are expected to be the major
drivers of the market.
Asia Pacific is believed to be the fastest
growing regional market due to the huge pool of patient population, increasing
development in the healthcare technology, and growing demand for advanced form
of treatments.
Finally, the Middle East and Africa market
holds the lowest share in the global standings due to lack of technical
expertise or knowledge, low level of development, and poor medical facilities.
The region is expected to grow at a paltry rate.
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