PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424995
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424995
Artificial Organs & Bionic Implants Market size was valued at USD 34,794.2 Million in 2022, expanding at a CAGR of 9.7% from 2023 to 2030.
Artificial organs and bionic implants are advanced medical technologies designed to replace or enhance the functionality of natural organs and body parts. They serve various purposes, from restoring lost function to improving the overall quality of life for individuals with certain medical conditions.
Artificial Organs & Bionic Implants Market- Market Dynamics
Increasing number of transplants and a growing pool of people awaiting donors is expected to propel the market demand
Key drivers of the global Artificial Organs & Bionic Implants Market include the increasing number of transplants and a growing pool of people awaiting donors. In the U.S., there are more than 104,234 people on the national waiting list in 2023, with one person added every ten minutes, elevating the demand for artificial medical devices. Advancements in 3D bioprinting are pivotal in organ transplantation, reducing the risk of organ rejection. Additionally, artificial intelligence is poised to transform the global trends for artificial devices, focusing on customized assessments of organ and donor suitability for better decision-making in organ retrieval and acceptance.
Artificial Organs & Bionic Implants Market- Key Insights
As per the analysis shared by our research analyst, the global Artificial Organs & Bionic Implants Market is estimated to grow annually at a CAGR of around 9.7% over the forecast period (2023-2030)
The Artificial Organs & Bionic Implants Market is projected to grow at a significant rate driven by the increasing number of transplants and a growing pool of people awaiting donors.
Based on Type, the artificial organs segment was predicted to show maximum market share in the year 2022
Based on Technology, mechanical was the leading Segment in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Artificial Organs & Bionic Implants Market is segmented on the basis of Type, By Technology, and Region.
Based on the Type, the market is divided into two segments: artificial organs & artificial bionics. The market was predominantly driven by the artificial organs sector, primarily attributed to the growing demand for kidney, heart, lung, and liver transplants. Addressing the challenge of meeting this unmet demand has spurred the development of bio-lungs, artificial pancreas solutions, and portable artificial kidneys.
The market is categorized by Technology into two segments: Mechanical & Electronics Bionics. Regarding technological insights, in 2022, the mechanical segment emerged as the market leader. This can be attributed to the increasing incidence of organ failure cases and the cost-effectiveness associated with mechanical bionics. Mechanical artificial heart valves, characterized by their extended lifespan, FDA approvals, and favorable reimbursement policies, gained prominence. An illustrative example of this is the approval of Abbott's Portico with FlexNav TAVR system in September 2021.
Artificial Organs & Bionic Implants Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. Significant factors driving the growth of the market in the area include the rise in significant accidents involving amputations of limbs, fingers, and hands, among other body parts. The frequency of amputations in the United States is expected to rise due to aging, diabetes, and vascular disease, according to the December 2021 publication "Living Well After Amputation: Lessons in Innovation, Peer Support, and Health Policy." Furthermore, according to the previously cited source, 2.1 million individuals in the nation lost a limb in 2021, and 185,000 have their limbs amputated per year. It is anticipated that this would also raise the market for bionics and artificial organs. thereby propelling the expansion of the market in the area.
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In February 2022, HUMOTECH partnered with the University of Michigan to advance artificial organ research.