Global Artificial Organ And Bionics Market Size 2024, Forecast To 2033
6 Mar, 2024
The artificial organ and bionics market size has grown rapidly in recent years. It will grow from $30.32 billion in 2023 to $33.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to rising chronic diseases, medical innovation and research, growing acceptance of transplants, government initiatives and funding, improvements in biocompatibility. The artificial organ and bionics market size is expected to see rapid growth in the next few years. It will grow to $50.71 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing healthcare expenditure, personalized medicine, regulatory support and streamlined approvals, rapid advancements in 3D printing, collaborations and partnerships. Major trends in the forecast period include miniaturization and wearable technology, technological advancements, advanced materials integration, AI and machine learning in design, 3D printing and bioprinting advancements.
Global Artificial Organ And Bionics Market Key Driver
The escalation in healthcare expenditure is anticipated to drive the expansion of the artificial organ and bionics market in the foreseeable future. Healthcare expenditure encompasses the total resources allocated to healthcare and associated activities, encompassing private and public health insurance, health research, and public health initiatives. Increased investment in healthcare fosters technological advancements, facilitating the development of more sophisticated artificial organs. These advancements may include enhancements in materials, designs, and manufacturing methodologies. Data from the Centers for Medicare and Medicaid Services indicate a 4.3% growth in national health expenditures in the United States in 2022, marking an increase from the 2.7% growth observed in 2021. Thus, the rise in healthcare expenditure serves as a driving force behind the artificial organ and bionics market, which is poised for significant growth by 2028.
Get A Free Sample Of The Global Artificial Organ And Bionics Market ReportGlobal Artificial Organ And Bionics Market Segments
The artificial organ and bionics market covered in this report is segmented –
1) By Product: Artificial Organs, Artificial Bionics
2) By Fixation Type: Implantable And Externally-Worn, Cardiac Bionics And Brain Bionics
3) By Technology: Mechanical Bionics, Electronic Bionics
By Geography:The regions covered in the artificial organ and bionics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the artificial organ and bionics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global artificial organ and bionics market report during the forecast period. The regions covered in the artificial organ and bionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Artificial Organ And Bionics Industry Players
Abiomed Inc., Baxter International Inc., Berlin Heart GmbH, Boston Scientific Corporation, Ekso Bionics Holdings Inc., Össur hf, Medtronic plc, Zimmer Biomet Holdings Inc., Abbott Laboratories, Edwards Lifesciences Corporation, iWalk Inc., Jarvik Heart Inc., SynCardia Systems LLC, Nipro Corporation, Open Bionics Ltd., Second Sight Medical Products Inc., Cochlear Limited, HeartWare International Inc., Cyberonics Inc., Getinge AB, Bornlife Prosthetic and Orthotic Inc., Sonova Holding AG, Touch Bionics Limited, Orthofix Medical Inc., Ottobock SE & Co. KGaA, Terumo Corporation, LivaNova PLC, MED-EL Elektromedizinische Geräte GmbH, Retina Implant AG, Stryker Corporation, Smith & Nephew plc
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Artificial Organ And Bionics Market Overview
Artificial organs and bionics refer to any machine, or device that has been used to replace the functions of a defective or missing organ of the body and bionics is the science of constructing artificial systems that are having few characteristics of living systems. The use of artificial organs is to increase a person's life.
Artificial Organ And Bionics Global Market Report 2023 provides data on the global artificial organ and bionics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The artificial organ and bionics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.