What Has Been The Evolution of the Artificial Vital Organs And Medical Bionics Market in Recent Years?
The artificial vital organs and medical bionics market has seen considerable growth due to a variety of factors.
• The market for artificial vital organs and medical bionics has been witnessing robust growth in the past few years. It is projected to rise from $43.1 billion in 2024 to $46.95 billion in 2025 with a compound annual growth rate (CAGR) of 8.9%.
Factors such as increased public awareness and acceptance, enhanced surgical methods, lack of donor organs, the surge in chronic illnesses, more efficient regulatory procedures, and approvals have contributed to the growth during the historic period.
How Will the Artificial Vital Organs And Medical Bionics Market?
The artificial vital organs and medical bionics market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size of artificial vital organs and medical bionics is predicted to undergo considerable growth, with an expected monetary value of $65.24 billion in 2029, reflecting a compound annual growth rate (CAGR) of 8.6%.
The anticipated growth during this forecasted period can be associated with a rising incidence of organ failures, an increasing elderly population, escalating healthcare costs, a preference towards minimally invasive surgery, and advancements in regenerative medicine and tissue engineering. Key trends within this period include biotech innovations, healthcare investments from government and private sectors, advancements in biomaterials and biocompatible materials, intensified research and development, with improved patient outcomes.
What Key Factors and Trends Are Driving The Growth Artificial Vital Organs And Medical Bionics Market?
The mounting incidence of organ failure is predicted to fuel the expansion of the artificial vital organs and medical bionics market in the future. Organ failure, a serious condition characterized by an organ or multiple organs losing their core functionality, can lead to grave health issues and potentially fatal outcomes. The escalation in organ failures can be attributed to the increasing prevalence of chronic diseases like diabetes, hypertension, and heart disease, along with inherited conditions and genetic predispositions causing organ failure. Artificial vital organs and medical bionics offer a solution to organ failures by providing life support and reviving crucial functions in patients with impaired organs. For example, in January 2023, it was reported by the United Network for Organ Sharing, a US-based non-profit scientific and educational institution, that 42,887 organ transplants were undertaken in the United States in 2022. This marks a 3.7% increase from 2021 and sets a new annual record. Consequently, the growing incidence of organ failures is anticipated to propel the artificial vital organs and medical bionics market's expansion.
What Key Areas Define The Segmentation Of The Global Artificial Vital Organs And Medical Bionics Market?
The artificial vital organs and medical bionics market covered in this report is segmented –
1) By Type: Artificial Vital Organs, Medical Bionics
2) By Technology: Mechanical, Electronic
3) By Application: Hospitals, Clinics, Other Applications
Subsegments:
1) By Artificial Vital Organs: Artificial Heart, Artificial Kidney, Artificial Liver, Artificial Lungs, Artificial Pancreas
2) By Medical Bionics: Bionic Limbs, Bionic Eyes, Bionic Ears, Neural Implants, Bionic Organs
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How Are Emerging Trends Reshaping The Dynamics Of The Artificial Vital Organs And Medical Bionics Market?
Leading firms in the artificial vital organs and medical bionics market are progressing towards the creation of cutting-edge technology products, like the bionic pancreas, to improve patient results and meet the escalating need for sophisticated medical treatments. A bionic pancreas is a superior medical apparatus engineered to automatically regulate blood glucose levels in diabetic patients by imitating the actions of a healthy pancreas. For exemplification, Beta Bionics Inc., a medical technology firm based in the US, unveiled the iLet Bionic Pancreas in December 2023. This autonomous insulin delivery system streamlines diabetes management by autonomously modifying insulin distribution based on the user's weight. It renders the requirement for healthcare professionals to establish intricate settings such as correction factors, insulin-to-carb ratios or preset basal rates unnecessary, thereby relieving both patients and doctors of this responsibility.
Who Are the Key Players In The Artificial Vital Organs And Medical Bionics Market?
Major companies operating in the artificial vital organs and medical bionics market are:
• Abiomed Inc.
• Abbott Laboratories
• Medtronic Plc
• Fresenius Medical Care AG
• Asahi Kasei Corporation
• Boston Scientific Corporation
• Biomet Inc.
• Terumo Corporation
• Edwards Lifesciences Corporation
• Otto Bock Healthcare GmbH
• Nikkiso Co. Ltd.
• Cochlear Ltd.
• Ossur
• Cirtec Medical
• Heartware International Inc.
• Berlin Heart GmbH
• SynCardia Systems LLC
• Ekso Bionics Holdings Inc.
• Jarvik Heart Inc.
• CARMAT
• Iwalk Inc.
• BiVACOR Inc.
• Nano Retina Inc.
• Second Sight Medical Products Inc.
• St. Jude Medical Inc.
What Is The Most Dominant Region In The Artificial Vital Organs And Medical Bionics Market?
North America was the largest region in the artificial vital organs and medical bionics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial vital organs and medical bionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
