Global Medical Bionic Implant/Artificial Organs market report 2024, Forecast To 2033
4 Mar, 2024
The medical bionic implant/artificial organs market has seen strong growth, projected to rise from $22.56 billion in 2023 to$24.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. This growth is attributed to advances in materials science and growing acceptance of implantable devices. Forecasts suggest continued strong growth, with the market expected to reach $32.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. Drivers include bioprinting technology and regenerative medicine advancements. Major trends include advancements in prosthetics and the integration of AI.
Global Medical Bionic Implant/Artificial Organs Market Key Driver
The rise in road accidents and injuries is expected to propel the growth of the medical bionic implant/artificial organs market going forward. Road accidents and injuries refer to an incident on a public road that results in accidents and causing injuries to the victim. Artificial organ and tissue replacements are performed to repair organ damage that is primarily brought on by traumatic events including vehicle accidents, violent crimes, work-related injuries, or challenging births. For instance, in the US, nearly 42.9 thousand people died in motor vehicle accidents in 2021, according to the National Highway Traffic Safety Administration, a US-based government agency data in May 2022. Additionally, almost 1.3 million people died each year from road traffic injuries, according to the World Health Organization, a US-based specialized health agency in June 2022. Therefore, the rise in road accidents and injuries is driving the growth of the medical bionic implant/artificial organs market. Market projections for 2024 and 2028 indicate significant expansion in the medical bionic implant/artificial organs market.
Get A Free Sample Of The Global Medical Bionic Implant/Artificial Organs Market ReportGlobal Medical Bionic Implant/Artificial Organs Market Segments
The global medical bionic implant/artificial organs market covered in this report is segmented –
1) By Type: Bionic Implants, Artificial Organs
2) By Method Of Fixation: Implantable, Externally Worn
3) By Technology: Electronic, Mechanical
4) By Application: Hospitals, Clinics, Research and Academic Institutes, Other Applications
By Geography: The regions covered in the medical bionic implant/artificial organs market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the medical bionic implant/artificial organs market share in 2023. The regions covered in the medical bionic implant/artificial organs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Medical Bionic Implant/Artificial Organs Industry Players
Medtronic PLC, Boston Scientific Services Private Limited., Abbott Laboratories Inc., Zimmer Biomet Holdings Inc., Ekso Bionics Holdings Inc., Cochlear Limited, Cyberonics Inc., LivaNova PLC, NeuroPace Inc., Ossur India Private Limited, Vivani Medical Inc., St Jude Medical India Private Limited, LifeNet Health Inc., Ottobock SE & Co. KGaA, Edwards Lifesciences India Pvt. Ltd., SynCardia Systems LLC, Demant A/S, Berlin Heart GmbH, Conmed Devices Private Limited, Wright Medical Group N.V., Abiomed Inc., Baxter Laboratories Inc., Asahi Kasei Medical Co. Ltd., Getinge AB, Bornlife Prosthetic and Orthotic Inc., Sonova Holding AG, Biocontrol Medical Ltd., Orthofix International Inc., Aleva Neurotherapeutics SA, Second Sight Medical Products Inc., Touch Bionics Inc., Thoratec Corporation, CardiacAssist Inc., HeartWare International Inc., Synapse Biomedical Inc., Neurotech NA Inc., Retina Implant AG, Advanced Bionics AG, Med-El Elektromedizinische Geräte GmbH
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Medical Bionic Implant/Artificial Organs Market Overview
Medical bionic implant artificial organs refer to any machine, device, or other item employed to perform the functions of a damaged or absent organ or other portion of the human body. The medical bionic implant artificial organs are used to restore physical capability to a person with a disability, and a small, disparate set of implants that improve cardiac and neurological functions.
Medical Bionic Implant/Artificial Organs Global Market Report 2023 provides data on the global medical bionic implant/artificial organs market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The medical bionic implant/artificial organs market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.