What Factors Propelled The Growth Of The Medical Bionic Implant/Artificial Organs Market In The Past?
The medical bionic implant/artificial organs market has seen considerable growth due to a variety of factors.
• In recent times, there has been significant growth in the market size of medical bionic implant/artificial organs. The market will expand from a value of $23.71 billion in 2024 to $25.41 billion in 2025, showcasing a compound annual growth rate (CAGR) of 7.2%. The market's growth in the previous period can be tied to factors such as the rise in the elderly population, advancements in materials science, government backing and financial aid, increasing acceptance of implanted devices, and improvements in patient awareness and education.
How Will the Medical Bionic Implant/Artificial Organs Market Size In The Coming Years?
The Medical Bionic Implant/Artificial Organs market is expected to maintain its strong growth trajectory in upcoming years.
• It is predicted that the market for medical bionic implants and artificial organs will experience substantial growth in the coming years, expanding to $34.89 billion in 2029 with a compound annual growth rate (CAGR) of 8.2%.
Factors contributing to this anticipated growth in the forecasted period involve developments in bioprinting and tissue engineering, the rise of biohybrid implants, a heightened focus on cardiac bionics, improved sensory feedback, and regenerative medicine's role in bionics. Noteworthy trends identified for this forecasted period include progress in prosthetics and orthotics, a heightened emphasis on brain-machine interfaces (BMIS), the use of bionic organs for transplant, the role of 3D printing in bionic implant creation, and the incorporation of artificial intelligence (AI), wireless connectivity, and remote monitoring.
Which Factors Are Boosting Growth In The Medical Bionic Implant/Artificial Organs Market?
The escalating rate of road mishaps and associated injuries could catalyze the expansion of the medical bionic implant/artificial organs industry. The term 'road accidents and injuries' refers to the incidence of mishaps on public thoroughfares that result in crashes and wounding of individuals. Procedures involving artificial organs or tissue replacements are typically necessitated due to organ damage resulting chiefly from traumatic occurrences, comprising vehicular incidents, violent crime, work-induced injuries, or problematic childbirth. For example, the National Highway Traffic Safety Administration, a US federal agency dedicated to the realm of transport safety, reported in May 2022 a rise of 10.5% in fatalities from motor vehicle crashes, estimating roughly 42,915 mortalities, as compared to the previous figure of 38,824 deaths over the preceding two years. Hence, the increased incidence of road accidents and injuries is a contributing factor fueling the growth of the medical bionic implant/artificial organs market.
What Key Areas Define The Segmentation Of The Global Medical Bionic Implant/Artificial Organs Market?
The 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
Subsegments:
1) By Bionic Implants: Bionic Limbs, Bionic Eyes, Cochlear Implants, Artificial Organs
2) By Artificial Organs: Artificial Hearts, Artificial Kidneys, Artificial Livers, Artificial Pancreas
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How Are Emerging Trends Reshaping The Dynamics Of The Medical Bionic Implant/Artificial Organs Market?
Strategic collaborations have emerged as a pivotal trend in the medical bionic implant/artificial organs market. Numerous companies in the industry are entering into alliances to fortify their market standing. For example, a collaboration was initiated in September 2024 between Beta Bionics, a US medical equipment manufacturer, and Abbott Laboratories, a US-based medical device firm, with the target of integrating the iLet Bionic Pancreas with Abbott's FreeStyle Libre 3 continuous glucose monitoring (CGM) system. The objective of this collaboration is to improve diabetes management for patients using the iLet Bionic Pancreas by integrating it seamlessly with Abbott's sophisticated CGM technology. Additionally, in February 2022, HUMOTECH, a US-based artificial organs research company, formed a partnership with the University of Michigan, a public research university in the US. The aim of this partnership is to expedite the development of advanced bionic leg control software, potentially granting prosthetic users the power and natural movement of a human leg. As a result of this collaboration, HUMOTECH is creating new versions of the open-source leg for prosthesis users and researchers.
Who Are the Key Players In The Medical Bionic Implant/Artificial Organs Market?
Major companies operating in the medical bionic implant/artificial organs market include:
• 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
What Is The Most Dominant Region In The Medical Bionic Implant/Artificial Organs Market?
Asia-Pacific was the largest region in the medical bionic implant/artificial organs market share in 2024. 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.
