According to the Market Statsville Group (MSG), the global artificial organ and bionics market size is expected to grow from USD 25,642.9 million in 2021 to USD 55,235.5 million by 2030, at a CAGR of 8.9% from 2022 to 2030. Artificial organs and bionic implants are created medical devices that can be worn externally or implanted. Artificial organs serve as replacements for natural organs and are implanted in the body if a natural organ fails or if any organ is destroyed by an external event such as an accident. Excessive blood loss, substance addiction, severe trauma, and other acute disorders are the most common causes of organ failure. Furthermore, lifestyle diseases such as poor eating habits, smoking, excessive alcohol use, and a lack of exercise are key causes of organ failure.
Bionic implants are implantable devices that contain mechanical and electrical components. They are classified as biology and electronics. They are also upgraded forms of robotic technology. Biomaterials, which are synthetic substances that interact with biological systems utilised for medical reasons, are employed in the construction of artificial organs and bionic implants.
The prevalence of transplants, combined with an increasing number of patients waiting for donors, is the primary force driving market expansion. The number of persons over the age of 65 getting and requesting organ transplants is increasing dramatically. Thus, the growing geriatric population is driving up demand for organ implants.
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COVID–19 Impact on the Global Artificial Organ and Bionics Market
The COVID-19 pandemic had a negative impact on the market for artificial organs and bionics. Patients with disabilities and organ failure experienced additional hurdles as a result of the epidemic. Many medical institutions were confined to non-elective treatments and operations due to social distance and instead provided patients with impairments video conferencing to overcome market expansion limits. Furthermore, there are therapeutic constraints that have impeded market growth.
Global Artificial Organ and Bionics Market Dynamics
Artificial organs and bionics implants are expected to be in high demand due to technological advancements in the healthcare industry and the availability of superior artificial support systems. The rising number of elder populations receiving artificial organ transplants is propelling the industry forward.
Certain costs associated with device manufacturing make it extremely difficult for middle-class people as well as individuals in developing countries. This aspect will impede the market’s overall growth. Certain reimbursement regulations are ambiguous and challenging, making it extremely difficult for people to afford artificial organs and bionics. Furthermore, an artificial heart transplant might result in death or serious damage, stifling market growth. The expensive cost of artificial organs and the lengthy approval procedure are projected to stymie the artificial vital organs and medical bionics market.
Improvements in the compatibility and durability of organ implants, and targeted research on reducing complication rates, are predicted to drive the artificial vital organs and medical bionics market growth over the forecast period. Since it minimizes the chances of organ refusal, 3D bioprinting is more popular than traditional bioprinting. Artificial vital organs and medical bionics market manufacturers are projected to benefit from advanced biomaterials in artificial organs, as well as lucrative opportunities in emerging nations..
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Scope of the Global Artificial Organ and Bionics Market
The study categorizes the artificial organ and bionics market based on product and technology at regional and global levels.
By Product Outlook (Sales, USD Million, 2017–2030)
- Artificial Organs
- Artificial Bionics
- Cochlear implant
- Bionic limbs
- Vision bionics
- Brain bionics
By Technology Outlook (Sales, USD Million, 2017–2030)
- Mechanical bionics
- Electronic bionics
By Region Outlook (Sales, USD Million, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
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Mechanical bionics segment accounts for the largest market share by technology
Based on the technology, the artificial organ and bionics market is divided into mechanical bionics, electronic bionics. Mechanical bionics segment led the market in 2021. This is due mostly to the increasing prevalence of organ failure and the cheap cost of mechanical bionics. Mechanical prosthetic heart valves survive far longer than conventional choices, resulting in high demand. Rapid FDA approvals and reimbursement policies are also factors driving expansion. For instance, the FDA approved Abbott’s Portico with FlexNav TAVR system in September 2021 to treat patients with symptomatic and aortic stenosis who are at high or very high risk for open-heart surgery.
Asia Pacific accounts for the highest CAGR during the forecast period by Region
Based on the regions, the global artificial organ and bionics market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific market is predicted to grow at the quickest rate with the highest CAGR over the forthcoming period due to rising economies such as Japan, China, and India. These countries have a sizable population and a high prevalence of chronic illnesses. With surge in chronic illnesses can cause organ failure is projected to drive the creation of artificial organs and bionics devices.
As a result, such market trends are likely to assist Asia–Pacific in dominating the overall market.
Key Market Players in the Global Artificial Organ and Bionics Market
The global artificial organ and bionics market is highly competitive, with key industry players adopting strategies such as partnerships, acquisitions, product development, agreements, and expansion to strengthen their market positions. Most companies in the market are indulged in expanding business across regions, enhancing their capabilities, and molding strong partner relations.
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Major players in the global artificial organ and bionics market are:
- Zimmer Biomet
- ABIOMED, INC
- Berlin Heart Gmbh
- Biomet, Inc
- Boston Scientific Corporation
- Edward Lifesciences Corporation
- Ekso Bionics
- Heartware International, Inc
- Iwalk, Inc.
- Jarvik Heart, Inc
- SynCardia Systems, LLC
- LifeNet Health
- Orthofix Holdings Inc
- BionX Medical Technologies
- Gambro AB
- Cochlear Ltd