Bionic implants are known for being artificially engineered devices that can be implanted inside a human to assist or replace a natural organ. The technology has gained traction as a life support to prevent immediate death and improve patient’s condition. The global Medical Bionic Implant/Artificial Organs Market Growth is looking forward for market situations where it can achieve 7% CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR) in their detailed report talked about several factors that can influence the global market growth.
Factors like increasing accidents & injuries, increasing government assistance, improving regulatory framework, technological advancements, and others can inspire growth for the global medical bionic implant/artificial organs market.
However, lack of skilled professionals, costly devices, and poor healthcare system in developing countries can detract the market from the market to an extent.
Several companies are making their grounds strong in the global medical bionic implant/artificial organs market by implementing various strategies. These strategies include merger, acquisition, innovation, branding, marketing, and others. MRFR enlisted several companies in the report to understand the market flow. These companies are Biocontrol Medical (Israel), Aleva Neurotherapeutics SA (Switzerland), Boston Scientific Corporation (U.S.), Biomet, Inc. (U.S.), Cyberonics, Inc. (U.S.), Cochlear Ltd. (Australia), LivaNova PLC (U.K), Ekso Bionics (U.S.), NeuroPace, Inc. (U.S.), Medtronic, Inc. (U.S.), Second Sight Medical Products, Inc. (U.S.), Ossur (Iceland), Orthofix International N.V. (The Netherlands), and St. Jude Medical, Inc. (U.S.).
In September 2019, researchers from the Harvard University announced the launching of a new method to print human organs on a 3D printer. The technique is called SWIFT or sacrificial writing into functional tissue.
The global medical bionic implant/artificial organs market has been segmented for the report published by MRFR that can facilitate better understanding of the market. These segments are technology, product, fixation, and end-user. These segments hold details of various factors that can impact the market in the coming years.
Based on the technology, the medical bionic implant/artificial organs market can be segmented into mechanical bionics and electronic bionics.
By product, the medical bionic implant/artificial organs market includes vision bionics, heart bionics, neural/brain bionics, ear bionics, orthopedic bionics, and others. Vision bionics segment includes bionic eye and others. Ear bionics segment encompasses cochlear implant and Bone Anchored Hearing Aid (BAHA). Orthopedic bionics segment covers bionic finger, bionic hand, bionic leg, exoskeleton, and electrical bone growth stimulators. The sub-segments of bionic leg can be segmented into bionic knee and bionic feet. The sub-segments of electrical bone growth stimulators reveal invasive bone growth stimulators and non-invasive bone growth stimulators. Heart bionics segment includes pacemaker, ventricular assist device, total artificial heart, and artificial heart valve. The sub-segments of pacemaker cover implantable cardiac pacemaker and external pacemaker. The segmentation of artificial heart valve includes mechanical heart valve and tissue heart valve. Neural/brain bionics centers around vagus nerve stimulator, deep brain stimulators, and spinal cord stimulators.
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Based on the fixation, the medical bionic implant/artificial organs market encompasses implantable and externally worn.
By end-user, the medical bionic implant/artificial organs market has better understanding of hospitals & clinics, research & academic institutes, and others.
The region-specific study of the global medical bionic implant/artificial organs market includes the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). Such an analysis has better understanding of various demographic challenges and dynamics, which can ensure better market understanding.
The Americas has the better the medical bionic implant/artificial organs market stance and it depends mostly on the performance of North America. The US, Canada, and others are expected to gain substantially in the coming years due to their robust infrastructure and superlative market condition. Europe is following similar footsteps owing to which the regional presence is becoming stronger. The APAC market is benefiting from several countries taking initiatives to revamp their market infrastructure. The regional market is banking on countries like China, India, and others for definite growth.