Medical Bionic Implant/Artificial Organs Market Overview
A bionic implant is an artificially engineered device that is implanted to replace a natural organ in a human, with the purpose to provide life support while awaiting a transplant and improves a patient’s ability to interact socially.
According to the report published by Market Research Future (MRFR), the medical bionic implant/artificial organs market is anticipated to grow exponentially and register a CAGR of 7.0% over the forecast period of 2018 to 2023.
The growing cases of organ failure have improved the demand for replaceable organs, which contributes to the market growth of the medical bionic implant/artificial organs market to a great extent. The prevalence of organ failure is found to be more common among the elderly consumers, as they are more vulnerable towards health issues such as gastrointestinal problems, ophthalmic diseases, cancer, orthopedic diseases, among others. Other influential factors such as technological advancements, a growing number of accidents and injuries, improving the government regulatory framework and assistance, and the increasing prevalence of eye diseases are constantly contributing to create growth in the global medical bionic implant/artificial organs market.
Despite these positive factors, issues connected with the medical bionic implant/artificial organs market are lack of skilled professionals, the high expenditure on devices, risk of malfunction of devices, and the comparatively poor healthcare system in low and middle-income countries may obstruct the growth of the market to an extent.
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Medical Bionic Implant/Artificial Organs Market Segmental Analysis
The market for global medical bionic implant/artificial organs is segmented by technology, product, fixation, end-user, and region.
Based on technology, the market is bifurcated as mechanical bionics and electronic bionics.
Based on the product, the market is classified as vision bionics, orthopedic bionics, ear bionics, neural/brain bionics, heart bionics, and others. Vision bionics is sub-segmented as bionic eye and others. Ear bionics are further segmented as Bone Anchored Hearing Aid (BAHA) and cochlear implant. Orthopedic bionics is sub-segmented as an exoskeleton, bionic leg, bionic hand, bionic finger, and electrical bone growth stimulators. The sub-segments of the bionic leg include bionic knee and bionic feet. electrical bone growth stimulators are sub-segmented into invasive bone growth stimulators and non-invasive bone growth stimulators. Heart bionics is sub-segmented as a total artificial heart, pacemaker, ventricular assist device, an artificial heart valve. The sub-segments of a pacemaker include implantable cardiac pacemaker and external pacemaker. The sub-segments of the artificial heart valve include a tissue heart valve and mechanical heart valve. Neural/brain bionics is sub-segmented as vagus nerve stimulators, deep brain stimulators, and spinal cord stimulators.
By fixation, the market is bifurcated into implantable and externally worn.
By end-user, the market has been segmented into research and academic institutes, hospitals and clinics, and others.
Medical Bionic Implant/Artificial Organs Market Regional Analysis
North America dominates the regional market for medical bionic implant/artificial organs due to the presence of major market players who have introduced advanced medical bionic implants.
Europe is the second largest region in the global medical bionic implant/artificial organs market, owing to the government aid towards research and development expenditure, and the rising cases of organ failure and connected difficulties, and are expected to drive the European market.
The Asia Pacific is assessed as the fastest growing medical bionic implant/artificial organs market owing to increasing demand for advanced treatments, a huge patient pool, and development in the healthcare technology. Healthcare expenditure is found to be improving in various Asia Pacific regions.
The Middle East & Africa hold the lowest share of the global market due to low development, poor medical facilities, and lack of technical knowledge.
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Medical Bionic Implant/Artificial Organs Market Key Players
The key market players in the global medical bionic implant/artificial organs market are, Biomet, Inc. (U.S.), NeuroPace, Inc. (U.S.), Boston Scientific Corporation (U.S.), St. Jude Medical, Inc. (U.S.)Cyberonics, Inc. (U.S.), Medtronic, Inc. (U.S.), Ekso Bionics (U.S.), Second Sight Medical Products, Inc. (U.S.), Aleva Neurotherapeutics SA (Switzerland), LivaNova PLC (U.K), Orthofix International N.V. (The Netherlands), Ossur (Iceland), Biocontrol Medical (Israel), and Cochlear Ltd. (Australia).