Artificial Vital Organs And Medical Bionics Market Size, Status, Dynamic, Growth, Share And Foresight 2019-2028
Artificial vital organs are man-made or artificially-created electronic or electromechanical machines, devices, or other materials that enhance or substitute a human beings’ natural biological capability by replacing missing or faulty organs. Medical bionics refers to the study of these artificial vital organs and their mechanical systems.
Earlier options for artificial organs transplant were limited or unavailable. A recipient required an organ to be donated by another living or dead human being. However, there are still several major challenges for anyone seeking or having to undergo an organ transplant. Organs and donors are subject to availability, and may not always be successful, and there is the primary challenge or finding a proper match for replacement. These are major factors driving demand for artificial organs and medical bionics, which is expected to fuel growth of the global artificial vital organs and medical bionics market over the forecast period.
Increasing aging population and increase in the number of cases associated with heart failure, and pancreas and lung disease is another major growth driving factor. In addition, limb loss owing to congenital factors, accidents, armed conflicts, civil war, and industrial accidents is expected to fuel growth of the global artificial vital organs and medical bionics market during forecast period. However, high-cost associated with research and development due to requirement of substantial resources, lack of satisfactory standards and methods, and physiological threats such as disabling injury or death are major factors restraining growth of the global artificial vital organs and medical bionics market.
Collective efforts of governments to launch universal health coverage schemes and increasing awareness about public and private reimbursement policy coverages are some trends expected to boost adoption rates and create opportunities for players in the global artificial vital organs and medical bionics market during the forecast period.
North America market leads among other markets in the global artificial vital organs and medical bionics market, and the trend is excepted to continue over the forecast period. Asia Pacific market is expected to register highest growth rate than markets in other regions owing to increasing number of new product approvals by regulatory bodies, growing healthcare expenditure, enhanced healthcare facilities and infrastructure.
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Due to increasing prevalence of high blood sugar, hypertension, post-surgery infections, glomerular diseases, injury or burns, HIV, and other risk factors and continually increasing number of patients suffering from neurological conditions, artificial kidney segment and brain bionics segment currently account for largest revenue in the global market. Moreover, artificial liver segment is expected to be the fastest growing product segment in the next five years. Demand for exoskeletons is also expected to increase rapidly owing to increasing prevalence of chronic lung diseases such as COPD and disadvantages or challenges in using mechanical ventilators, and application in rescue, emergency response, home healthcare, and patient rehabilitation.
Some key players in the market include Abbott Diabetes Care, Abiomed Inc., Asahi Kasei Medical Co. Ltd., Baxter International Inc., Gambro AB, Medtronic Inc., Nikkiso Co. Ltd., SynCardia Systems Inc., Ossur Hf, WorldHeart Corp., Ekso Bionics, Touch Bionics, Ottobock Healthcare Gmbh, Second Sight Medical Products Inc., and others.