Wearable Artificial Organs Market is Expected to Reach US$ 17,457.2 million by 2027
Medical Bionics is a multidisciplinary field of research combining biology and electronics to develop implantable devices designed to provide long-term safe and effective sensory or motor function following damage to nerve or muscle tissue. Importantly, there are many devices currently undergoing development, fueling the expectation that this field will undergo major expansion over the next decade. These devices consist of retinal prostheses for providing visual cues for the blind; Functional Electrical Stimulation (FES) to assist paraplegics to stand and walk; DBS to treat severe depression and related psychiatric disorders; vestibular prostheses to assist patients with severe balance disorders, and recording/feedback devices such as brain-computer interfaces and peripheral nerve recording arrays to control computer-assisted devices including artificial limbs.
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For many decades, the substitution or enhancement of damaged human tissue with artificial devices and systems has been a critical aspect of health care. An estimated 2 million patients worldwide are affected by kidney failure and the number of patients diagnosed with the disease continues to increase at a rate of 5-7% per year. Taiwan, Japan, Mexico, the United States, and Belgium currently have the highest prevalence of kidney failure. And while extensive data on worldwide mortality rates is lacking, a 2007 report shows that U.S. mortality risk was 15% higher than in Europe and 33% higher than in Japan on comparable treatment modalities. The best and most cost-effective treatment option for end-stage organ failure remains the donation and transplantation of organs. Organ scarcity, religion, under-represented ethnic groups, consent problems, lack of comprehension, and general ethical issues, however, present difficult obstacles to organ donation, reflecting the difficulty of graft recruitment and allocation. As they wait for a donated kidney to become available, most patients with kidney disease require dialysis. For a kidney transplant, the average time a person spends on the waiting list is 2 and a half to 3 years, but it may be shorter or longer than this.
Abbott Laboratories, Cochlear Ltd., Cyberdyne, Demant A/S, Ekso Bionics, MED-EL, Medtronic, ReWalk Robotics, Second Sight Medical Products, Sonova are some of the prominent players operating in the global Wearable Artificial Organs market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
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Insights Presented in the Report
“Amongst technology, electronic segment holds the major share”
Based on the technology type, the market is fragmented into mechanical and electronic. The electronic segment dominated the market with a share of 69.7% in 2020 and is expected to maintain its dominance during the forecast period owing to the technological advancement and rising adoption of these devices.
“Amongst product, the kidney is anticipated to grow at the highest CAGR during the analyzed period”
Further based on the product, the market is mainly bifurcated into kidney, pancreas, cochlear implants, exoskeleton, bionic limbs, brain bionics, vision bionics. In 2020, cochlear implants accounted for a maximum market revenue share of 34.7% and is expected to remain dominant during the analyzed period. However, the kidney segment is anticipated to grow at the highest CAGR over the forecast period and reach a market evaluation of US$ 6,253.5 million. In 2017, Global Burden of Disease Chronic Kidney Disease Collaboration reported in The Lancet that the prevalence of chronic kidney disease (CKD) was 9.1% across 195 countries, including 5.0% stages 1-2, 3.9% stage 3, 0.16% stage 4, 0.07% stage 5, 0.041% dialysis, and 0.011% kidney transplantation.
“North America signifies one of the largest markets of Wearable Artificial Organs Market”
For a better understanding of the market dynamics of the Wearable Artificial Organs market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World has been conducted. North America dominated the market and generated revenue of US$ 2,703.1 million in 2020 owing to the increasing dialysis in ESKD patients, presence of high disposable income, and increase in funding for R&D activities associated with Wearable Artificial Organs. Nearly 750,000 patients per year in the United States and an estimated 2 million patients worldwide are affected by kidney failure.
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