Artificial Vital Organs and Medical Bionics Market Report

Market Insights

The global artificial vital organs and medical bionics market is expected to grow from USD 24.56 billion in 2022 to USD 41.22 billion by 2029 at a CAGR of 7.7% during the forecast period.

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What is Artificial Vital Organs and Medical Bionics?

Artificial vital organs and medical bionics are medical devices designed to replace or augment the functions of organs or tissues in the human body. These devices are used in patients who have lost organ or tissue function due to disease, injury, or congenital conditions. Artificial vital organs can include devices such as artificial hearts, lungs, kidneys, and pancreases, while medical bionics refers to devices that replace or enhance the function of limbs, eyes, ears, or other parts of the body.

Medical bionics can include prosthetic limbs, cochlear implants, and artificial eyes. These devices can significantly improve the quality of life for patients, allowing them to perform daily activities, regain mobility, and extend their lifespan. The market for artificial vital organs and medical bionics is expected to grow due to advancements in technology, increasing prevalence of chronic diseases, and an aging population.

Key Players

The major players operating in the global artificial vital organs and medical bionics market are:

• Abiomed, Inc.
• Berlin Heart Gmbh
• Biomet, Inc.
• Boston Scientific Corporation
• Cochlear, Ltd.
• Edwards Lifesciences Corporation
• Ekso Bionics
• Heartware International, Inc.
• Iwalk, Inc.
• Jarvik Heart, Inc.
• Lifenet Health
• BiVACOR Inc
• CARMAT
• Cirtec Medical
• Med-El Elektromedizinische Geräte G.M.B.H.
• Medtronic, Inc.
• Nano Retina, Inc.
• Orthofix International N.V.
• Ossur
• Otto Bock Healthcare GmbH
• Nikkiso CoLtd.
• SynCardia Systems LLC (Picard Medical Inc.)
• Second Sight Medical Products, Inc.
• Sonova Holding AG
• Stjude Medical, Inc.
• Sorin S.P.A.
• Terumo Corporation
• Thoratec Corporation
• Tibion Corporation
• Touch Bionics, Ltd.

Market Dynamics

Market Driver

There are several drivers in the artificial vital organs and medical bionics market such as growing prevalence of chronic diseases, technological advancements, aging population, shortage of donor organs, and increasing healthcare expenditure. The rising prevalence of chronic diseases such as heart disease, diabetes, and kidney disease is a major driver of the market.

These diseases often result in organ failure, which can be treated with artificial vital organs. Advances in technology, including 3D printing, nanotechnology, and robotics, have improved the design and function of artificial organs and medical bionics, leading to increased demand for these devices. The global population is aging, and the elderly population is more prone to chronic diseases and organ failure.

This demographic shift is driving the demand for artificial vital organs and medical bionics. There is a shortage of donor organs for transplantation, leading to long waiting times and a high demand for artificial vital organs. Increasing healthcare expenditure, particularly in emerging economies, is driving the adoption of artificial vital organs and medical bionics, as patients seek to improve their quality of life and extend their lifespan. These drivers are expected to contribute to the growth of the artificial vital organs and medical bionics market in the coming years.

Market Restraints

There are also several restraints in the artificial vital organs and medical bionics market, such as High cost, Regulatory challenges, Technical challenges, Ethical concerns, and Limited availability. Artificial vital organs and medical bionics can be expensive, and not all patients may be able to afford them.

This can limit the adoption of these devices, particularly in developing countries with limited healthcare budgets. The approval process for artificial vital organs and medical bionics can be lengthy and complex, which can delay the introduction of new devices to the market. Designing and developing artificial organs and medical bionics can be technically challenging, as these devices must replicate the complex functions of natural organs and tissues.

Technical difficulties can lead to delays in product development and commercialization. The use of artificial organs and bionics raises ethical concerns, particularly around issues of access, equity, and patient autonomy. These concerns can limit the adoption of these devices in some markets.

Despite advances in technology, the availability of artificial organs and medical bionics remains limited, particularly for complex organs such as the liver and pancreas. These restraints can limit the growth of the artificial vital organs and medical bionics market, although ongoing research and development efforts may help to address some of these challenges in the future.

Segment Analysis

Product Type Insights

The dominant segment in the global artificial vital organs and medical bionics market by product type is currently the heart bionics segment. This is because heart disease is one of the leading causes of death worldwide, and the demand for heart bionics such as artificial heart valves and pacemakers is increasing due to the rising prevalence of heart disease. Other important segments in the market include kidney bionics, ear bionics, exoskeletons, and others.

Geographic Analysis

As of 2022, North America is the dominating region in the artificial vital organs and medical bionics market. This can be attributed to factors such as the high prevalence of chronic diseases, the availability of advanced healthcare infrastructure, and favorable government initiatives supporting the development and adoption of medical bionics.

Additionally, the presence of key market players and significant investments in research and development activities further contribute to the growth of the artificial vital organs and medical bionics market in North America. However, the market is expected to witness significant growth in the Asia Pacific region in the coming years, due to the increasing healthcare expenditure, growing geriatric population, and rising prevalence of chronic diseases such as diabetes and cardiovascular diseases.

The Asia Pacific Artificial Vital Organs and Medical Bionics Market is experiencing several trends, including increasing demand due to the growing geriatric population and rising prevalence of chronic diseases such as diabetes and cardiovascular diseases. There is also a trend towards the development of affordable and accessible medical bionics to cater to the large patient population in the region.

Technological advancements and innovations are driving the growth of the market, as are strategic collaborations and partnerships among key players. Additionally, the increasing adoption of telemedicine and digital healthcare is expected to further drive the growth of the artificial vital organs and medical bionics market in Asia Pacific.

Some of the current trends in the Europe artificial vital organs and medical bionics market are increasing demand for organ transplants, growing preference for implantable devices, technological advancements, collaborations and partnerships, and increasing focus on regulatory compliance. The shortage of organ donors and increasing waiting times for transplants are driving the demand for artificial vital organs such as artificial hearts, lungs, and kidneys. There is a growing trend towards implantable medical bionics, which offer a more permanent solution compared to wearable or external devices.

There is ongoing research and development in the field of artificial vital organs and medical bionics, which is leading to the development of new and innovative devices with improved functionalities and reduced risks. Key players in the market are entering into partnerships and collaborations to expand their product offerings, increase their geographical reach, and accelerate innovation.

With the implementation of the new Medical Device Regulation (MDR) in the European Union, companies are increasingly focusing on ensuring compliance with the new regulations, which is expected to increase the quality and safety of medical bionics products.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

Recent Developments

• In February 2023, UNSW researchers unveiled a prototype device, which can directly 3D print living cells onto internal organs and could be used as an all-in-one endoscopic surgical tool.
• In February 2022, a team of Australian researchers at The University of Sydney, as part of a medical trial, implanted bionic eyes in a sheep flock, which resulted in exceptionally sharp eyesight. These sheep then spent three months with artificial bionic eyes.