Artificial Organ And Bionics Market Expected To Fuel Industry Growth With $53.9 Billion By 2027: Grand View Research Inc.

 

The global artificial organ and bionics market size is expected to reach USD 53.9 billion by the year 2027, expanding at a CAGR of 9.6%, according to a new report by Grand View Research, Inc. Growing incidence of organ failure has resulted in massive growth in the human made organ and bionics devices. Rising demand for donors to transplant kidney, heart, lungs, liver, and pancreas is a major factor boosting market growth. Moreover, many biotechnology and medical device companies have begun to concentrate on the development of 3D printed bionic. These devices use myoelectric technology and sensory electric technology that enables mobility of synthetic human body parts.

Increasing number of product launches and speedy FDA approval of these devices are bridging the shortage of donors. Rising R&D in the field of synthetic human body parts is also boosting artificial organs and bionics market growth. For instance, February 2020, the U.S. FDA approved Carmat’s early feasibility study of its artificial heart. The device is an alternative for heart transplant for people suffering from end stage biventricular heart failure. Thus, with increasing healthcare expenditure and speedy FDA approval of synthetic human body parts, the market is expected to see robust growth during the forecast period.

The key drivers of the market for artificial organ and bionics are increasing number of transplants coupled with rising number of people waiting for donors. According to the Human Resource and Services Administration (HRSA), there are more than 112,000 people on the national waiting list in 2020 in U.S. According to the HRSA report, in every 10 minutes a person is added to the transplant waiting list in the U.S., thereby, increasing the demand for the artificial medical devices.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/artificial-organ-and-bionics/request/rs1

Major factors for organ failure are loss of blood, drug abuse, serious trauma, and other acute diseases. Furthermore, lifestyle disorders such as unhealthy dietary habits, smoking, alcohol consumption, and lack of exercise are also major reasons for organ failure. In addition, development in healthcare facilities and the availability of advanced artificial support systems is also expected to boost the demand for artificial organs and bionics.

Artificial Organ And Bionics Market Report Highlights

• Artificial organs segment was the largest revenue-generating amongst others due to escalating number of transplant procedures
• The bionics segment is also expected to witness the highest CAGR owing to advancement in products
• The kidney segment accounted for the largest market share of approximately 57.0% in the year 2020
• The cochlear implant segment is expected to register highest growth rate owing to increasing geriatric population
• North America was the leading regional segment in 2020 and is expected to maintain its position during the forecast period owing to presence of advance healthcare facilities
• Existence of large number of research laboratories, biotechnology, and medical device companies in North America is the major factor contributing to its large share.

Rising global geriatric population is primarily creating demand for organ implants. The number of people aged over 65 years of age receiving and seeking organ transplants is on the rise. Demand for artificial devices in the older population is highest as they are more susceptible to post-transplant malignancies. According to the HRSA, in 2020, there were 8,615 organ transplant procedures performed in the population aged above 65 in the U.S. Thus, increasing life expectancy and rising demand for organ donors is boosting the demand for artificial devices.

Rising regulatory approvals for artificial organs, and other materials along with the development of innovative products, such as 3D bioprinting has led to high demand for transplant products. This 3D bioprinting can be used to regenerate tissues and organs. For instance, in April 2020, Open Bionics 3D printed prosthetic arm in the U.S. The company develops 3D technologies to offer customizable 3D printed devices. Some of the prominent players in the artificial organ and bionics market include:

• Zimmer Biomet
• Medtronic
• Abbott
• ABIOMED, INC
• Berlin Heart Gmbh
• Biomet, Inc
• Boston Scientific Corporation
• Edward Lifesciences Corporation
• Ekso Bionics
• Heartware International, Inc
• Iwalk, Inc.
• Jarvik Heart, Inc
• SynCardia Systems, LLC.