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The Asia-Pacific Artificial Organs & Bionic Implants Market is segmented by Product (Artificial Organs, Bionics), and Geography
The Asia-Pacific Artificial Organs & Bionic Implants Market is expected to grow with a CAGR of 15.2% in the forecast period. The growth of the market in the country can be attributed to the increasing incidence of disabilities and technological advancements leading to the enhanced applications.
As the cases of disabilities are increasing, the demand for bionic implants is also increasing which are the substitutes having both mechanical and robotic elements that are used as prosthetics as a replacement for broken body parts such as hand, legs, limbs, etc. therefore the increasing trauma and accidents in the region is boosting the market growth.
Furthermore, the increasing geriatric population who are more prone to organ failure is expected to boost the growth in the forecast period. According to the United Nations Population Fund 2019, one in four people in Asia and the Pacific will be over 60 years old by 2050. The geriatric population in the region will triple between 2010 and 2050, reaching close to 1.3 billion people. This increase in the trend of the population will help in boosting the overall market growth.
As per the scope of the market, artificial organs and bionics are man-made devices that can be implanted or integrated in humans, to either replace a natural organ or provide support for the purpose of restoring specific function or a group of related functions, helping the patient to return to his normal life.
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The orthopedic segment is found increasing which is attributed to the increasing number of road accidents and injuries requiring amputation. In the report of road accidents by the Government of India, 2018, a total of 4,67,044 road accidents has been reported by States and Union Territories, in the calendar year 2018, claiming 1,51,417 lives and causing injuries to 4,69,418 persons. India ranks first in the number of road accidents followed by China.
According to the National Bureau of Statistics of China, the country has recorded 63,194 fatalities in traffic accidents across the country for the year 2018. According to Statistics Bureau Japan, in the year 2018, there were 3,532 deaths due to road accidents. Therefore, the increasing road and transport injuries are boosting the segment growth in the region.
In addition, the increasing amputations and the causes for those like road accidents and diabetes are also boosting the segment growth.
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The Asia-Pacific Artificial Organs & Bionic Implants Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Some of the major players are Ossur, Boston Scientific Corporation, Otto Bock Holding GmbH & Co. KG, Medtronic plc, Zimmer Biomet, Edwards Lifesciences Corporation.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Incidence of Disabilities and Rising Number of Road accidents
4.2.2 Technological Advancements Leading to Enhanced Applications
4.3 Market Restraints
4.3.1 Expensive Procedures and Fear of Device Malfunction and its Consequences
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Artificial Organs
22.214.171.124 Artificial Heart
126.96.36.199 Artificial Kidney
188.8.131.52 Artificial Liver
184.108.40.206 Cochlear Implants
220.127.116.11 Vision Bionics
18.104.22.168 Ear Bionics
22.214.171.124 Orthopedic Bionic
126.96.36.199 Cardiac Bionics
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.2 Boston Scientific Corporation
6.1.3 Otto Bock Holding GmbH & Co. KG
6.1.4 Medtronic plc
6.1.5 Zimmer Biomet
6.1.6 Edwards Lifesciences Corporation
6.1.7 Sonova Holding AG
6.1.8 Abbott (St. Jude Medical, Inc.)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments