Australia Artificial Organs And Bionic Implants Market Size

Australia Artificial Organs And Bionic Implants Market Analysis

Australia artificial organs and bionics market is expected to register a CAGR of 7.1% over the forecast period.

• The COVID-19 pandemic impacted the studied market significantly. During the initial phase of the pandemic, the number of organ transplants and surgeries decreased to avoid the contamination and spread of coronavirus. According to the study published in Kidney International in October 2020, the Australian National Transplantation and Donation Rapid Response Taskforce recommended the suspension of all adult kidney transplantation as early post-transplant COVID-19 could result in severe illness and mortality. Only urgent heart, lung, liver, and pediatric transplantation continued, following a case-by-case assessment of risks and benefits. Such instances led to a negative impact on market growth during the pandemic. However, with resumed services and transplantation procedures, the studied market is expected to witness significant growth over the forecast period. Furthermore, post-pandemic, the market is expected to drive significantly to transplant organs in patients who lagged during the pandemic.
• Certain factors that are propelling the market growth are the rising number of chronic diseases and technological advancements in artificial organs and bionics. The increasing prevalence of chronic diseases such as cardiovascular disease, diabetes, kidney diseases, and others is the key factor driving the market growth due to the rise in demand for artificial organs. For instance, according to the Australian Institute of Health and Welfare, in 2022, almost half (47%, or 11.6 million) of Australians were estimated to have one or more common chronic health conditions, including diabetes, cancer, and chronic kidney disease in the year 2021. Such a huge number of chronic diseases in the Australian population is anticipated to drive market growth due to the increased adoption of artificial organs in organ failure patients.
• Additionally, as per the data published by the Australian Institute of Health and Welfare in August 2022, it has been observed that in Aboriginal and Torres Strait Islanders, 292 males and 677 females per 100,000 population have chronic kidney diseases, respectively, in 2021. As per the same source, Indigenous Australians were 4.6 times more likely to be diagnosed with chronic kidney disease than their non-Indigenous counterparts. Thus, the rising burden of kidney disease among the population can lead to kidney failure, which is expected to increase the demand for medical bionics and artificial kidney transplants, thereby propelling market growth.
• Furthermore, the rising initiatives from researchers in Australia are expected to drive market growth over the forecast period. For instance, in December 2021, biomedical researchers at the University of Sydney and UNSW developed a bionic eye that has shown to be safe and stable for long-term implantation in a three-month study, paving the way for human trials. Such innovations by the researchers will lead to rising approvals in Australia, leading to increased adoption and market growth.
• Therefore, factors such as the rising prevalence of chronic diseases such as cardiovascular disease, diabetes, kidney diseases, and others is the key factor driving the market growth. Furthermore, technological advancements in artificial organs and bionics are expected to drive market growth. However, the high cost of the procedure is likely to impede market growth over the forecast period.