Market Trends of Australia Artificial Organs And Bionic Implants Industry
Artificial Kidney Segment is Expected to Show Better Growth in the Forecast Years
- The artificial kidney segment is expected to witness significant growth in the artificial organs and bionic implants market over the forecast period owing to factors such as the rising kidney transplantation, rising prevalence of renal failures, and increasing chronic diseases such as diabetes leading to kidney disease.
- According to the Australian Government Organ and Tissue Authority 2022, 713 kidney transplantations took place in Australia in 2022 compared to 656 in 2021. Furthermore, according to the same source, there are currently around 1,800 Australians on the waitlist for a kidney transplant. Therefore, the rising kidney transplantations and the huge demand for organs are anticipated to drive the segment growth.
- The increasing number of kidney diseases among the population is the key factor driving the market growth. For instance, as per the data published by the Australian Institute of Health and Welfare, in August 2022, in 2020-2021, about 42,300 emergency department patients (14,900 males and 27,400 females) had chronic renal disease as the primary diagnosis. Also, 13,100 emergency department patient visits had a primary diagnosis of acute renal failure, which accounts for 31% of all chronic kidney disease (CKD) related emergency department visits.
- Furthermore, according to NPS MedicineWise update in November 2022, One in 10 Australian adults have signs of probable chronic kidney disease (CKD), and in Aboriginal and Torres Strait Islander peoples, the prevalence is even higher, affecting nearly one in five adults. Thus, the rising number of acute kidney failure cases is expected to increase the demand for artificial kidney transplants, which in turn is anticipated to propel the market growth over the forecast period.
- Furthermore, according to the statistics published by the International Diabetes Federation in 2022, 1,491.8 people were living with diabetes in Australia in 2021. In addition, as per the same source, this number is projected to reach 1,693 by 2030 and 1,935.2 by 2050. Thus, the high blood sugar from diabetes can damage blood vessels in the kidney as well as nephrons, leading to kidney disease and kidney failure. This is expected to increase the demand for organ transplantation, which in turn is anticipated to propel the market growth over the forecast period.
- Therefore, owing to the aforementioned factors, such as rising kidney transplantation and high prevalence of chronic kidney diseases, the segment is expected to witness growth over the forecast period.
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Ear Bionics is Expected to Hold a Significant Market Share Over the Forecast Period.
- Cochlear implants/Ear Bionics work by translating sound into nerve impulses that are transmitted to the brain, thereby assisting those with severe to profound hearing loss. In ear bionics, electrodes are implanted inside the cochlea, and a transmitter is put beneath the skin behind the ear (a cone-shaped tube in the inner ear).
- The rising prevalence of hearing loss in Australia is expected to drive the segment growth over the forecast period. According to the Australian Government Department of Health and Aged Care, in August 2022, there are about 3.6 million people who have some level of hearing loss in Australia, and more than 1.3 million people live with a hearing condition that could have been prevented. Furthermore, according to the same source, the number of people with a hearing impairment is estimated to reach 7.8 million in 2060. Such prevalence of hearing loss in Australia is anticipated to drive segment growth due to the increased adoption of ear bionics in Australia.
- Furthermore, the rising initiatives from the key market players in introducing innovative products in the market are also expected to propel the growth of the segments. For instance, in September, Such initiatives will lead to increased adoption of these products, driving the market growth. The Astellas RX+ Healthcare Innovation Challenge for 2021 has been won by Augmented Bionics, Australia.
- The medical technology startup received rewards of USD 30,000 to help fund the creation of the first non-surgical bionic ear for those with profound hearing loss. Such funding for innovative products will lead to increased development and adoption of ear bionics, driving segment growth.
- Therefore, factors such as the rising prevalence of hearing loss, accompanied by the rising initiatives from the key market players, are expected to drive the segment growth.
