Market Trends of Canada Artificial Organs and Bionics Industry
This section covers the major market trends shaping the Canada Artificial Organs & Bionic Implants Market according to our research experts:
Artificial Kidney Segment is Expected to Witness Significant Growth During the Forecast Period
Renal replacement therapy (Artificial Kidney) mimics the complex structure of the human kidney while maintaining the patient's quality of life. Artificial kidneys may be wearable or implantable options for kidney replacement therapy.
The artificial kidney segment is expected to register significant growth over the forecast period due to the rising number of transplant surgeries and the large population suffering from kidney diseases. According to the Canadian Institute for Health Information 2022, about 1,673 kidney transplants were performed in the country, and 3,060 people were waiting for a transplant as of December 31, 2021. According to the same source, about 105 people died in 2021 while waiting for a transplant. Therefore, such a huge demand for kidney transplantation in Canada is expected to drive the segment's growth.
The high prevalence of chronic kidney diseases is expected to drive the segment's growth. Chronic kidney disease is a result of kidney damage or decreased kidney function for three months or more. As per the Kidney Foundation of Canada 2022, 1 in 10 Canadian has kidney disease. Thus, such a high prevalence is driving the demand for artificial kidney transplants.
Ear Bionics May Show Healthy Growth During the Forecast Period
Ear bionics work by translating sound into nerve impulses that are transmitted to the brain, thereby assisting those with severe to profound hearing loss. For these devices, 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 demand for ear bionics led to increased initiatives from key market players to launch their products, thus driving the market's growth. For instance, in November 2022, the Cochlear Nucleus 8 Sound processor developed by Cochlear Limited was approved by the US FDA. By the end of 2022, the Nucleus 8 Sound Processor was marketed in the United States and Canada. Such launches and approvals in Canada are expected to drive the segment's growth.
According to Statistics Canada, in October 2021, 38% of adults aged 20-79 years had hearing loss, while 37% had tinnitus. Such a huge incidence of hearing problems in Canadian adults is expected to boost the segment's growth due to the rising development of hearing aids and bionics in the region.
Therefore, the growing number of hearing problems and the development of bionics for hearing are expected to drive the segment's growth.
