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The market is segmented by Type (Artificial Organ, Bionics) and Geography
Fastest Growing Market:
The major factors that are responsible for the growth of the artificial organs and bionics market includes the increasing incidence of disabilities and organ failures, technological advancements, and high incidence of road accidents leading to amputations.
Another primary factor is the scarcity of donor organs. The lack of availability of potential organs to transplant has been a major issue. The demand for organ donors is ever increasing, and is very high compared to the actual supply. According to a 2019 report by University of Pennsylvania there are more than 120,000 people awaiting transplantation in the United States. This has been a major boost for the artificial organ bionics market, as the patients cannot afford to wait in queue since the stakes are very high. Bionics and artificial organs are able to cater to the needs of those in need of organ transplantations and replacements. They can replicate the function of damaged organs.
However, the factors, such as the fear of device malfunction, risk of compatibility of artificial organs and their consequences, among others, may impact the market growth. These implants are also expensive, which has also been a restraining factor for the market growth.
Artificial organs are mechanical devices that can temporarily or permanently substitute for a body organ. The Artificial Organs are made by a human and are implemented in human bodies with living tissue, it can able to perform the original function of human body parts. Bionics refers to replacement or improvement of body parts by mechanical kinds.
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According to a 2019 report by Centers for Disease Control and Diagnostics, Diabetes is one of the most common causes of chronic kidney disease (CKD) and the primary cause of kidney failure. The data from the report indicates that the percentage of adults with diagnosed diabetes estimated to have advanced stage CKD (stage 3 or 4) increased from 19.5% in 1999–2004 to 24.5% in 2011–2014. Moreover, the prevalence of diabetes is increasing.
Hemodialysis is a method for removing waste products such as creatinine and urea, as well as free water from the blood when the kidneys are in kidney failure. The artificial kidney is used to clean the patient's blood. Hence, the other name for artificial kidney is also called a dialysis machine.
Dialysis is an important function of the body, which involves filtration and excretion of metabolic waste products, regulation of necessary electrolytes and fluids and stimulation of red blood cell-production. Hence, as the prevalence of kidney failure increases, the demand for artificial kidney is also expected to increase.
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Currently, North America dominates the market for artificial organs and bionics, and is expected to continue its stronghold for a few more years. In the North American region, the United States holds the largest market share. The rising prevalence of chronic diseases and increasing demand for non-invasive surgical procedures are helping in the dominance of the North American region in artificial organs and bionics market. The presence of developed healthcare infrastructure is also expected to propel the market.
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Majority of the artificial organs and bionics are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.
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 Organ Failures
4.2.2 High Incidence of Road Accidents Leading to Amputations
4.2.3 Scarcity of Donor Organs
4.2.4 Technological Advancements in the Artificial Organ and Bionics
4.3 Market Restraints
4.3.1 Expensive Procedures
4.3.2 Risk of Compatibility Issues and Malfunctions
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 Type
5.1.1 Artificial Organ
220.127.116.11 Artificial Heart
18.104.22.168 Artificial Kidney
22.214.171.124 Artificial Lungs
126.96.36.199 Cochlear Implants
188.8.131.52 Other Organ Types
184.108.40.206 Vision Bionics
220.127.116.11 Ear Bionics
18.104.22.168 Orthopedic Bionic
22.214.171.124 Cardiac Bionics
5.2.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East and Africa
5.2.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abiomed Inc
6.1.2 Asahi Kasei Medical Co., Ltd
6.1.3 Baxter International, Inc.
6.1.4 Berlin Heart GmbH
6.1.5 Boston Scientific Corporation
6.1.6 Cyberonics Inc.
6.1.7 Esko Bionics
6.1.9 Getinge AB
6.1.10 Medtronic Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments