Global Artificial Organs and Bionics Market Size

Artificial Organs and Bionics Market Analysis

The Global Artificial Organs and Bionics Market size is estimated at USD 29.84 billion in 2024, and is expected to reach USD 42.26 billion by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).

The market was impacted adversely during the initial phase of the pandemic due to the lockdowns and strict restrictions, globally. The number of transplants decreased during the initial phase of the pandemic. For instance, as per the article 'The Global Impact of COVID-19 on Solid Organ Transplantation: Two Years into a Pandemic' published in July 2022, over the course of 2020, there was an estimated 16% global decline in transplant activity. Kidney transplant and live donor programs were particularly affected, with significant negative spillover consequences for patients on the waiting list. In addition, as per the source mentioned above, even though the protocols were created and vaccination is undergoing to prevent the patients from the COVID-19 infection, transplant programs and solid organ transplant recipients continue to face challenges. Thus, the studied market was hampered during the pandemic phase. However, there was an increase in kidney diseases and cardiovascular diseases globally during the pandemic. This is anticipated to create demand for organ transplantations, creating opportunities for artificial organs and bionics during the later phase of the pandemic. Thus, COVID-19 has had a significant impact on the studied market.

Factors such as the rising incidence of organ failures, high incidence of road accidents leading to amputations, scarcity of organ donors, and technological advancements are anticipated to drive market growth over the forecast period. For instance, as per the article 'Organ donation in India - There is light at the end of the tunnel' published in April 2022, it is estimated that almost 5 lakh Indians face organ failure every year, and yet less than 2%-3% of them receive a life-saving transplant. This burden of organ failure is anticipated to create opportunities for artificial organs and the bionics market in India. Thus, this is anticipated to contribute to the global artificial organs and bionics market growth over the forecast period.

Moreover, according to the article 'Barriers to the donation of living kidneys for kidney transplantation' published in February 2022, the prevalence of kidney failure is increasing globally among end-stage kidney disease (ESKD) patients, but there is a lack of organ donors in most of the countries globally. Hence, as a kidney transplant is an important alternative for ESKD patients, the demand for artificial kidneys is increasing. This is expected to further fuel the market's growth.

Therefore, owing to the aforementioned factors, the market under study is expected to witness growth over the forecast period. However, strict regulations, compatibility issues, and malfunctions of the products are expected to hinder the market's growth.