North America Artificial Organs And Bionic Implants Market Size

North America Artificial Organs and Bionic Implants Market Analysis

The North America Artificial Organs And Bionic Implants Market size is estimated at USD 1.16 billion in 2024, and is expected to reach USD 1.65 billion by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).

• The COVID-19 pandemic had a significant impact on the market as the pandemic was often associated with heart and kidney failures. For instance, according to an article published by Scientific Reports in November 2022, a study was conducted in the United States that showed that COVID-19 impacts patients' organ systems, and it often results in organ failure, thereby increasing transplant waiting lists. Thus, the increased number of organ failures significantly impacted the market growth. However, as the pandemic has subsided currently, the studied market is expected to have stable growth during the forecast period of the study.
• Factors such as the increased incidence of disabilities and organ failures, the high incidence of road accidents leading to amputations, and technological advancements in artificial organs and bionics are expected to boost market growth.
• The increasing number of organ failures in the region is a major factor driving market growth. For instance, according to an article published by the Heart and Stroke Foundation of Canada in February 2022, it is estimated in Canada, there were 750,000 people living with heart failure in 2022, and 100,000 people are diagnosed with this incurable condition each year. The source also stated that heart failure touches one in three Canadians, either because they have it themselves or because it affects a family member or close friend. Thus, the high burden of heart failure rate in the country is expected to boost the market growth, as artificial hearts are often used for heart failure patients.
• Furthermore, the rising road traffic accident cases are also expected to boost market growth. For instance, according to the data published by Ontario Provincial Police in 2021, there were an estimated 60,544 road crash cases in Ontario, Canada, 2021, which increased by 8% when compared to the previous year. The source also stated that there were 7,215 collisions involving commercial motor vehicles in 2021, which increased by 17% compared to the previous year. There was a 26% increase in commercial motor vehicle collisions. Thus, the high incidence of road traffic incidents in the country is also expected to boost the usage of artificial organs and bionic implants during the forecast period of the study.
• Thus, due to the aforementioned factors, such as the rising prevalence of heart and kidney failures and the increasing number of road traffic accident cases, the studied market is expected to experience growth. However, the expensive procedures and the risk of compatibility issues and malfunctions are expected to hinder market growth.