Increased Life Expectancy to Drive the Global Artificial Vital Organs and Medical Bionics Market
Artificial vital organs and medical bionics are technologically advanced devices that help to restore organ functions in human thereby increasing his or her life expectancy. While artificial vital organs are implanted in the human body to restore body functions, medical bionic devices combine electronic and mechanical aspects of biology to replace limb functioning or other organs.
With phenomenal advancement in healthcare technology, organ transplantation is a realistic surgical approach to serve patients suffering from organ failure of acute nature. The growing patient pool of mortality due to organ failure has led to scope of evolution and advancement of artificial organs. Presently, artificial organs are used as a functional bridge-to-transplant and a reliable therapy for patients who have failed organs or other disabilities.Global artificial vital organs and medical bionics market was worth US$17.5 billion in 2011 and is estimated to value US$32.3 billion by 2018.
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Increasing R&D Activities and New Product Approval to Spur the Artificial Vital Organ and Medical Bionics Market
Globally, the artificial vital organs and medical bionics market is witnessing growth due to expanding gap in the list of patients waiting to receive organ transplantation and number of organ donors. Moreover, with growing number of occupational and age-related disabilities, the demand for viable patient alternatives is on the rise, which is significantly driving the artificial vital organs and medical bionics market. Moreover, increased R&D activities and product approval for different diseases and disabilities will further spur the growth of the market.
The artificial vital organs and medical bionics market is classified and analyzed on the basis of product types. While the artificial vital organs include artificial kidney, artificial pancreas, artificial heart, artificial liver, and artificial lungs, the medical bionics product can be segmented into vision bionics, ear bionics, exoskeleton, brain bionics, bionic limbs, heart valves, and cardiac bionics. Of these, artificial kidney product segment accounts for the largest share of the artificial vital organs market.
Improved Patient Outcomes to Drive the Artificial Vital Organ and Bionics Market in Developing Countries
The high prevalence of severe renal failure in developed countries has increased the use of hemodialysis equipments in the artificial vital organs and medical bionics market. Additionally, higher incidences of accidents, injuries, and disabilities that lead to amputations are driving growth for medical bionics market. Moreover, growing healthcare costs and improved patient outcomes will impel the growth of artificial vital organ and medical bionics market in developing countries. In addition, the extent of scope to introduce artificial organs for therapeutic needs exhibits further growth opportunities for the market. However, organ transplant is associated with ethical criticism, while medical bionics is associated with high cost and vaguely laid out reimbursement policies. Such factors may inhibit the growth of the market.
Rising Healthcare Expenditure to Propel Artificial Vital Organs and Medical Bionics Market in Asia Pacific
Geograohy-wise, the global artificial vital organs and medical bionics market is segregated as Asia Pacific, North America, Europe, and Rest of the World (RoW). Regionally, North America leads the market followed by Europe. The large geriatric populace that leads to high prevalence of organ failure and physical disabilities are the major drivers of the artificial vital organs and medical bionics market in these regions.
However, in coming years, the market for artificial vital organs and medical bionics will grow substantially in Asia Pacific on account of improved healthcare infrastructure, increasing healthcare expenditure, and growing awareness for personal wellbeing.
Some of the major players in the market are Abbott Diabetes Care, Baxter International, Thoratec Corporation, SynCardia Systems Inc., AbioMed, Fresenius Medical Care, Otto Bock Healthcare, WorldHeart Corporation, and others.