Artificial Organs and Medical Bionics Market to Register a CAGR of 9.20% from 2012 to 2018 due to Increasing Demand for Organ Transplantation
The oligopolistic nature of the global artificial vital organs and medical bionics market is mainly characterized by two important factors: The low clinical success rate of artificial organs in the pipeline and the high consolidation activity, reports Transparency Market Research (TMR) in a new study. There is a limited number of players in the artificial vital organs and medical bionics market and each player prefers to operate in a niche segment of the overall market. For instance, the key players in the artificial kidney market are Baxter Healthcare, Gambro AB, Fresenius Medical Care, Nipro Europe, and Asahi Medical.
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“Implementation of high-end technology in new products that are in the pipeline is making them more compatible, durable, and safe, thus resulting in greater life expectancy of the patients, which will escalate the growth of the global artificial vital organs and medical bionics market,” says a TMR analyst. The incorporation of sophisticated technology also indicates the potential new entrants have in this market along with their key products in development.
Growing Prevalence of Organ Failure to Encourage Growth in Demand for Artificial Vital Organs
During recent times, an increase in the number of cases associated with failure of heart, kidneys, pancreas, and lungs have increased the demand for organ replacements. To put this in perspective, various studies report that the number of patients with acute kidney failure worldwide is increasing at the rate of 7% per year. However, there is a shortage of supply with respect to the demand. The lack of availability of donor organs and bio-artificial organs has substantially increased the need to develop artificial organs.
Organ transplant is not just subjected to availability of organ but also the right match for replacement. “The shortage of suitable organs for transplant has further induced the need for sophisticated artificial organs, which would represent lifesaving technologies as bridge-to-transplant and bridge-to-recovery,” says the TMR analyst. Therefore, an increase in the incidence of organ failure and lack of donor organs is likely to drive the global artificial vital organs and medical bionics market.
Low Cost Effectiveness Detrimental to Use of Artificial Organs and Medical Bionics
Continuous technological advances in artificial organ product designs have made it difficult to redeem clear cost effectiveness. There is a high development cost associated with artificial organ development and medical bionics due to the requirement of substantial resources. The cost effectiveness issue is further intensified by the lack of satisfactory standards and methods.
Artificial organ implantation imposes physiological threats on the patient to make a conscious decision about whether to opt for an artificial organ. It is believed that transplant of an artificial organ may cause disabling injury or even death. It becomes difficult to obtain credibility with respect to artificial organs because of the immense financial, emotional and social strain exerted on caregivers of the transplant patient. All these factors collectively restrain the growth of the artificial organs market.
Artificial Vital Organs to Dominate Owing to Speedy Recovery and Enhanced Outcomes
In 2011, the valuation of the global artificial vital organs and medical bionics market US$17.48 bn and is estimated to reach US$32.32 bn by 2018. By product type, artificial vital organs segment is the leading segment and is expected to retain the same position till 2018. The segment, which was valued at US$15.66 bn in 2015, is anticipated to reach US$19.50 bn by 2018. However, with intensive and rapid technological innovation, medical bionics segment is anticipated to be a faster growing segment.
In terms of geography, North America leads the market and is anticipated to retain its leadership by the end of 2018. The valuation of the regional market is expected to reach US$12.93 bn in 2018. However, Asia Pacific will register highest growth rate owing to the increasing number of new product approvals by regulatory associations.
The information presented in this review is based on a Transparency Market Research report, titled, ‘Artificial Vital Organs and Medical Bionics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 – 2018.’
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