Market Overview:
The Artificial Vital Organs And Medical Bionics Market comprises medical devices and implants that either replace or support an organ’s/limb’s functions. These products include artificial hearts, kidneys, pancreas, lungs and limbs for amputees. They help improve the quality of life of patients suffering from organ failure or disabilities. The use of artificial organs and bionics eliminates the need for organ transplantation and its related risks such as organ rejection. They provide sustainable therapy to patients by mimicking the functions of natural organs/limbs.
Market key trends:
One of the key trends in the market is the rising demand for minimally invasive procedures. Manufacturers are focusing on developing miniature and advanced bionic organs/limbs that can be implanted using minimally invasive surgeries. This reduces surgical complications and recovery time for patients. Another major trend is the growing popularity of 3D bioprinting technology. It is being used to print complex 3D biological structures like tissues and organs using living cells. 3D bioprinting holds promise to address the shortage of donor organs in the future. The ability to replacement damaged tissues and print patient-specific implants and prosthetics is fueling investments in 3D bioprinting research.
The global Artificial Vital Organs And Medical Bionics Market Growth is estimated to be valued at US$ 51 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: Low due to huge capital requirement and established distribution channels of existing players.
Bargaining power of buyers: Moderate due to availability of substitutes but buyers have quality expectations.
Bargaining power of suppliers: Low as players have alternate suppliers but quality is important.
Threat of new substitutes: Moderate as new technologies can disrupt but regulations make approval difficult.
Competitive rivalry: High as the market is fragmented with global and local players focusing on innovation.
Key Takeaways
The global Artificial Vital Organs And Medical Bionics Market is expected to witness a growth of 10% over the forecast period of 2023 to 2030 due to increasing prevalence of chronic diseases. The market size for 2023 is estimated to be US$ 51 Bn.
Regional analysis: North America dominates the market due to supportive reimbursement policies and availability of advanced healthcare infrastructure. Asia Pacific exhibits fastest growth due to large patient pool and rising medical tourism.
Key players operating in the Artificial Vital Organs And Medical Bionics Market are SynCardia Systems, LLC, BiVACOR, CARMAT, Cleveland Heart, Jarvik Heart, MyLVAD, Cirtec Medical Systems, Thoratec Corporation, Abbott Diabetes Care, Inc., Abiomed, Inc., Asahi Kasei Medical Co., Ltd., Cyberonics, Inc., Edwards Lifesciences Corporation, Ekso Bionics Holdings, Inc., F. Hoffmann-La Roche Ltd., Fresenius Medical Care AG & Co. KGaA, Gambro AB (Baxter International, Inc.), and iWalk, Inc. Key players are focusing on new product launches and strategic partnerships for market penetration.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
