Overview and Scope
Artificial organs and bionics refer to any machine, or device that has been used to replace the functions of a defective or missing organ of the body and bionics is the science of constructing artificial systems that are having few characteristics of living systems. The use of artificial organs is to increase a person’s life.
Sizing and Forecast
The artificial organ and bionics market size has grown rapidly in recent years. It will grow from $30.32 billion in 2023 to $33.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to rising chronic diseases, medical innovation and research, growing acceptance of transplants, government initiatives and funding, improvements in biocompatibility.
The artificial organ and bionics market size is expected to see rapid growth in the next few years. It will grow to $50.71 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing healthcare expenditure, personalized medicine, regulatory support and streamlined approvals, rapid advancements in 3d printing, collaborations and partnerships. Major trends in the forecast period include miniaturization and wearable technology, technological advancements, advanced materials integration, ai and machine learning in design, 3d printing and bioprinting advancements.
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Segmentation & Regional Insights
The artificial organ and bionics market covered in this report is segmented –
1) By Product: Artificial Organs, Artificial Bionics
2) By Fixation Type: Implantable And Externally-Worn, Cardiac Bionics And Brain Bionics
3) By Technology: Mechanical Bionics, Electronic Bionics
North America was the largest region in the artificial organ and bionics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global artificial organ and bionics market report during the forecast period. The regions covered in the artificial organ and bionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Rising healthcare expenditure is expected to propel the growth of the artificial organ and bionics market going forward. Healthcare expenditure refers to the total amount spent on health care and related activities, including private and public health insurance, health research, and public health activities. Investment in healthcare allows for technological innovation, which can lead to the creation of more advanced and efficient artificial organs. This can include improvements in materials, design, and manufacturing processes. For instance, according to the Centers for Medicare and Medicaid Services, a US-based federal agency, national health expenditures in the United States grew by 4.3% in 2022, which is an increase from the 2.7% growth seen in 2021. Therefore, the rising healthcare expenditure is driving the artificial organ and bionics market.
Key Industry Players
Major companies operating in the artificial organ and bionics market report are Abiomed Inc., Baxter International Inc., Berlin Heart GmbH, Boston Scientific Corporation, Ekso Bionics Holdings Inc., Össur hf, Medtronic PLC, Zimmer Biomet Holdings Inc., Abbott Laboratories, Edwards Lifesciences Corporation, iWalk Inc., Jarvik Heart Inc., SynCardia Systems LLC, Nipro Corporation, Open Bionics Ltd., Second Sight Medical Products Inc., Cochlear Limited, HeartWare International Inc., Cyberonics Inc., Getinge AB, Bornlife Prosthetic and Orthotic Inc., Sonova Holding AG, Touch Bionics Limited, Orthofix Medical Inc., Ottobock SE & Co. KGaA, Terumo Corporation, LivaNova PLC, MED-EL Elektromedizinische Geräte GmbH, Retina Implant AG, Stryker Corporation, Smith & Nephew plc
The artificial organ and bionics market report table of contents includes:
1. Executive Summary
2. Artificial Organ And Bionics Market Characteristics
3. Artificial Organ And Bionics Market Trends And Strategies
4. Artificial Organ And Bionics Market – Macro Economic Scenario
5. Global Artificial Organ And Bionics Market Size and Growth.
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31. Global Artificial Organ And Bionics Market Competitive Benchmarking
32. Global Artificial Organ And Bionics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Artificial Organ And Bionics Market
34. Artificial Organ And Bionics Market Future Outlook and Potential Analysis
35. Appendix
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