With major developments in the field of healthcare technology, organ transplantation has become a realistic surgical approach to cater to the needs of patients suffering from acute organ failure. As the number of patients waiting for organ transplant is increasing along with the lack of availability of donor organs, the demand for artificial organs has increased in the market. With years of technological advancement, artificial organs have been efficiently established as a potential alternative for organ transplantation. At present, artificial organs are being successfully used as a bridge-to-transplant and some of them are also used as destination therapy. In addition, as the number of cases of occupational and age-related disabilities is increasing, the demand for viable patient rehabilitation options is also on the rise.
Medical bionics deals with the incorporation of electronics and mechanics in biology so as to replace the functioning of limbs or other organs. With intensive R&D and evolution of technology in devices such as bionic hand, vision bionics, total artificial heart, ventricular assist devices and others, artificial vital organs and medical bionics will prove to be a viable substitute for the impending donor organ scarcity and the increase in demand for efficient patient rehabilitation for the disabled.
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Due to an increase in the number of product approvals for artificial vital organs and medical bionics, the market for these devices will witness an increase in the rate of artificial organ transplantation and patient rehabilitation. The new and advanced artificial organs and bionic devices such as total artificial heart, artificial liver support devices, bionic limbs, ear and vision bionics, with their increased biocompatibility, safety and shelf life, will assist in prolonging the life of patients and improving their life. Furthermore, introduction of new products in the market aiding different diseased human organs and other bodily functions will play a pivotal role in the future growth of this market.
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The market for artificial kidneys forms the largest segment in the artificial vital organs market. Increase in prevalence of cases of acute renal failure in developed nations has resulted into the increase in use of hemodialysis machines in the market. In addition, increased instances of disabilities, accidents and injuries resulting in amputations are one of the major factors augmenting the demand for medical bionics in the healthcare industry. Moreover, rising healthcare expenditure and better patient outcomes will spur the growth of this market in emerging economies. However, ethical criticism associated with organ transplant, high cost of medical bionics and vague reimbursement policies are the major factors which may restrain the growth of this market. On the other hand, potential scope of introducing artificial organs as a therapeutic option serves as a future growth opportunity for this market.
Geographically, North America leads the artificial vital organs and medical bionics market and is followed by Europe. The large pool of aging population and resultant high prevalence of disabilities and organ failures are the major factors responsible for driving the demand for these products in North America and Europe. However, in the future, it is expected that due to factors such as development of healthcare infrastructure, rising healthcare expenditure, increase in awareness about personal wellbeing and availability of better healthcare facilities, the market for artificial vital organs and medical bionics in Asia-Pacific will increase in the future.
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The major players in the global artificial vital organs and medical bionics market include companies such as Abbott Diabetes Care, Inc., Asahi Kasei Medical Co., Ltd., Baxter International, Inc., Edwards Lifesciences Corporation, Ekso Bionics, iWalk, Inc., Jarvik Heart, Inc., Nikkiso Co., Ltd., Ossur Hf, Ottobock Healthcare GmbH and others.
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