The Latin America Artificial Organs and Bionics market has been estimated at USD 1.85 Billion in 2016 and is projected to reach USD 2.99 Billion by 2021, at a CAGR of 10.10% during the forecast period from 2016 to 2021. Artificial organs are man-made medical devices that are implanted or integrated into a human body to efficiently replace the non-functioning organs and restore the bodily functions to normalcy. On the other hand, medical bionics is the collaboration between engineering and science to deliver and design medical solutions to several patients.
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The market for Artificial Organs and Bionics is mainly driven due to increase in the number of cases associated with failure of heart, kidneys, pancreas, and lungs which have increased the demand for organ replacements. Also, rising geriatric population base is driving the market growth. But, the market growth can be hampered due to cost of the procedure, fear of device malfunction and its consequence, and limited skilled personnel to carry out the procedures.
Latin America market for Artificial Organs and Bionics is segmented based on Product, Technology and Type of fixation. By Products, the market is further sub-segmented into Artificial Organs and Bionics. Artificial Organs segment is further sub-segmented into Artificial Heart, Artificial Kidney, Artificial liver, Artificial pancreas, and Artificial lungs. Bionics segment is further sub-segmented into Vision bionics, Orthopedic bionic, Cardiac Bionics, and Brain bionics. By Technology, the market is further sub-segmented into Electronic bionics and Mechanical bionics. By Type of fixation, the market is further sub-segmented into Implantable and Externally-worn. Cardiac bionics and Brain bionics accounts for the largest share in this market.
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Geographically, Latin America market for Artificial Organs and Bionics is segmented into Brazil, Argentina, Mexico and Rest of Latin America. The opportunities in Latin American market for new entrants include improving income levels, and rising awareness in emerging economies. Also, lack of organ donors and large number of people waiting for their organ transplants are expected to provide significant growth opportunity to artificial organs and bionics market in this region.
Orthofix International N.V., Biomet, Inc., Medtronic, Inc., Cochlear Ltd., Second Sight Medical Products, Inc., Ossur, Ekso Bionics, St. Jude Medical, Inc., Baxter International, Inc., Abiomed Inc., Asahi Kasei Medical Co., Ltd, Berlin Heart GmbH, Boston Scientific Corporation, F Hoffman-La Roche Ltd, Worldheart Corporation, Thoratec Corporation, Gambro AB, Lifenet Health, Jarvik Heart Inc. are the major players of Latin America Artificial Organs and Bionics market.
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