Bionic implants are known as artificially engineered devices. These devices are implanted into a human in order to replace a natural organ and to act as a substitute of the same. The global medical bionic implant/artificial organs market is projected to register a CAGR of 7.0% over the assessment period between 2018 and 2023.
It is reported that the growing incidences of organ failure to have a positive effect on increasing the demand for replaceable or implantable organs. This is thereby pushing the growth of the overall bionic implant/artificial organs market. The growing aging population is another key factor driving the market demand for these implantable/artificial organs as organ failure is found to be more common in the older age bracket.
A vast number of factors are identified as the potential drivers of the market, such as technological advancements, rising incidences of accidents and injuries, improving regulatory framework, prevalence of organ failure, increasing government support in terms of initiatives and R&D expenditures, and growing prevalence of eye diseases.
However, the high cost associated with the devices, poor healthcare facilities in low and mid-level income nations, and lack of any skilled or proficient professionals can hamper the growth of the market during the forecast period.
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Some of key the players in the Global Medical Bionic Implant/Artificial Organs Market are Aleva Neurotherapeutics SA (Switzerland), Biocontrol Medical (Israel), Biomet, Inc. (U.S.), Boston Scientific Corporation (U.S.), Cochlear Ltd. (Australia), Cyberonics, Inc. (U.S.), Ekso Bionics (U.S.), LivaNova PLC (U.K), Medtronic, Inc. (U.S.), NeuroPace, Inc. (U.S.), Orthofix International N.V. (The Netherlands), Ossur (Iceland), Second Sight Medical Products, Inc. (U.S.), and St. Jude Medical, Inc. (U.S.).
March 15th, 2019, Scientists in Poland’s Foundation for Research and Science Development revealed their usage of 3D bioprinting to create bionic pancreas and help secure it from diabetes.
The global medical bionic implant/artificial organs market segmentation is done on the basis of product, technology, fixation, and end-user.
By technology, the market divides into electronic bionics and mechanic bionics.
By fixation, the market is classified into externally worn and implantable.
By end-users, the market includes research and academic institutes, hospitals and clinics, and others.
By product, the market comprises orthopedic bionics, ear bionics, vision bionics, neural/brain bionics, heart bionics, and others.
Here, vision bionics is narrowed down into bionic and others.
Ear bionics is segmented into Bone Anchored Hearing Aid (BAHA) and cochlear implant.
Orthopedic bionics sub-segmented into bionic finger, bionic leg, bionic hand, electrical bone growth stimulators, and exoskeleton. Bionic leg breaks down into bionic feet and bionic knee. Electrical bone growth stimulator segment comprises non-invasive bone growth stimulators and invasive bone growth stimulators.
Heart Bionics segment is divided into total artificial heart, artificial heart valve, pacemaker, and ventricular assist device. The pacemaker segment includes external pacemaker and implantable cardiac pacemaker. Artificial heart valve narrows down into tissue heart valve and mechanical heart valve.
Neural/brain bionics is broken down into vagus nerve stimulators, spinal cord stimulators, and deep brain stimulators.
The Americas dominates the Medical Bionic Implant/Artificial Organs Market owing to the presence of major market players and high adoption rate of medical bionic implants. On November 02, 2017, Second Sight Medical Products, Inc. received the U.S. FDA approval to initiate Orion Cortical Visual Prosthesis System (Orion) feasibility clinical study. In 2013, the company won the FDA approval for Argus II retinal prosthesis system.
Europe holds the second position in the Medical Bionic Implant/Artificial Organs market. It is expected that the government support towards research and development expenditure and rising prevalence of hemophilia and related complications are likely to drive the European market.
Asia Pacific is the fastest growing Medical Bionic Implant/Artificial Organs Market owing to a huge patient pool, increasing demand for advanced treatments, and development in the healthcare technology. Healthcare expenditure is found to be improving in Asia Pacific. According to the data suggested by the Australian Institute of Health and Welfare during the year 2015 to 2016, the total health expenditure was USD 170.4 billion, i.e., 3.6% higher than the expenditure during 2014 to 2015.
The Middle East and Africa holds the lowest share of the global market due to low development, lack of technical knowledge, and poor medical facilities.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
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