Surge in rate of patients suffering from chronic diseases, growth in geriatric population, and top-end technological advancements are the key factors that accelerate the growth of the global vital organs support systems market. Based on region, North America accounted for more than two-fifths of the total market share in 2017.
According to the report published by Allied Market Research, the global vital organs support systems market was pegged at $28.16 billion in 2017 and is expected to garner $59.41 billion by 2025, registering a CAGR of 9.9% from 2018 to 2025. The report offers a detailed analysis of the key segments including top investment pockets, changing dynamics, market size & estimations, drivers & opportunities, and competitive scenario.
Increase in incidence of cardiac disorders, surge in number of patients suffering from chronic diseases, growth in geriatric population, and top-end technological advancements are the major factors that drive the growth in the market. However stringent approval process and high cost of treatment hinder the growth to certain extent. On the other hand, developing economies in emerging companies are expected to provide lucrative opportunities in the market.
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Based on product type, the medical bionics segment dominated the market in 2017, contributing nearly three-fifths of the market. The segment is expected to dominate the market through the study period. Surge in number of patients suffering from chronic diseases, increase in number of road accidents and injuries, rise in geriatric population and surge in government focus on funding R&D initiatives are the major driving factors for the growth of this segment.
Based on end-user, the hospitals segment held the highest position in 2017, contributing nearly three-fourths of the total market share. This is due to availability of various support departments such as MRI suites and ICUs. However, the ambulatory surgical centers segment is estimated to register the fastest CAGR of 11.5% during the forecast period.
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North America contributed for more than two-fifths of the total market share in 2017 and is estimated to dominate throughout the study period. Surge in elderly population, well-established healthcare infrastructure, and high adoption rate of technologically advanced devices in the region have urged the market growth. On the other hand, Asia Pacific is projected to register the highest CAGR of 11.6% during the study period.
The global vital organs support systems market report provided an in-depth analysis of the major market players such as Össur Americas, Inc., Boston Scientific Corporation, Abbott Laboratories, Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Cochlear Ltd., Abiomed, Inc., Edwards Lifesciences Corporation, Jarvik Heart, Inc., Second Sight Medical Products, Inc., Baxter International Inc., SynCardia Systems LLC, and Medtronic Plc.
|Market size available for years||2018 – 2025|
|Base year considered||2019|
|Forecast period||2019 – 2025|
|Forecast units||Value (USD)|
|Segments covered||By Product and End User|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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