Press release
Artificial Vital Organs and Medical Bionics Industry: A Decade of Progress in Organ Replacement (2023-2033)
Market growth for medical bionics and artificial vital organs is anticipated to increase from US$ 46.4 billion in 2022 to US$ 107.4 billion in 2032. Previously, the market expanded faster, 9.6% year from 2015 to 2021, reaching a peak of US$ 42.4 billion in that year.
The global market for artificial vital organs and medical bionics is expected to witness a significant surge in demand in the forecast period from 2023 to 2033. The advancements in medical technology and the increasing prevalence of chronic diseases are driving the transformation of healthcare solutions through the development and adoption of artificial vital organs and medical bionics. These innovative technologies are revolutionizing the field of healthcare by offering life-saving and life-enhancing options to patients with organ failure and disabilities.
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Artificial vital organs are designed to replace or support the functionality of failing organs in the human body. These devices, such as artificial hearts, lungs, kidneys, and liver, provide critical support to patients awaiting organ transplants or who are not eligible for transplantation. The medical bionics field focuses on the development of implantable devices or systems that restore or enhance the functionality of impaired or lost body parts, including limbs, eyes, ears, and neural systems. These technologies have the potential to improve the quality of life for individuals with disabilities or those who have lost their natural bodily functions.
The growing prevalence of chronic diseases, such as cardiovascular diseases, respiratory disorders, renal failure, and neurological disorders, is a major driving factor for the artificial vital organs and medical bionics market. These conditions often result in organ failure or loss of functionality, significantly impacting patients' health and well-being. The demand for artificial vital organs and medical bionics is rising as healthcare providers strive to offer effective treatment options and improve patients' quality of life. Additionally, the aging population, coupled with the increasing incidence of age-related diseases, is further contributing to the market's growth.
Technological advancements play a pivotal role in the development of artificial vital organs and medical bionics. Innovations in materials, miniaturization, sensors, and biocompatibility have led to the creation of more sophisticated and efficient devices. The integration of artificial intelligence and machine learning technologies has further enhanced the performance and functionality of these devices, enabling better patient outcomes and personalized treatment approaches. The continuous research and development activities in this field are driving the expansion of the artificial vital organs and medical bionics market.
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The adoption of artificial vital organs and medical bionics is expected to increase as healthcare systems recognize the potential of these technologies in addressing the unmet needs of patients with organ failure or disabilities. The market is witnessing collaborations between healthcare institutions, research organizations, and industry players to accelerate the development and commercialization of these innovative solutions. Furthermore, favorable reimbursement policies and increased awareness among healthcare professionals and patients are driving the market's growth. As the demand for advanced healthcare solutions continues to rise, the artificial vital organs and medical bionics market is anticipated to experience significant expansion in the coming years.
Companies Covered in This Report -
• SynCardia Systems, LLC
• BiVACOR
• CARMAT
• Cleveland Heart
• Jarvik Heart
• MyLVAD
• Thoratec Corporation
• Abbott Diabetes
• Asahi Kasei Medical Co. Ltd.
• Edwards Lifesciences Corporation
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Key Segments
By Type
• Artificial Vital Organs
• Medical Bionics
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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