What Are The Different Trends In Artificial Organs Market? Key Players Are Ekso Bionics, MED-EL, Cochlear, BionX Medical Technologies, Abiomed, Zimmer Biomet, Jarvik Heart Incorporated, Medtronic, Berlin Heart GmbH, Edwards Lifesciences, HeartWare Inc
Global medical bionic implant /artificial organs market is expected to rise from its initial estimated value of USD 17.82 billion in 2018 to an estimated value of USD 32.21 billion by 2026 at a healthy CAGR of 6.8% in the forecast period of 2019-2026. The report contains data from the historic year of 2017, and the base year of 2018. This healthy rise of market value can be attributed to the rising applications of the product due to the rapid technological advancements taking place in the market.
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Artificial organ and implants are prosthetics or devices that are specially made to implant in human body to mimic the functioning of the original organ. The important part of such implant is for them to work exactly like a normal organ without any disruption. Bionics is a combination of electronics and biology. It is like substituting the original body organ with a robotic version.
According the National Kidney Foundation, in 2016, in the United States around 121,678 people were waiting for lifesaving organ transplants and in 2014, 17,107 kidney transplants took place in the U.S. The growth in the number of organ transplants is boosting the market growth.
Segmentation: Global Medical Bionic Implant/Artificial Organs Market
· By Product Type
o Vision Bionics
· Bionic Eye
o Ear Bionics
· Cochlear Implant
· Bone Anchored Hearing Aid (Baha)
o Orthopedic Bionics
· Bionic Limb
· Bionic Hand
· Bionic Leg
· Bionic Knee
· Bionic Feet
· Bionic Finger
· Electrical Bone Growth Stimulators
· Invasive Bone Growth Stimulators
· Non-Invasive Bone Growth Stimulators
o Heart Bionics
· Implantable Cardiac Pacemaker
· External Pacemaker
· Total Artificial Heart
· Ventricular Assist Device
· Artificial Heart Valve
· Mechanical Heart Valve
· Tissue Heart Valve
o Neural/Brain Bionics
· Deep Brain Stimulator
· Vagus Nerve Stimulator
· Spinal Cord StimulatorBy Method of Fixation
o Externally Worn
· By Technology
· By Geography
o North America
o South America
o Middle East & Africa
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Key Market Competitors: Global Medical Bionic Implant/Artificial Organs Market
Few of the major competitors currently working in the medical bionic implant /artificial organs market are ALEVA NEUROTHERAPEUTICS SA, Biocontrol Medical, Zimmer Biomet., Boston Scientific Corporation, Cochlear Ltd., Cyberonics, Inc., Ekso Bionics , LivaNova PLC, Medtronic. ,NeuroPace, Inc., Orthofix Holdings, Inc.., Ossur Corporate, SECOND SIGHT.= = LifeNet Health.., Nano Retina, Edwards LifeSciences Corporation, Terumo Corporation, Touch Bionics Inc. and Touch Bionics Limited, Tibion Corporation among others.
Key Developments in the Market:
· In July 2016, PIXIUM VISION. received CE mark approval for IRISII bionic vision system. This will help to provide treatment to compensate for blindness. It is intended for patients who have lost their sight as a result of retinitis pigmentosa by using 150 electrode epi-retinal implant
· In March 2016, Cochlear Ltd., launched Cochlear Baha 5 Power and Baha 5 SuperPower that are the first and only bone conduction sound processors which are worn behind the ear. It is useful for people with high degree of hearing loss.
· Increase in number of occupational disabilities that require medical bionics is expected to drive the market.
· Increased adoption of organ transplantation and technological advancement is also expected to drive the market growth.
· High production cost and complex production process of the products is expected to restrain the market growth
· Uncertain reimbursement scenarios in different regions and lack of skilled professionals, which is expected to restrain the market growth
Competitive Analysis: Global Medical Bionic Implant/Artificial Organs Market
Global medical bionic implant /artificial organs market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of medical bionic implant /artificial organs market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
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