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Vital Organs Support Systems and Medical Bionics Market to growing at CAGR of 9.9% by 2025, Top Prominent Players: Abiomed, Inc., Abbott Laboratories, Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Baxter International Inc.

04-17-2020 06:47 PM CET | Health & Medicine

Press release from: Allied Market Research

Vital Organs Support Systems and Medical Bionics Market

Vital Organs Support Systems and Medical Bionics Market

Artificial organs are medical devices that are implanted into a human body to efficiently replace the nonfunctioning 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. Some of the popular examples of medical bionics are bionic hearing, brain stimulation, and vision devices. The vital organs support systems and medical bionics market focuses on design solutions to improve the life of patients and increase their life expectancy. Over the years, the global market has experienced considerable growth due to lack of donor organs and increase in waiting list of patients who need organ transplantation.

The global vital organs support systems and medical bionics market size in 2017 was $28,169 million, and is projected to reach $59,412 million by 2025, growing at a CAGR of 9.9% from 2018 to 2025. The artificial kidney segment accounted more than three-fifth of the total market share in 2017.

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The vital organs support systems and medical bionics market is expected to exhibit significant growth during the forecast period due to rise in geriatric population, scarcity of donor organs, technological advancements in the artificial organ sector, and increase in R&D expenditure. In addition, rise in number of patients suffering from chronic diseases drives the vital organs support systems and medical bionics market growth. However, high cost of artificial organs and stringent approval process are projected to impede growth of the market. Conversely, application of advanced biomaterials in artificial organs and lucrative opportunities in emerging economies are expected to provide significant prospects for the manufacturers in the industry.

Based on product, the market is categorized into vital organs support systems and medical bionics. The vital organs support systems segment is further segmented into artificial heart, artificial kidney, artificial pancreas, artificial urinary bladder, artificial lungs, and artificial liver. The medical bionics segment is subdivided into bionic eye, ear bionics, orthopedic bionics, cardiac bionics, and neural bionics. Based on vital organs support systems segment, its artificial pancreas subsegment is projected to exhibit the highest growth during the forecast period. This is attributed to rise in incidence of severe hypoglycemia in type 1 and type 2 diabetic patients.

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North America was the leading revenue contributor to the global market in 2017, and is expected to remain dominant throughout the forecast period. This is attributed to upsurge in incidence of chronic diseases such as cardiac and neural diseases, rise in elderly population, and increase in adoption of technologically advanced devices such as total artificial heart.

The Major Key Players Are:

Abiomed, Inc., Abbott Laboratories, Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Baxter International Inc., Boston Scientific Corporation, Cochlear Ltd., Edwards Lifesciences Corporation, Jarvik Heart, Inc., Medtronic Plc., ssur Americas, Inc., Second Sight Medical Products, Inc., and SynCardia Systems LLC.

The other Key players are:

Getinge AB, LivaNova PLC, Fresenius Medical Care AG & Co. KGaA, Heartware International Inc., BiVACOR, and others.

Key Findings of the Vital organs support systems and Medical Bionics Market:

o Based on vital organs support systems segment, its artificial pancreas sub segment is expected to experience rapid growth in the market and is projected to grow at highest CAGR from 2018 to 2025.
o Based on medical bionics segment, its neural bionics sub segment was the major revenue contributor in 2017 and is anticipated to continue this trend during the forecast period.
o Depending on end user, the ambulatory surgical center segment is expected to exhibit the highest CAGR during the forecast period.
o U.S. generated the highest revenue in the global vital organs support systems and medical bionics market industry in 2017, accounting less than one-tenth of the global market in 2017.
o Asia-Pacific is estimated to grow at a highest CAGR during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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