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What's driving the Artificial Organs Market Size? SynCardia, Nipro Corporation, Ottobock, Berlin Heart GmbH, Ekso Bionics, Cochlear Limited and Baxter International

05-22-2020 02:10 PM CET | Health & Medicine

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What's driving the Artificial Organs Market Size? SynCardia,

Selbyville, Delaware This Global Artificial Organs report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.

Increasing technological advancements associated with artificial organs including use of bioartificial materials is expected to stimulate rise in the market value. Major players operating in the market are focusing primarily on research and development to improve the functioning of artificial organs as per patient?s condition. For instance, SynCardia Systems has developed a total artificial heart (TAH) that can be used temporarily for patients diagnosed with last stage biventricular heart failure. Such technological innovations will positively boost product demand, thus augmenting the industry growth. However, increasing cases of product failure after transplantation and high cost of artificial organs will limit industry growth up to a certain extent.

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Major players operating in the artificial organs market include SynCardia, Nipro Corporation, Ottobock, Berlin Heart GmbH, Ekso Bionics, Cochlear Limited and Baxter International

Artificial Organs Market is expected to exceed USD 30.9 billion by 2025. Scarcity of organ donors and increasing incidence of organ failure globally will propel the market growth.
Some major findings of the artificial organs market report include:
- Increasing prevalence of chronic disorders and scarcity of organ donors across the globe will serve as high impact rendering factor for artificial organ market growth
- Technological advancements in medical bionics along with growing awareness among population about artificial organs will allow quick patient recovery and offer better healthcare outcomes

- Industry players are focusing on new product development, mergers and acquisitions to capitalize on market opportunities and gain competitive edge over other market players
Material type segment is classified into silicon, steel, plastic and others. Steel segment is estimated to grow by 9.1% during the forthcoming years. Steel is widely used in designing of artificial organs owing to its easy availability, low cost, good fabrication properties, higher strength and biocompatibility. Above mentioned factors will boost market growth.
India medical bionics market is estimated to witness lucrative growth of 9.8% across the analysis period. High growth is attributable to increasing prevalence of chronic disorders, rising geriatric population base, increasing number of road accidents and adoption of sedentary lifestyle. As per the WHO, cardiovascular disorder (CVD) is one of the major factors for high mortality rate in India leading to heart failure. Also, rising awareness about artificial organs in the country is another key factor propelling the business growth.

Few notable companies operating in artificial organs market include SynCardia, Ekso Bionics, Nipro Corporation, Ottobock, Berlin Heart GmbH, Cochlear Limited, Baxter International, Medtronic, Boston Scientific corporation and Zimmer Biomet. Industry players are implementing numerous strategies to expand their geographic presence and strengthen market position. For instance, in July 2017, Cochlear Implants announced the expansion of its manufacturing facility for cochlear implants and sound processors in China. This business strategy has enabled the company to expand its market presence in China as well as Asia Pacific.

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