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Vital Organs Support Systems and Medical Bionics Market is Striving in Worldwide with Top Key Players: Abiomed, Inc., Abbott Laboratories
Vital Organs Support Systems and Medical Bionics Market
The research report published by Allied Market Report states that the global vital organs support systems and medical bionics market is estimated to reach $59,412 million by 2025. The report provides an in-depth analysis of growth factors, opportunities, market trends, key segments, and competitive landscape. Current market conditions and the future scenario of various regions have been analyzed in the report to help market players in devising expansion strategies. Moreover, it includes country-wise analysis of each region. Product portfolio and business segments of leading market players outline the competitive scenario. The report provides insights to help investors, stakeholders, and new entrants to determine potential opportunities and tap on them to gain competitive advantage.
The artificial kidney segment accounted more than three-fifth of the total market share in 2017.
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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 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.
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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.
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., Össur Americas, Inc., Second Sight Medical Products, Inc., and SynCardia Systems LLC.
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About Us
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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