Press release
Vital Organs Support Systems and Medical Bionics Market is Generating Revenue of $59.41 Billion by 2025 | Jarvik Heart, Inc., Medtronic Plc
Vital Organs Support Systems and Medical Bionics Market
The global vital organs support systems and medical bionics market was estimated at $28.16 billion in 2017 and is anticipated to hit $59.41 billion by 2025, garnering a CAGR of 9.9% from 2018 to 2025.
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COVID-19 scenario-
1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
On the other hand, high cost of treatment and stringent approval process hamper the growth to some extent. Nevertheless, emerging economies in developing countries are expected to create multiple opportunities in the market.
The medical bionics segment to dominate through 2018–2025
Based on product type, the medical bionics segment contributed to nearly three-fifth of the total market share in 2017 and is anticipated to lead the trail during the study period. Rise in geriatric population, upsurge in number of patients suffering from chronic diseases, increase in number of road accidents & injuries, and surge in government focus on funding R&D initiatives have worked as the major driving factors for the growth of this segment.
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The hospitals segment to lead the trail till 2025
Based on end user, the hospitals segment held the largest share, contributing to nearly three-fourths of the total share in 2017. Availability of various support departments such as MRI suites and ICUs as compared to ASCs has driven the growth. Simultaneously, the ambulatory surgical centers segment is expected to showcase the fastest CAGR of 11.5% through 2018–2025.
North America to rule the roost
Based on geography, North America accounted for more than two-fifths of the total market share in 2017 and is expected to dominate throughout the forecast period. Well-established healthcare infrastructure, rise in elderly population, and high adoption rate of technologically advanced devices in the region have spurred the growth. The market across the Asia-Pacific region, on the other hand, is projected to grow at the fastest CAGR of 11.6% during the forecast period.
To know more about the report, visit the website at @ https://www.alliedmarketresearch.com/vital-organs-support-systems-and-medical-bionics-market
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.
The other Key players are:
Getinge AB, LivaNova PLC, Fresenius Medical Care AG & Co. KGaA, Heartware International Inc., BiVACOR, and others.
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