Innovations in AI and 3D Printing Propel Artificial Organ And Bionics Market Growth to $50.71 Billion by 2028

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Artificial Organ And Bionics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $50.71 billion In 2028 At A CAGR Of 10.8%:

The artificial organ and bionics market size has grown rapidly in recent years. It will grow from $30.32 billion in 2023 to $33.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to rising chronic diseases, medical innovation and research, growing acceptance of transplants, government initiatives and funding, improvements in biocompatibility.

The artificial organ and bionics market size is expected to see rapid growth in the next few years. It will grow to $50.71 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing healthcare expenditure, personalized medicine, regulatory support and streamlined approvals, rapid advancements in 3d printing, collaborations and partnerships. Major trends in the forecast period include miniaturization and wearable technology, technological advancements, advanced materials integration, ai and machine learning in design, 3d printing and bioprinting advancements.

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Artificial Organ And Bionics Market Major Segments
The artificial organ and bionics market covered in this report is segmented -
1) By Product: Artificial Organs, Artificial Bionics
2) By Fixation Type: Implantable And Externally-Worn, Cardiac Bionics And Brain Bionics
3) By Technology: Mechanical Bionics, Electronic Bionics

Key Driver - Healthcare Investment Propels Growth In Artificial Organ And Bionics Market
Rising healthcare expenditure is expected to propel the growth of the artificial organ and bionics market going forward. Healthcare expenditure refers to the total amount spent on health care and related activities, including private and public health insurance, health research, and public health activities. Investment in healthcare allows for technological innovation, which can lead to the creation of more advanced and efficient artificial organs. This can include improvements in materials, design, and manufacturing processes. For instance, according to the Centers for Medicare and Medicaid Services, a US-based federal agency, national health expenditures in the United States grew by 4.3% in 2022, which is an increase from the 2.7% growth seen in 2021. Therefore, the rising healthcare expenditure is driving the artificial organ and bionics market.

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Prominent Trend - Investments Driving Innovation In Artificial Organs And Bionics

Major companies are investing in the companies operating in the artificial organs and bionics market to revolutionize the field of organ transplantation. This investment helps companies develop artificial organs to address the shortage of donor organs by creating functional, bio-compatible replacements, offering hope for patients in need of organ transplants, and potentially transforming the future of transplantation medicine. For instance, in April 2022, the Government of Canada invested $2 million in research on innovative organ and tissue donation projects, aimed at improving organ donation and transplantation performance that meets Canadians' needs and improves access to quality donation and transplantation services. The funding is part of the Networks of Centres of Excellence Program, which supports organ donation and transplantation research in Canada.

Artificial Organ And Bionics Market Players
Major companies operating in the artificial organ and bionics market report are Abiomed Inc., Baxter International Inc., Berlin Heart GmbH, Boston Scientific Corporation, Ekso Bionics Holdings Inc., Össur hf, Medtronic plc, Zimmer Biomet Holdings Inc., Abbott Laboratories, Edwards Lifesciences Corporation, iWalk Inc., Jarvik Heart Inc., SynCardia Systems LLC, Nipro Corporation, Open Bionics Ltd., Second Sight Medical Products Inc., Cochlear Limited, HeartWare International Inc., Cyberonics Inc., Getinge AB, Bornlife Prosthetic and Orthotic Inc., Sonova Holding AG, Touch Bionics Limited, Orthofix Medical Inc., Ottobock SE & Co. KGaA, Terumo Corporation, LivaNova PLC, MED-EL Elektromedizinische Geräte GmbH, Retina Implant AG, Stryker Corporation, Smith & Nephew plc

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Largest And Fastest Growing Region In The Market
North America was the largest region in the artificial organ and bionics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global artificial organ and bionics market report during the forecast period. The regions covered in the artificial organ and bionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Artificial Organ And Bionics Market Report Structure
3. Artificial Organ And Bionics Market Trends And Strategies
4. Artificial Organ And Bionics Market - Macro Economic Scenario
5. Artificial Organ And Bionics Market Size And Growth
…..
27. Artificial Organ And Bionics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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