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Medical Bionic Implants and Artificial Organs Market 2024-2033: Insights and Forecast
Medical Bionic Implant/Artificial Organs Global Market Report 2024
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According to The Business Research Company's, The medical bionic implant/artificial organs market size has grown strongly in recent years. It will grow from $22.56 billion in 2023 to $24.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing geriatric population, advances in materials science, government support and funding, growing acceptance of implantable devices, patient awareness and education.
The medical bionic implant/artificial organs market size is expected to see strong growth in the next few years. It will grow to $32.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to bioprinting and tissue engineering, emergence of biohybrid implants, focus on cardiac bionics, enhanced sensory feedback, regenerative medicine in bionics. Major trends in the forecast period include advancements in prosthetics and orthotics, increasing focus on brain-machine interfaces (bmis), bionic organs for transplantation, 3d printing in bionic implants, integration of artificial intelligence (ai), wireless connectivity and remote monitoring.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the medical bionic implant/artificial organs market going forward. Chronic disease refers to a form of illness that lasts for three months or more and can deteriorate with time. Medical bionic implants and artificial organs are used for chronic diseases such as diabetes, with artificial pancreas systems used to regulate blood sugar levels automatically and help in managing both type 1 and type 2 diabetes. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase by 99.5%, or 142.66 million, by 2050. Additionally, in September 2022, according to the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, there were 41 million deaths, which is 74% of all deaths caused by noncommunicable diseases (NCDs) or chronic diseases every year globally. Therefore, the increasing prevalence of chronic diseases drives the growth of the medical bionic implant and artificial organ market.
Strategic partnerships are a key trend gaining popularity in the medical bionic implant/artificial organs market. Many companies operating in the medical bionic implant /artificial organs market are undergoing partnerships to strengthen their position in the market. For instance, in September 2021, Bionic Vision Technologies (BVT), an Australia-based company operating in artificial organs partnered with Cirtec Medical, a US-based provider of outsourced medical device and components design, engineering, and manufacturing for an undisclosed amount. With this partnership, Cirtec would help BVT to develop and produce its next-generation bionic eye by obtaining a strategic stake in the Australian company. Further, in February 2022, HUMOTECH, a US-based research services company, engaged in artificial organs, partnered with the University of Michigan, a US-based, public research university, for an undisclosed amount. This partnership aims to accelerate the development of bionic leg control software, which has the potential to give prosthetic users the strength and natural gait of a human leg. As part of this partnership, HUMOTECH develops updated versions of the open-source leg to accommodate prosthesis users and researchers.
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Major Key Players of the Market:
Medtronic plc, Boston Scientific Services Private Limited., Abbott Laboratories Inc., Zimmer Biomet Holdings Inc., Ekso Bionics Holdings Inc., Cochlear Limited, Cyberonics Inc., LivaNova plc, NeuroPace Inc., Ossur India Private Limited, Vivani Medical Inc., St Jude Medical India Private Limited, LifeNet Health Inc., Ottobock SE & Co. KGaA, Edwards Lifesciences India Pvt. Ltd., SynCardia Systems LLC, Demant A/S, Berlin Heart GmbH, Conmed Devices Private Limited, Wright Medical Group N.V., Abiomed Inc., Baxter Laboratories Inc., Asahi Kasei Medical Co.Ltd., Getinge AB, Bornlife Prosthetic and Orthotic Inc., Sonova Holding AG, Biocontrol Medical Ltd., Orthofix International Inc., Aleva Neurotherapeutics SA, Second Sight Medical Products Inc., Touch Bionics Inc., Thoratec Corporation, CardiacAssist Inc., HeartWare International Inc., Synapse Biomedical Inc., Neurotech NA Inc., Retina Implant AG, Advanced Bionics AG, Med-El Elektromedizinische Geräte GmbH
Medical Bionic Implant/Artificial Organs Market 2024 Key Insights:
• The medical bionic implant/artificial organs market size is expected to see strong growth in the next few years. It will grow to $32.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• The Increase In Road Accidents And Injuries Is Driving The Medical Bionic Implant/Artificial Organs Market
• Strategic Partnerships Drive Innovation In The Medical Bionic Implant/Artificial Organs Market
• Asia-Pacific was the largest region in the medical bionic implant/artificial organs market share in 2023
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