Global Artificial Organs and Bionics Market is expected to reach USD 29.12 Billion by 2021 | Market Data Forecast

The Global Artificial Organs and Bionics market has been estimated at USD 18.50 Billion in 2016 and is projected to reach USD 29.12 Billion by 2021, at a CAGR of 9.5% during the forecast period from 2016 to 2021. Artificial organs are mechanical devices that can temporarily or permanently substitute for a body organ. Bionics involves the study of biological systems in order to develop artificial systems that can replicate their functions. Manufactures are focusing on the development of bionic implant products such as wearable artificial kidney, bio-lung, and artificial pancreas for diseases that cannot be cured with alternative treatment methods.

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The market for Artificial Organs and Bionics is mainly driven due to large number of patients who are in need for organ transplantation, growing public awareness about various diseases, and advancements in medical bionic implant and artificial organs procedures. But, the market growth is constrained due to lack of availability of donor organs and bio-artificial organs, and high cost of devices and uncertain reimbursement scenarios.

Global market for Artificial Organs and Bionics is segmented based on Product, Technology and Type of fixation. By Products, the market is further sub-segmented into Artificial Organs and Bionics. Artificial Organs segment is further sub-segmented into Artificial Heart, Artificial Kidney, Artificial liver, Artificial pancreas, and Artificial lungs. Bionics segment is further sub-segmented into Vision bionics, Orthopedic bionic, Cardiac Bionics, and Brain bionics. By Technology, the market is further sub-segmented into Electronic bionics and Mechanical bionics. By Type of fixation, the market is further sub-segmented into Implantable and Externally-worn. Cardiac bionics and Brain bionics accounts for the largest share in this market.

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Geographically, Global market for Artificial Organs and Bionics is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. North America is the biggest market in terms of market share across the globe, followed by Europe. The market in North America is highly driven due to increasing population and awareness among the patients and the players regarding healthcare facilities and medical tourism. The Artificial Organs and Bionics market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to increasing aging population and large consumer base, rising government initiatives for enhancing healthcare, and high disposable income.

Orthofix International N.V., Biomet, Inc., Medtronic, Inc., Cochlear Ltd., Second Sight Medical Products, Inc., Ossur, Ekso Bionics, St. Jude Medical, Inc., Baxter International, Inc., Abiomed Inc., Asahi Kasei Medical Co., Ltd, Berlin Heart GmbH, Boston Scientific Corporation, F Hoffman-La Roche Ltd, Worldheart Corporation, Thoratec Corporation, Gambro AB, Lifenet Health, Jarvik Heart Inc. are the major players of Global Artificial Organs and Bionics market.

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