Market Overview:
The artificial vital organs and medical bionics market comprises products such as artificial organs (hearts, kidneys, pancreas, etc.), medical bionics (electrical implants, auditory implants, exoskeleton, etc.) that are implanted in human body to replace original organs/limbs or enhance body capabilities. The rising incidence of organ failures, injuries and disabilities among the aging population has fueled the demand for organ replacement and assistive products in the market.
Market key trends:
One of the key trends fueling market growth is the increasing demand for organ replacement. According to the analysis by Global Observatory on Donation and Transplantation, every year close to 140,000 organs are transplanted across the world but millions are in need. This huge gap between demand and supply is creating opportunities for artificial organ manufacturers. Medical bionics are also gaining popularity owing to ability to restore mobility, vision, hearing and enhance neurological capabilities. Further, ongoing R&D in material sciences, miniaturization, power sources and interface design is expected to result in more efficacious and affordable medical bionics going forward. Developments such as 3D bioprinting of functional tissues and organs hold promise to transform the artificial organ manufacturing in the coming years.
The global Artificial Vital Organs And Medical Bionics Market Growth is estimated to be valued at US$ 51 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter's Analysis
Threat of new entrants: Low barriers to entry due to technological advancements and cost-effective production methods.
Bargaining power of buyers: Large customer base increases bargaining power of buyers. However, availability of limited substitutes keeps the power in balance.
Bargaining power of suppliers: Suppliers have moderate power due to availability of components from various sources at competitive prices.
Threat of new substitutes: Threat of substitutes is moderate as new technologies are continuously emerging.
Competitive rivalry: Intense competition between existing players to gain major market share.
SWOT Analysis
Strengths: Large patient pool drives demand. Growing geriatric population increases need for implants.
Weaknesses: High product costs limit adoption. Stringent regulatory approvals delay new launches.
Opportunities: Emerging economies open new avenues. Technology advancement fosters innovations.
Threats: Reimbursement issues in certain regions. Pricing pressure from generic alternatives.
Key Takeaways
The global Artificial Vital Organs And Medical Bionics Market is expected to witness high growth at a CAGR of 10% over the forecast period due to increasing prevalence of chronic diseases and rapid technological advancements.
The market is estimated to reach a value of over US$ 101 Bn by 2030. North America dominated the global market in 2023 with a share of over 30% owing to advanced healthcare infrastructure and high awareness. Asia Pacific is expected to witness fastest growth over the next few years supported by growing healthcare spending, large patient pool, and increasing medical tourism.
Key players operating in the artificial vital organs and medical bionics market are SynCardia Systems, LLC, BiVACOR, CARMAT, Cleveland Heart, Jarvik Heart, MyLVAD, Cirtec Medical Systems, Thoratec Corporation, Abbott Diabetes Care, Inc., Abiomed, Inc., Asahi Kasei Medical Co., Ltd., Cyberonics, Inc., Edwards Lifesciences Corporation, Ekso Bionics Holdings, Inc., F. Hoffmann-La Roche Ltd., Fresenius Medical Care AG & Co. KGaA, Gambro AB (Baxter International, Inc.), and iWalk, Inc. Major players are focusing on strategic acquisitions and partnerships to enhance their product portfolio and strengthen geographical presence.
Popular Posts
