Vital Organs Support Systems And Medical Bionics Market - Forecast(2024 - 2030)
Vital Organs Support Systems and Medical Bionics Market Overview
Vital organs support systems and medical bionics market is estimated at $37 million in 2020, and is set to grow at a CAGR of 6.2% during the forecast period 2021-2026. The vital organs support systems and medical bionics industry growth rate is attributed to the technological advancements associated with vital organs support systems and medical bionics demand, increase in cases of patients suffering from chronic diseases, surge in global geriatric population and is anticipated bringing new opportunities. These medical devices are inserted in the patient at the location of the diseased organ.
Medical bionics is the study of how mechanics and electronics can be used to replace a mechanically driven limb or any component of a functioning organ. Organ transplantation has become a popular practice, which has fueled the healthcare industry's growth. Artificial organs include the artificial heart, kidney, and pancreas, among others. An artificial organ is made up of various parts that perform the same functions as the natural organ.
Furthermore, patients have expressed a strong desire for organ transplantation surgery, but the number of donors available to fulfill this demand is limited. As a result, the supply–demand gap has widened, assisting in the growth of the global vital organs support systems and medical bionics market share. However, high cost of treatment and stringent approval process is impeding market development for vital organs support systems and medical bionics industry.
Vital Organs Support Systems and Medical Bionics Market Report Coverage
The
report: “Vital Organs Support Systems and Medical Bionics Market
Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of
the following segments of the vital organs support systems and medical
bionics market:
By Product
Type: Vital Organs Support Systems and
Medical Bionics.
By End-Users: Hospitals, Ambulatory Surgical
Centers, Others.
By
Geography: North
America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain,
Russia and Others), APAC (China, Japan, India, South Korea, Australia and
Others), South America(Brazil, Argentina and Others) and RoW (Middle East and
Africa).
Key Takeaways
- North America dominated the vital organs support systems and medical bionics market with a share of 33.9% in the year 2020.
- The factors such as rise in geriatric population, scarcity of donor organs are amongst the major factor projected to impel growth of vital organs support systems and medical bionics market.
- Additionally, factors such as technological advancements in the artificial organ sector, and increase in R&D expenditure in the development of vital organs support systems and medical bionics are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
Global Vital Organs Support Systems And Medical Bionics Market, By End Users 2020(%)
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Vital Organs Support Systems and Medical Bionics Market Segment Analysis - By Product Type
In
2020, on the basis of product type, vital organs support systems segment
accounted for the largest segmental revenue of the vital organs support systems
and medical bionics market. The vital organs support systems segment held the
largest market on account of the rise in patient acceptance that is poised to rise
as more people become aware of medical bionics. Over the forecast period
2021-2026, constant advances in the fields of medical science and biomedical
engineering are projected to increase the use rate of synthetic organs.
On
the contrary, medical bionics segment is projected to witness healthy growth
throughout the forecast period 2021-2026 with a CAGR of 6.80% as increased government
emphasis on funding R&D programs, as well as an increase in the geriatric
population and the number of patients suffering from chronic diseases is
anticipated to fuel the sector growth in the product type segment during the forecast
period 2021-2026.
Vital Organs Support Systems and Medical Bionics Market Segment Analysis - By End User
On
the basis of end users, hospital segment accounted for the largest segmental
revenue of the vital organs support systems and medical bionics market
in 2020. The large share can be attributed to the various support departments,
such as MRI suites and ICUs, that are available. Furthermore, hospitals have
more staff to deal with complications, and when complications occur during an
operation, patients are often moved from an ambulatory surgery center to the
nearest hospital, and this will accelerate the growth of the hospital segment
in the software’s market during the forecast period 2021-2026.
On
the other hand, ambulatory care centers segment is projected to dominate over
the forecast period 2021-2026 with a CAGR of 6.50%. The
ambulatory
care centers are to witness a healthy growth owing to the boost in demand for
high-quality, cost-effective surgical facilities as an alternative to inpatient
hospital care which is to promote the growth. Apart from this, outpatient
visits have been restricted to minimize interaction between patients and
hospital staff, with significant implications for pre-operative care quality
and the human side of medicine is also anticipated to offer significant
growth for the ambulatory care centers segments during the forecast period
2021-2026.
Vital Organs Support Systems and Medical Bionics Market Segment Analysis - By Geography
North
America is the major region dominating the vital organs support systems and
medical bionics market with a market share of 33.9% in the year 2020. This can
be attributed to the fact that artificial organs are becoming more common in
emerging markets coupled with the presence of large number of significant
players operating in this area, as well as the growing potential of healthcare
spending. Furthermore, with a low rate of cadaveric organ donation, artificial
organ transplants are likely to become more common. The industry is poised to
be driven by large private sector investments and a growing number of new
product approvals pertaining to optimum use of novel transplants are anticipated
to fuel market growth during the forecast period 2021-2026.
However,
Asia-Pacific is projected to be the significant-growing market during the
forecast period 2021-2026 as amputations are becoming
more common as a result of accidents and trauma, as are brain injuries that
result in vision and hearing loss. Furthermore, the demand for critical organ
support systems and medical bionics is anticipated to expand owing to rising
patient knowledge and increased investment by key players in developing
economies and this is set to propel the market growth throughout the vital organs
support systems and medical bionics market forecast period 2021-2026.
Vital Organs Support Systems and Medical Bionics Market Drivers
Advancements With Increasing Awareness to Escalate Market Demand
The vital organs support systems and medical bionics market
is poised to receive upswing owing to an increase in the number of cardiac and
chronic diseases, as well as an increase in the geriatric population, both of
which necessitate organ transplantation. Furthermore, advances in the field of
medical devices are poised to drive the global vital organ support systems and
medical bionics market forward. For instance, according to a research conducted
by the American Heart Association's Heart and Stroke Statistics in 2019, around
48% of all adults in the U.S. suffered from some type of CVD in 2016. Furthermore,
another study conducted by the U.S. as of March 2020, over 112,000 patients
were on the national transplant waiting list, according to government data on
organ donation and transplantation.
Vital Organs Support Systems and Medical Bionics Market Challenges
High Cost Of Treatment And Stringent Approval Process
Despite several drivers, one of the
major factor hindering is the high cost of treatment and stringent approval
process thereby, challenging the regional market growth. Also, the market's
development is to be hampered by criticism associated with artificial organ
transplantation. There are several ethical and physiological factors to
consider before deciding on artificial organ implantation. In the U.S., the
ethical element applies to physicians adhering to the Nuremberg Code, which
contains Department of Health and Human Services laws intended to protect human
subjects during medical testing and trials. The physiological factor involves a
patient in need of a heart transplant's inability to make an informed decision
about whether or not to use an artificial heart.
Vital Organs Support Systems and Medical Bionics Market Landscape
Product
launches, mergers and acquisitions, joint ventures and geographical expansions
are key strategies adopted by players in the vital organs support systems and
medical bionics market. In 2020, vital organs support systems and medical
bionics market share is fragmented by the top ten players present in the
market. The vital organs support systems and medical bionics market top 10
companies are Abbott Laboratories, Abiomed, Inc., Baxter International Inc.,
Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Cochlear Ltd., Boston
Scientific Corporation, Jarvik Heart, Inc., Edwards Lifesciences Corporation,
Össur Americas, Inc., Medtronic Plc., SynCardia Systems LLC., Second Sight
Medical Products Inc. and others.
Acquisitions/Product Launches
- In May 2020, Sonova Group introduced its EXCITE-Pro platform that was presented by its hearing system manufacturer & provider HANSATON.
- In February 2020, Ekso Bionics Holdings, Inc. collaborated with Kindred Healthcare, LLC to pilot EksoNR—a robotic exoskeleton, in their long-term acute care hospitals.
- In January 2020, Medtronic Plc., announced that it has received Conformité Européenne (CE) mark for its Cobalt & Crome portfolio of BlueSync-enabled Implantable Cardioverter-Defibrillators (ICD) and Cardiac Resynchronization Therapy-Defibrillators (CRT-D).
- In April 2019, Edwards Lifesciences Corporation acquired CAS Medical Systems, Inc., a medical technology company dedicated to non-invasive brain and tissue oxygenation monitoring.
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LIST OF TABLES
1.Global VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY PRODUCT TYPE Market 2023-2030 ($M)1.1 Vital organs support systems Market 2023-2030 ($M) - Global Industry Research
1.1.1 Artificial Heart Market 2023-2030 ($M)
1.1.2 Artificial Kidney Market 2023-2030 ($M)
1.1.3 Artificial Pancreas Market 2023-2030 ($M)
1.1.4 Artificial Urinary Bladder Market 2023-2030 ($M)
1.1.5 Artificial Lungs Market 2023-2030 ($M)
1.1.6 Artificial Liver Market 2023-2030 ($M)
1.2 Medical Bionics Market 2023-2030 ($M) - Global Industry Research
1.2.1 Bionic Eye Market 2023-2030 ($M)
1.2.2 Ear Bionics Market 2023-2030 ($M)
1.2.3 Orthopedic Bionics Market 2023-2030 ($M)
1.2.4 Cardiac Bionics Market 2023-2030 ($M)
1.2.5 Neural Bionics Market 2023-2030 ($M)
2.Global VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY END USER Market 2023-2030 ($M)
2.1 Hospitals Market 2023-2030 ($M) - Global Industry Research
2.2 Ambulatory surgical centers Market 2023-2030 ($M) - Global Industry Research
3.Global VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY PRODUCT TYPE Market 2023-2030 (Volume/Units)
3.1 Vital organs support systems Market 2023-2030 (Volume/Units) - Global Industry Research
3.1.1 Artificial Heart Market 2023-2030 (Volume/Units)
3.1.2 Artificial Kidney Market 2023-2030 (Volume/Units)
3.1.3 Artificial Pancreas Market 2023-2030 (Volume/Units)
3.1.4 Artificial Urinary Bladder Market 2023-2030 (Volume/Units)
3.1.5 Artificial Lungs Market 2023-2030 (Volume/Units)
3.1.6 Artificial Liver Market 2023-2030 (Volume/Units)
3.2 Medical Bionics Market 2023-2030 (Volume/Units) - Global Industry Research
3.2.1 Bionic Eye Market 2023-2030 (Volume/Units)
3.2.2 Ear Bionics Market 2023-2030 (Volume/Units)
3.2.3 Orthopedic Bionics Market 2023-2030 (Volume/Units)
3.2.4 Cardiac Bionics Market 2023-2030 (Volume/Units)
3.2.5 Neural Bionics Market 2023-2030 (Volume/Units)
4.Global VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY END USER Market 2023-2030 (Volume/Units)
4.1 Hospitals Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Ambulatory surgical centers Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY PRODUCT TYPE Market 2023-2030 ($M)
5.1 Vital organs support systems Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Artificial Heart Market 2023-2030 ($M)
5.1.2 Artificial Kidney Market 2023-2030 ($M)
5.1.3 Artificial Pancreas Market 2023-2030 ($M)
5.1.4 Artificial Urinary Bladder Market 2023-2030 ($M)
5.1.5 Artificial Lungs Market 2023-2030 ($M)
5.1.6 Artificial Liver Market 2023-2030 ($M)
5.2 Medical Bionics Market 2023-2030 ($M) - Regional Industry Research
5.2.1 Bionic Eye Market 2023-2030 ($M)
5.2.2 Ear Bionics Market 2023-2030 ($M)
5.2.3 Orthopedic Bionics Market 2023-2030 ($M)
5.2.4 Cardiac Bionics Market 2023-2030 ($M)
5.2.5 Neural Bionics Market 2023-2030 ($M)
6.North America VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY END USER Market 2023-2030 ($M)
6.1 Hospitals Market 2023-2030 ($M) - Regional Industry Research
6.2 Ambulatory surgical centers Market 2023-2030 ($M) - Regional Industry Research
7.South America VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY PRODUCT TYPE Market 2023-2030 ($M)
7.1 Vital organs support systems Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Artificial Heart Market 2023-2030 ($M)
7.1.2 Artificial Kidney Market 2023-2030 ($M)
7.1.3 Artificial Pancreas Market 2023-2030 ($M)
7.1.4 Artificial Urinary Bladder Market 2023-2030 ($M)
7.1.5 Artificial Lungs Market 2023-2030 ($M)
7.1.6 Artificial Liver Market 2023-2030 ($M)
7.2 Medical Bionics Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Bionic Eye Market 2023-2030 ($M)
7.2.2 Ear Bionics Market 2023-2030 ($M)
7.2.3 Orthopedic Bionics Market 2023-2030 ($M)
7.2.4 Cardiac Bionics Market 2023-2030 ($M)
7.2.5 Neural Bionics Market 2023-2030 ($M)
8.South America VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY END USER Market 2023-2030 ($M)
8.1 Hospitals Market 2023-2030 ($M) - Regional Industry Research
8.2 Ambulatory surgical centers Market 2023-2030 ($M) - Regional Industry Research
9.Europe VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY PRODUCT TYPE Market 2023-2030 ($M)
9.1 Vital organs support systems Market 2023-2030 ($M) - Regional Industry Research
9.1.1 Artificial Heart Market 2023-2030 ($M)
9.1.2 Artificial Kidney Market 2023-2030 ($M)
9.1.3 Artificial Pancreas Market 2023-2030 ($M)
9.1.4 Artificial Urinary Bladder Market 2023-2030 ($M)
9.1.5 Artificial Lungs Market 2023-2030 ($M)
9.1.6 Artificial Liver Market 2023-2030 ($M)
9.2 Medical Bionics Market 2023-2030 ($M) - Regional Industry Research
9.2.1 Bionic Eye Market 2023-2030 ($M)
9.2.2 Ear Bionics Market 2023-2030 ($M)
9.2.3 Orthopedic Bionics Market 2023-2030 ($M)
9.2.4 Cardiac Bionics Market 2023-2030 ($M)
9.2.5 Neural Bionics Market 2023-2030 ($M)
10.Europe VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY END USER Market 2023-2030 ($M)
10.1 Hospitals Market 2023-2030 ($M) - Regional Industry Research
10.2 Ambulatory surgical centers Market 2023-2030 ($M) - Regional Industry Research
11.APAC VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY PRODUCT TYPE Market 2023-2030 ($M)
11.1 Vital organs support systems Market 2023-2030 ($M) - Regional Industry Research
11.1.1 Artificial Heart Market 2023-2030 ($M)
11.1.2 Artificial Kidney Market 2023-2030 ($M)
11.1.3 Artificial Pancreas Market 2023-2030 ($M)
11.1.4 Artificial Urinary Bladder Market 2023-2030 ($M)
11.1.5 Artificial Lungs Market 2023-2030 ($M)
11.1.6 Artificial Liver Market 2023-2030 ($M)
11.2 Medical Bionics Market 2023-2030 ($M) - Regional Industry Research
11.2.1 Bionic Eye Market 2023-2030 ($M)
11.2.2 Ear Bionics Market 2023-2030 ($M)
11.2.3 Orthopedic Bionics Market 2023-2030 ($M)
11.2.4 Cardiac Bionics Market 2023-2030 ($M)
11.2.5 Neural Bionics Market 2023-2030 ($M)
12.APAC VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY END USER Market 2023-2030 ($M)
12.1 Hospitals Market 2023-2030 ($M) - Regional Industry Research
12.2 Ambulatory surgical centers Market 2023-2030 ($M) - Regional Industry Research
13.MENA VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY PRODUCT TYPE Market 2023-2030 ($M)
13.1 Vital organs support systems Market 2023-2030 ($M) - Regional Industry Research
13.1.1 Artificial Heart Market 2023-2030 ($M)
13.1.2 Artificial Kidney Market 2023-2030 ($M)
13.1.3 Artificial Pancreas Market 2023-2030 ($M)
13.1.4 Artificial Urinary Bladder Market 2023-2030 ($M)
13.1.5 Artificial Lungs Market 2023-2030 ($M)
13.1.6 Artificial Liver Market 2023-2030 ($M)
13.2 Medical Bionics Market 2023-2030 ($M) - Regional Industry Research
13.2.1 Bionic Eye Market 2023-2030 ($M)
13.2.2 Ear Bionics Market 2023-2030 ($M)
13.2.3 Orthopedic Bionics Market 2023-2030 ($M)
13.2.4 Cardiac Bionics Market 2023-2030 ($M)
13.2.5 Neural Bionics Market 2023-2030 ($M)
14.MENA VITAL ORGANS SUPPORT SYSTEMS AND MEDICAL BIONICS MARKET, BY END USER Market 2023-2030 ($M)
14.1 Hospitals Market 2023-2030 ($M) - Regional Industry Research
14.2 Ambulatory surgical centers Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)2.Canada Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
3.Mexico Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
4.Brazil Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
5.Argentina Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
6.Peru Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
7.Colombia Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
8.Chile Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
9.Rest of South America Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
10.UK Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
11.Germany Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
12.France Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
13.Italy Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
14.Spain Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
15.Rest of Europe Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
16.China Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
17.India Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
18.Japan Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
19.South Korea Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
20.South Africa Vital Organs Support Systems And Medical Bionics Market Revenue, 2023-2030 ($M)
21.North America Vital Organs Support Systems And Medical Bionics By Application
22.South America Vital Organs Support Systems And Medical Bionics By Application
23.Europe Vital Organs Support Systems And Medical Bionics By Application
24.APAC Vital Organs Support Systems And Medical Bionics By Application
25.MENA Vital Organs Support Systems And Medical Bionics By Application
26.Abiomed, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Abbott Laboratories, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Asahi Kasei Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Baxter International Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Boston Scientific Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Cochlear Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Edwards Lifesciences Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Jarvik Heart, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Medtronic Plc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.ssur Americas, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Second Sight Medical Products, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.SynCardia Systems LLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)