Artificial Organs and Bionics Market Overview

Artificial organs are mechanical devices that can temporarily or permanently substitute a body organ. Bionics involves the study of biological systems in order to develop an 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 majorly driven due to more number of patients who are in need for organ transplantation, increasing public awareness about various diseases, and advancements in the medical bionic implant and in the artificial organs procedures. But, the market growth is controlled due to lack of availability of donor organs and bio-artificial organs, and high cost of devices and uncertain reimbursement scenarios.

Artificial Organs and Bionics Market Forecast Report (2018-2023)

Global Artificial Organs and Bionics Market worth was USD 22.18 Billion in 2018 and is projected to reach USD 34.92 Billion by 2023, at a CAGR of 9.5% during the forecast period from 2018to 2023.

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Artificial Organs and Bionics Market Segmentation

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

Geographical Analysis: 

Geographically, Global market for Artificial Organs and Bionics is classified into North America, Asia Pacific, Latin America, Europe, Middle-East and Africa.  North America is the huge market in terms of market share across the globe, followed by Europe. North America is highly driven due to rising 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 high CAGR, which is greatly due to growing aging population and large consumer base, increasing government initiatives for enhancing healthcare, and high disposable income.

 Key Developments in the Market

In February 2018:A joint development agreement for an abdominal aortic aneurysm stent graft has been concluded between Jikei University School of Medicine and the Asahi Kasei Corp.
In January 2018: Boston Scientific received an FDA approval for the Spectra WaveWriter™ Spinal Cord Stimulator System
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Major Players: 
Major players in the current market are:

Orthofix International N.V
Biomet, Inc.
Medtronic, Inc.
Cochlear Ltd.
Second Sight Medical Products, Inc.
Ossur
Ekso Bionics
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. 
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