Artificial Organs and Medical Bionics Market - Global Industry Analysis (2019 - 2021) - Growth Trends and Market Forecast (2022 - 2027)

The world is witnessing a massive gap between the demand and supply imbalance of human organs. Notably, organ donors are far fewer than patients in need of organ transplants. Procuring organs and obtaining consent has become more complex. This is mainly because of contradictions to organ donation and general ethical concerns concerning race, religion, and the incomprehension of minority groups. Likewise, long waiting lists for acquiring natural organs or limited availability of organ donors have presented the need for finding alternatives for human organs. A steep reduction in organ donations has created a significant demand for artificial organs and medical bionics. Considering the robust demand, the global artificial organs and medical bionics market is projected to demonstrate remarkable growth prospects.

According to the publisher, the market is projected to grow at a 10.4% CAGR, during forecast period of 2022-2027. The market is anticipated to be highly lucrative and reach a valuation of US$54.4 Bn by the end of 2027, rising from US$ 30.3 Bn in 2021.

Key Insights and Trends Across Global Artificial Organs and Medical Bionics Market

• The growing demand for artificial kidneys will assure influential growth across the global artificial organs and medical bionics market by 2027 with a major contribution of 25%
• With greater viability and efficiency, the metals becoming the most ideal biomaterials for artificial organs and medical bionics. This segment is predicted to hold a substantial market worth of US$17 Bn by 2027
• North America is spearheading growth in the global artificial organs and medical bionics market with a commanding market share. The region is envisaged to reach a value of US$23 Bn

Ground-breaking Underway Developments in Medical Bionic Devices to Create Novel Opportunities Across Market

Artificial organs and medical bionics rely on recent advancements in automation technology including 3D printing and stem cell implementation. The potential of medical bionic devices has incentivized the development of technologically advanced solutions. High-tech biomedical devices are expected to enable prompt treatment for patients dealing with organ failure. Artificial organ technologies are significantly venturing into new horizons of therapeutics and preventative medicine. Modern technologies such as organ-on-chip and 3D bioprinting can address the issues of organ shortage and preventing early end-stage organ failure. Such next-generation technological advancements are setting the stage for robust expansions in the global artificial organs and medical bionics market.

Asia Pacific Advanced to Forefront of Global Market with Steady Rise in Surgical Procedures and Healthcare Expenditure

North America and Europe are expected to hold a major share in the global artificial organs and medical bionics market. However, Asia Pacific is likely to witness remarkable growth amidst surging incidence of vision and hearing loss, kidney failure, and cardiovascular diseases. The regional market is further augmented by the boost in healthcare expenditure, rise in disposable incomes, and growing surgical procedures. Lower competition in emerging economies and growing awareness and availability of artificial organs and medical bionics will certainly steer the market growth.

Notable Players in Artificial Organs and Medical Bionics Market

Some of the most significant players operating in the global artificial organs and medical bionics market include Cochlear Ltd, DJO Global, Ekso Holdings Inc, Zimmer Biomet Ltd, Medtronic plc, Orthofix International N.V., Second Sight Medical Products Ltd., Ossur hf, and ReWalk Robotics.