Increasing organ failure and disability due to age-related disorders, new and modified technologies, increasing accidents and injuries leading to organ deletion, rise in number of people awaiting organ transplants and lack of donors are the major drivers responsible for the growth of this market. Some crucial factors restraining the growth of this market are high cost of devices and surgery, lack of surgical skills and uncertain reimbursement policies in some regions. Improvement in disposable incomes of end-users and increase in awareness could be the potential factors to fuel the growth of this market. Emerging economies have opened new avenues for the growth of this market, due to growing income levels, high healthcare expenditure and increase in awareness amongst the people about organ transplantation.
Artificial Vital Organs and Medical Bionics Market by Product Type
The artificial vital organs and medical bionics market is segmented by product type into two broad categories such as Artificial vital organs market and Medical bionics market. Artificial vital organs market is further categorized into different segments, namely artificial liver, artificial heart, artificial pancreas, artificial kidney, artificial lungs and oxygenators. Medical bionics market also consists of sub-segments and includes bionic limbs, vision bionics, ear bionics, exoskeletons, brain bionics, heart valves and cardiac bionics. In artificial vital organs market, artificial kidneys lead the market due to high incidence of acute renal failure. In medical bionics market, bionic exoskeleton accounts for high CAGR due to strong research initiatives in this segment. Artificial pancreases and bio-lungs are the pipeline devices in medical bionics market.
Artificial Vital Organs and Medical Bionics Market by Application
The biochip products and services market is segmented by application type into different sub-categories such as gene sequencing and gene expression, clinical diagnosis and treatment (Cancer diagnosis), genomics and toxicogenomics, proteomics, drug discovery and other applications. Clinical diagnosis and treatment is the leading sub-segment in application types. Cancer diagnosis and treatment segment is primarily driven by personalized medicines approved by the FDA for the treatment of cancer. Other factor supportive to the growth of cancer diagnosis segment include government funding and technological advancements.
Artificial Vital Organs and Medical Bionics Market by Geography
Geographically, artificial vital organs and medical bionics market is segmented into North America, Europe, Asia and LAMEA. North America leads the artificial vital organs and medical bionics market followed by Europe. The reasons attributed for this growth include concentrated high income groups, aged population and high organ failure rates. Asia- Pacific is emerging as a fastest growing market for artificial vital organs and medical bionics, due to growing income levels, g
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