Vital Organs Support Systems and Medical Bionics Market Overview, Growth and Forecast from 2020-2030
Vital Organs Support Systems and Medical Bionics Market is valued around USD 33.88 Billion in 2019 and expected to reach USD 93.80 Billion by 2030 with the CAGR of 9.7% over the forecast period.
Vital Organs Support Systems and Medical Bionics refer to the artificial system or machine to replace the function of damaged or missing part by using science along with engineering. This enhances the quality of life and restores the normal body function which makes the patient to live longer with quality life. These consist of several systems such as artificial kidneys, cochlear implants, pacemakers and many more which helps in the normal functioning of body organs.
Global Vital Organs Support Systems and Medical Bionics Market report is segmented on the basis of vital organ support system, medical bionics, end user and by regional. Based upon vital organ support system, the vital organs support systems and medical bionics market is fragmented into artificial heart, artificial kidney, artificial pancreas, artificial urinary bladder, artificial lungs, and artificial liver. On the basis of medical bionics, the market is categorized into bionic eye, ear bionics, orthopedic bionics, cardiac bionics, and neural bionics. On the basis of end user, the market is fragmented into hospitals, ambulatory surgical centers & others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The vital organs support systems and medical bionics market is mainly driven by the rising prevalence of the chronic disorders along with the organ failure cases. There has been technological advancement followed by the presence of developing healthcare infrastructure as well as high adoption rate of artificial devices & systems. In addition, favorable reimbursement scenario along with the constant growth in trauma cases has created the demand for vital organ support system and medical bionics. There has been constant growth in the awareness among people as well as high demand of quality life among patients has also augmented the market growth. However, high cost of medical bionics supported by the stringent regulatory policies for the approval of new products in the market is expected to inhibit the market growth.
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The developed regions such as North America and Europe are expected to hold the major market share owing to the presence of developed healthcare facilities along with high adoption rate of artificial devices & medical bionics in daily life. In addition, growth in trauma cases as well as high awareness rate among people with regards to organ transplant. Asia Pacific is expected to dominate the vital organs support systems and medical bionics market in terms of growth rate owing to the high prevalence rate of chronic disorders & organ failure. Moreover, rising demand for organ transplant surgeries with surge in awareness among people is likely to fuel the market growth.
The major market players profiled in the vital organs support systems and medical bionics market includes 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., and Second Sight Medical Products, Inc. among others.