Medical Bionic Implant/Artificial Organs Market Report | Global Forecast To 2027
Medical Bionic Implant/Artificial Organs Market Overview
A number of factors such as the increasing cases
of organ failure, technological advancements, rising cases of accidents and
injuries, improving regulatory framework, increasing government assistance, and
increasing prevalence of eye diseases are propelling the growth of the global
medical bionic implant/artificial organs market.
However, lack of skilled professionals and the
high cost of devices and poor healthcare system in low and middle-income
countries may hamper the growth of the market.
It is estimated that the medical bionic implant/artificial organs market report is expected to
register a CAGR of 7.0% during the forecast period of 2018–2023.
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Medical Bionic
Implant/Artificial Organs Market Segmentation
The global
medical bionic implant/artificial organs market is segmented on the basis of
technology, product, fixation, and end-user.
On the basis of
technology, the market is classified as mechanical bionics and electronic
bionics.
By product, the
market is classified as vision bionics, ear bionics, orthopedic bionics, heart
bionics, neural/brain bionics, and others. Vision bionics are further segmented
as bionic eye and others. Ear bionics are further segmented as cochlear implant
and Bone Anchored Hearing Aid (BAHA). Orthopedic bionics are further segmented
as bionic hand, bionic leg, bionic finger, exoskeleton, and electrical bone
growth stimulators. The sub-segments of bionic leg include bionic knee and
bionic feet. The sub-segments of electrical bone growth stimulators include
invasive bone growth stimulators and non-invasive bone growth stimulators.
Heart bionics are further segmented as pacemaker, total artificial heart,
ventricular assist device, and artificial heart valve. The sub-segments of
pacemaker include implantable cardiac pacemaker and external pacemaker. The
sub-segments of artificial heart valve include mechanical heart valve and tissue
heart valve. Neural/brain bionics are further segmented as deep brain
stimulators, vagus nerve stimulator, and spinal cord stimulators.
By fixation,
the market is segmented into implantable and externally worn.
By end-user,
the market is segmented into hospitals and clinics, research and academic
institutes, and others.
Medical Bionic
Implant/Artificial Organs Market Regional Analysis
The Americas
dominates the medical bionic implant/artificial organs market owing to the
presence of major market players and high adoption rate of medical bionic
implants. On November 02, 2017, Second Sight Medical Products, Inc. received
the U.S. FDA approval to initiate Orion Cortical Visual Prosthesis System
(Orion) feasibility clinical study. In 2013, the company won the FDA approval
for Argus II retinal prosthesis system.
Europe holds
the second position in the Medical Bionic Implant/Artificial Organs market. It
is expected that the government support towards research and development
expenditure and rising prevalence of hemophilia and related complications are
likely to drive the European market.
Asia Pacific is
the fastest growing medical bionic implant/artificial organs market owing to a
huge patient pool, increasing demand for advanced treatments, and development
in the healthcare technology. Healthcare expenditure is found to be improving
in Asia Pacific. According to the data suggested by the Australian Institute of
Health and Welfare during the year 2015 to 2016, the total health expenditure
was USD 170.4 billion, i.e., 3.6% higher than the expenditure during 2014 to
2015.
The Middle East
and Africa holds the lowest share of the global market due to low development,
lack of technical knowledge, and poor medical facilities.
Medical Bionic
Implant/Artificial Organs Market Players
·
Globus Medical, Inc. (U.S.)
·
Depuy Synthes Inc. (Johnson & Johnson) (U.S.)
·
Smith & Nephew plc. (UK)
·
NuVasive, Inc. (U.S.)
·
Stryker Corporation (U.S.)
·
Integra LifeSciences Holdings Corporation (U.S.)
·
Zimmer Biomet Holdings, Inc. (U.S.)
·
Medtronic, plc (Ireland)
·
Wright Medical Group N.V. (Netherlands)
·
The Orthopedic Implant Company (U.S.)
·
Aesculap Implant Systems (U.S.)
·
Conmed Corporation (U.S.)
·
BioTek Instruments, Inc. (U.S.)
·
Arthrocare Corporation (U.S.)
among others
are some key companies in the global medical bionic implant/artificial organs that
are listed by MRFR for market research.
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