Vital Organs Support Systems and Medical Bionics Market is estimated at $37 million in 2020, and is set to grow at a CAGR of 6.2% during the forecast period 2021-2026. The vital organs support systems and medical bionics industry growth rate is attributed to the technological advancements associated with vital organs support systems and medical bionics demand, increase in cases of patients suffering from chronic diseases, surge in global geriatric population and is anticipated bringing new opportunities. These medical devices are inserted in the patient at the location of the diseased organ.
Medical bionics is the study of how mechanics and electronics can be used to replace a mechanically driven limb or any component of a functioning organ. Organ transplantation has become a popular practice, which has fueled the healthcare industry’s growth. Artificial organs include the artificial heart, kidney, and pancreas, among others. An artificial organ is made up of various parts that perform the same functions as the natural organ.
Furthermore, patients have expressed a strong desire for organ transplantation surgery, but the number of donors available to fulfill this demand is limited. As a result, the supply–demand gap has widened, assisting in the growth of the global vital organs support systems and medical bionics market share. However, high cost of treatment and stringent approval process is impeding market development for vital organs support systems and medical bionics industry.
Vital Organs Support Systems and Medical Bionics Market Segment Analysis – By Product Type
In 2020, on the basis of product type, vital organs support systems segment accounted for the largest segmental revenue of the vital organs support systems and medical bionics market. The vital organs support systems segment held the largest market on account of the rise in patient acceptance that is poised to rise as more people become aware of medical bionics. Over the forecast period 2021-2026, constant advances in the fields of medical science and biomedical engineering are projected to increase the use rate of synthetic organs.
On the contrary, medical bionics segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.80% as increased government emphasis on funding R&D programs, as well as an increase in the geriatric population and the number of patients suffering from chronic diseases is anticipated to fuel the sector growth in the product type segment during the forecast period 2021-2026.
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Vital Organs Support Systems and Medical Bionics Market Segment Analysis – By End User
On the basis of end users, hospital segment accounted for the largest segmental revenue of the vital organs support systems and medical bionics market in 2020. The large share can be attributed to the various support departments, such as MRI suites and ICUs, that are available. Furthermore, hospitals have more staff to deal with complications, and when complications occur during an operation, patients are often moved from an ambulatory surgery center to the nearest hospital, and this will accelerate the growth of the hospital segment in the software’s market during the forecast period 2021-2026.
On the other hand, ambulatory care centers segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 6.50%. The ambulatory care centers are to witness a healthy growth owing to the boost in demand for high-quality, cost-effective surgical facilities as an alternative to inpatient hospital care which is to promote the growth. Apart from this, outpatient visits have been restricted to minimize interaction between patients and hospital staff, with significant implications for pre-operative care quality and the human side of medicine is also anticipated to offer significant growth for the ambulatory care centers segments during the forecast period 2021-2026.
Vital Organs Support Systems and Medical Bionics Market Segment Analysis – By Geography
North America is the major region dominating the vital organs support systems and medical bionics market with a market share of 33.9% in the year 2020. This can be attributed to the fact that artificial organs are becoming more common in emerging markets coupled with the presence of large number of significant players operating in this area, as well as the growing potential of healthcare spending. Furthermore, with a low rate of cadaveric organ donation, artificial organ transplants are likely to become more common. The industry is poised to be driven by large private sector investments and a growing number of new product approvals pertaining to optimum use of novel transplants are anticipated to fuel market growth during the forecast period 2021-2026.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 as amputations are becoming more common as a result of accidents and trauma, as are brain injuries that result in vision and hearing loss. Furthermore, the demand for critical organ support systems and medical bionics is anticipated to expand owing to rising patient knowledge and increased investment by key players in developing economies and this is set to propel the market growth throughout the vital organs support systems and medical bionics market forecast period 2021-2026.
Vital Organs Support Systems and Medical Bionics Market Drivers
Advancements With Increasing Awareness to Escalate Market Demand
The vital organs support systems and medical bionics market is poised to receive upswing owing to an increase in the number of cardiac and chronic diseases, as well as an increase in the geriatric population, both of which necessitate organ transplantation. Furthermore, advances in the field of medical devices are poised to drive the global vital organ support systems and medical bionics market forward. For instance, according to a research conducted by the American Heart Association’s Heart and Stroke Statistics in 2019, around 48% of all adults in the U.S. suffered from some type of CVD in 2016. Furthermore, another study conducted by the U.S. as of March 2020, over 112,000 patients were on the national transplant waiting list, according to government data on organ donation and transplantation.
Vital Organs Support Systems and Medical Bionics Market Challenges
High Cost Of Treatment And Stringent Approval Process
Despite several drivers, one of the major factor hindering is the high cost of treatment and stringent approval process thereby, challenging the regional market growth. Also, the market’s development is to be hampered by criticism associated with artificial organ transplantation. There are several ethical and physiological factors to consider before deciding on artificial organ implantation. In the U.S., the ethical element applies to physicians adhering to the Nuremberg Code, which contains Department of Health and Human Services laws intended to protect human subjects during medical testing and trials. The physiological factor involves a patient in need of a heart transplant’s inability to make an informed decision about whether or not to use an artificial heart.
Vital Organs Support Systems and Medical Bionics Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the vital organs support systems and medical bionics market. In 2020, vital organs support systems and medical bionics market share is fragmented by the top ten players present in the market. The vital organs support systems and medical bionics market top 10 companies are 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., Second Sight Medical Products Inc. and others.
Acquisitions/Product Launches
In May 2020, Sonova Group introduced its EXCITE-Pro platform that was presented by its hearing system manufacturer & provider HANSATON.
In February 2020, Ekso Bionics Holdings, Inc. collaborated with Kindred Healthcare, LLC to pilot EksoNR—a robotic exoskeleton, in their long-term acute care hospitals.
In January 2020, Medtronic Plc., announced that it has received Conformité Européenne (CE) mark for its Cobalt & Crome portfolio of BlueSync-enabled Implantable Cardioverter-Defibrillators (ICD) and Cardiac Resynchronization Therapy-Defibrillators (CRT-D).
In April 2019, Edwards Lifesciences Corporation acquired CAS Medical Systems, Inc., a medical technology company dedicated to non-invasive brain and tissue oxygenation monitoring.
Key Takeaways
North America dominated the vital organs support systems and medical bionics market with a share of 33.9% in the year 2020.
The factors such as rise in geriatric population, scarcity of donor organs are amongst the major factor projected to impel growth of vital organs support systems and medical bionics market.
Additionally, factors such as technological advancements in the artificial organ sector, and increase in R&D expenditure in the development of vital organs support systems and medical bionics are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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