Global medical bionic implant and artificial organs market demand is anticipated to be valued at USD 30,469.1 million in 2023, forecast a CAGR of 8.8% to be valued at USD 70,818.8 million from 2023 to 2033.
Growth is attributed to the growing economies, rising healthcare expenditures, and the introduction of new healthcare facilities. Organ transplantation becomes mandatory when an organ in the body of a person is damaged due to injury or disease. But, the number of organ donors is very less than the demand. Although after the organ is transplanted, there are chances of rejection of the transplanted organ.
This signifies that the immune system of the recipient is not able to accept the organ. Artificial organs and bionics are made of biomaterial. Biomaterial is a living or non-living substance that is introduced into the body as a portion of an artificial organ or bionics to substitute an organ or functions associated with it.
The heart and kidney are the most developed artificial organs, while pacemakers and cochlear implants are the most developed medical bionics.
| Attributes | Details |
|---|---|
| Medical Bionic Implant and Artificial Organs Market CAGR (2023 to 2033) | 8.8% |
| Medical Bionic Implant and Artificial Organs Market Size (2023) | USD 30,469.1 million |
| Medical Bionic Implant and Artificial Organs Market Size (2033) | USD 70,818.8 million |
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From 2018 to 2022, a CAGR of 8.1% was registered for the medical bionic implant and artificial organs sector. Market valuation expanded from USD 19774.30 million in 2018 to USD 27,753.3 million in 2022.
Artificial organs and medical bionic implants are increasingly in demand as bionics combines biology and electronics. Due to better research in some locations compared to others, the market for some bionic devices, such as exoskeletons, bionic orthopedics, and the bionic eye, is skewed in favor of those places.
Medical Bionics are a substitute or improvement of other body parts with robotic versions. Medical bionic implants are diverse from artificial organs, they impersonate the original function very thoroughly or even do better than it.
The Growing Need for Organ Transplants to Drive the Growth of the Market
Some of the driving factors that propel the medical bionic implant and artificial organs business include age and age-related disorders, increasing accidents and injuries, and growth in the number of organ transplant cases. One of the key factors in the increase of visually impaired patients is the expanding aging population in the world.
Currently, the medical bionic implant and artificial organs global market is driven by the fact that a large number of patients are in need of organ transplantation, although not everyone gets an organ as the number of donors is less. Growing advancements in medical technologies are fueling the global market.
Growing public awareness about various diseases, advancements in medical bionic implant and artificial organs procedures, and the need for screenings conducted for early diagnosis and treatment of various diseases are also expected to favor the global medical bionic implant and artificial organs sector.
Principal Consultant
High Cost Associated with Implant Procedures Hinder the Growth of the Market
Although the medical bionic implant and artificial organs industry has numerous end-uses, there are numerous obstacles that likely pose a challenge to market growth. The high cost associated with organ transplant procedures, and the price of medical bionics, and the high cost of artificial organs, and the lengthy approval procedure, act as a restraint for a global market.
An artificial heart transplant result in death or crippling damage, which is projected to hinder the market growth. Also, the limited surgical professionals, reimbursement conditions in different regions, and stringent regulatory guidelines are the reasons restraining the growth of the medical bionic implant and artificial organs sector.
| Countries | Market Share (2022) |
|---|---|
| United States | 26.2% |
| Germany | 3.2% |
| Japan | 2.2% |
Technological Advancement in the Region Boosts the Growth
North America dominated the global medical bionic implant and artificial organs sector in 2022. North America accounts for a market share of 31.2% in the global market. The growth of the market in the region is attributed to the increased adoption of modern technologies and the presence of numerous industry players in the region.
North America is the leading market for medical bionic implants and artificial organs due to investment in research and development and increased healthcare expenditures on artificial prostheses.
For instance, on July 21, United States surgeons successfully completed the first human implantation in the United States of an artificial heart device called the 'Aeson', developed by French company CARMAT.
Technically Advanced Healthcare in Europe Boosts the Growth of the Market
According to Future Market Insights, Europe is expected to provide immense growth opportunities for medical bionic implants and artificial organs. Europe’s medical market accounts for 20.5% share of the total global industry. The increasing geriatric population across the region is projected to drive demand for medical bionic implants and artificial organs due to the increasing use of bionic prosthetic devices.
The growth of the market is attributed to continuous research and development investment, rising disposable income, the purchasing power of individuals, and well established healthcare infrastructure. The rising prevalence of renal disorders, acute renal failure, and the increase in organ failure due to the aging population are some more factors driving the market in this region.
With the increased approvals and releases of innovative medical bionic implants, Europe is also exhibiting substantial growth in the medical bionic implants and artificial organs market over the forecast period.
For instance, Advanced Bionics AG obtained approval from the Technical Inspection Authority (TÜV) in Munich, Germany, for the HiFocus SlimJ electrode, an electrode for the HiRes Ultra cochlear implant platform. During electrode insertion, the HiFocus SlimJ electrode preserves the cochlea.
| Countries | Market CAGR (2023 to 2033) |
|---|---|
| China | 9.6% |
| India | 7.4% |
Asia-Pacific is expected to grow at a significant rate due to a large consumer base, rising government initiatives for enhancing healthcare, and high disposable income contributing to the global market during the forecast period.
Also, medical tourism and the growing healthcare industry, advancements in implant techniques in the region are propelling the growth of the medical bionic implants and artificial organs market in the region.
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Medical Bionic Implant and Artificial Organs Start-ups are Moving Toward Collaboration
The new medical bionic implant and artificial organs market is continually indulging in several collaborations and highly investing in research and development activities to provide more convenient solutions to industry verticals. Key start-ups that are leading the development of the market are Aether Biomedical, Tissium, Bivacor, Advanced Prosthetic & Orthotic Centre, and Pixium Vision among others.
Competitors Push Boundaries for Strategic Maneuvers in the Industry
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as Bionics Inc., Lifenet Health Inc., Cochlear Ltd., Sonova, Otto Bock Inc., and Edwards Lifesciences Corporation account for considerable market size, several regional-level players are also operating across key growth regions, particularly in the Asia Pacific.
Key Players
The market is expected to maintain its momentum at an 8.8% CAGR through 2033.
The market is expected to be around USD 70,818.8 million by 2033.
In 2023, the market is expected to be about USD 30,469.1 million.
Germany is expected to gain 3.2% of the market by 2033.
By 2033, the United States is expected to possess 26.2% of the market.
Japan is expected to capture 2.2% of the market by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Heart Bionics 5.1.1. Ventricular Assist Device 5.1.2. Total Artificial Heart 5.1.3. Artificial Heart Valves 5.2. Pacemaker 5.2.1. Implantable Cardiac Pacemaker 5.2.2. External Pacemaker 5.3. Orthopedic Bionics 5.3.1. Bionic Hand 5.3.2. Bionic Limb 5.3.3. Bionic Leg 5.3.4. Ear Bionics 5.4. Bone Anchored Hearing Aid 5.5. Cochlear Implant 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Implant Location 6.1. Externally Worn Medical Bionic Implant and Artificial Organs 6.2. Implantable Medical Bionic Implant and Artificial Organs 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Touch Bionics Inc. 17.2. Lifenet Health Inc. 17.3. Cochlear Ltd. 17.4. Sonova 17.5. Otto Bock Inc. 17.6. Edwards Lifesciences Corporation 17.7. Medtronic, Inc. 17.8. HeartWare 17.9. Orthofix Holdings, Inc. 17.10. BionX Medical Technologies Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Medical Bionic Implant And Artificial Organs Market
