Artificial vital organs and medical bonics

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2. Artificial Vital Organs and Medical Bionics Market, By Type (Artificial Vital Organs (Artificial Heart, Artificial Kidney, Artificial Liver, Artificial Pancreas, Artificial Lungs), Medical Bionics (Cochlear Implants, Vision Bionics, Exoskeletons, Bionic Limbs, Brain Bionics, Cardiac Bionics)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ARTIFICIAL VITAL ORGANS AND MEDICAL BIONICS MARKET ANALYSIS

3. An artificial organ is defined as a man-made device which can be integrated or implanted into the patient so as to replace an original diseased organ and restore its specific function. Medical bionics is the study of application of mechanics and electronics for the replacement of a limb or other part of a functional organ that is mechanically powered. The global artificial vital organs and medical bionics market is estimated to account for US$ 38,658.6 Mn in terms of value and is expected to reach US$ 73,316.9 Mn by the end of 2027. Global Artificial Vital Organs and Medical Bionics Market: Drivers Increasing waiting list for organ transplant is expected to propel growth of the global artificial vital organs and medical bionics market. For instance, according to the U.S. Government Information on Organ Donation and Transplantation, over 112,000 patients are on the national transplant waiting list as of March 2020. Moreover, increasing prevalence of chronic disorders is also is expected to aid in growth of the market. For instance, according to the American Heart Association's Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of CVD in 2016.  Artificial Vital Organs held dominant position in the global artificial vital organs and medical bionics market in 2019, accounting for 59.3% share in terms of value, followed by Medical Bionics.

4. Global Artificial Vital Organs and Medical Bionics Market Share (%), by Value, by Type, 2019

5. Global Artificial Vital Organs and Medical Bionics Market: Restraints   Criticism associated with artificial organ transplant is expected to hinder growth of the market.  Before opting for artificial organ implantation, there are many ethical and physiological aspects to be considered. In the U.S., the ethical aspect refers to clinicians following the Nuremberg Code that includes regulations designed by the Department of Health and Human Services to guard human subjects during experimental research and trials. The physiological aspect includes the inability of a patient in need of heart transplant to make a conscious decision about whether to opt for an artificial heart. Moreover, artificial heart transplant may lead to death or a disabling injury, which is also expected to limit growth of the market.

6. Global Artificial Vital Organs and Medical Bionics Market: Opportunities Increasing geriatric population is expected to offer lucrative growth opportunities for players in the global artificial vital organs and medical bionics market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.            Moreover, adoption of 3D printing in development of artificial organs is also expected to aid in growth of the market. For instance, in April 2020, researchers at the Tel Aviv University in Israel reported use of human fat tissue to successfully 3D print an artificial heart. The global artificial vital organs and medical bionics market was valued at US$ 35,340.4 Mnin 2019 and is forecast to reach a value of US$ 73,316.9 Mn by 2027 at a CAGR of 9.6% between 2020 and 2027.

7. Global Artificial Vital Organs and Medical Bionics Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

8. Market Trends/Key Takeaways The number of heart transplants is increasing in the recent past. For instance, according to the Organ Procurement and Transplantation Network (OPTN)/ The Scientific Registry of Transplant Recipients (SRTR), in 2015, 2016, and 2019, the U.S. recorded over 30,000 transplants per year. Moreover, the number of patients requiring heart transplant is also on the rise. For instance, according to the OPTN/SRTR 2018 Annual Data Report: Heart, the number of new active listings for heart transplant increased by 33.7%, from 2810 to 3756 between 2009 and 2018. Global Artificial Vital Organs and Medical Bionics Market: Competitive Landscape Major players operating in the global artificial vital organs and medical bionics market include, SynCardia Systems, LLC, BiVACOR, CARMAT, Cleveland Heart, Jarvik Heart, MyLVAD, Cirtec Medical Systems, Thoratec Corporation, Abbott Diabetes Care, Inc., Abiomed, Inc., Asahi Kasei Medical Co., Ltd., Cyberonics, Inc., Edwards Lifesciences Corporation, Ekso Bionics Holdings, Inc., F. Hoffmann-La Roche Ltd., Fresenius Medical Care AG & Co. KGaA, Gambro AB (Baxter International, Inc.), and iWalk, Inc.  Global Artificial Vital Organs and Medical Bionics Market: Key Developments Major players in the market are focused on adopting collaboration strategies to enhance their market share. For instance, 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. Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in April 2019, Edwards Lifesciences Corporation acquired CAS Medical Systems, Inc., a medical technology company dedicated to non-invasive brain and tissue oxygenation monitoring.

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