Artificial Organs and Medical Bionics Market 2022 Players, Countries, Type and Application, Regional Forecast to 2027

Global artificial organs and medical bionics market is projected to experience a substantial rise, with a compound annual growth rate (CAGR) of 10.4% during the forecast period of 2022-2027, according to a report by Fairfield Market Research. The market is expected to reach a value of US$54.4 billion by the end of 2027, driven by the increasing demand for artificial organs and medical bionics, primarily due to the persistent supply-demand gap and the complexities associated with organ transplantation.

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The scarcity of viable organ donors, ethical concerns, and various challenges in procuring organs have led to a significant demand for artificial organs and medical bionics. Every day, an average of 20 individuals succumb to organ failure due to the lack of available organs for transplantation, as reported by the National Health Resources and Services Organization. As a result, artificial organs have become a crucial alternative for those in need of life-saving transplants, propelling the growth of the global market.

Artificial organs and medical bionics are revolutionizing healthcare with their cutting-edge technologies, including 3D printing and stem cell implementation. Researchers worldwide are actively developing and testing groundbreaking medical bionic devices, offering hope for prompt treatment to patients with organ failure in the future. While the field of growing full organs using adult stem cells is still in its early stages, extensive research is being conducted to make organs available to patients, further bolstering the growth of the artificial organs and medical bionics market.

Despite the promising outlook, the market faces several challenges that impede its growth. The high cost of implementation, ethical considerations, biocompatibility concerns, regulatory restrictions, limited reimbursement coverage, potential device malfunctions, and other related factors hinder market expansion. Developing substitutes for complex organs such as the endocrine organs and liver, which perform numerous vital functions, remains a challenging task for artificial devices. Additionally, reducing production and operation costs to enhance affordability, particularly in emerging regions, remains a significant influencing factor for the market.

Among the artificial organs, the kidney segment is expected to witness the highest growth in terms of revenue, retaining its instrumental role in the market throughout the forecast period. The manufacturing of intricate organs like the heart, liver, and kidney requires a meticulous understanding of their structural, chemical, and biological functions. However, despite the limitations, artificial organs and medical bionics hold immense potential to save countless lives that would otherwise be lost.

Metals dominate the market segment as highly suitable biomaterials for artificial organs and medical bionics. The segment is projected to reach a valuation of nearly US$17 billion by 2027. Advancements in biomedical engineering have led to the development of miniature artificial organs for permanent implantation in the human body. Polymers, with properties such as chemical inertness, ease of fabrication, low cytotoxicity, flexibility, hardness, and permeability, offer essential attributes for the manufacturing of artificial organs.

The future of artificial organs lies not only in the development of replacement organs but also in leveraging these technologies for therapeutic or preventative medicine. Innovative approaches, such as organ-on-chip technology and 3D bioprinting, show promise in addressing the organ shortage issue and reducing the need for artificial organs. For instance, Pandorum Technologies, an India-based biotech startup, has developed an artificial tissue that emulates the functions of the human liver, opening doors to affordable medical research and potential full-scale transplantable organs.

While North America and Europe currently hold a significant market share, the Asia Pacific region is emerging as the fastest-growing market. Factors such as the rising incidence of hearing and vision loss, cardiovascular diseases, and kidney failure, coupled with increasing healthcare expenditure and improving income levels, are driving the market's growth in Asia Pacific. Additionally, the availability and awareness of artificial organs and medical bionics, coupled with low competition in untapped markets like India and China, further contribute to the region's rapid progress. The Asia Pacific market is expected to exhibit a growth rate of 10.9% by 2027.

Key players in the artificial organs and medical bionics market, including Ossur hf, Medtronic plc, Cochlear Ltd, Zimmer Biomet Ltd, and others, are augmenting their research and development investments. These companies are actively participating in collaborative research programs and introducing innovative products to meet the growing demand for artificial organs and medical bionics.

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