ARTIFICIAL VITAL ORGANS AND MEDICAL BIONICS MARKET ANALYSIS

The global artificial vital organs and medical bionics market is estimated to be valued at US$ 51 billion in 2023 and is expected to exhibit a CAGR of 10.1%during the forecast period (2023-2030).

Analysts’ Views on Global Artificial Vital Organs And Medical Bionics Market:

Primary factors for organ failure are loss of blood, drug abuse, serious trauma, and other acute diseases. Furthermore, lifestyle disorders such as unhealthy dietary habits, smoking, excessive alcohol consumption, and lack of exercise negatively impact organ function. In addition, development in healthcare facilities and the availability of advanced artificial support systems are expected to boost the demand for artificial organs and bionics.

Figure 1. Global Artificial Vital Organs And Medical Bionics Market Share (%), By  Type, 2023 

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Global Artificial Vital Organs And Medical Bionics Market– Driver

Increasing waiting list for organ transplant

Increasing waiting list for organ transplant is expected to propel the growth of the global artificial vital organs and medical bionics market over the forecast period. For instance, In March 2021, 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.

Increasing prevalence of chronic disorders

Increasing prevalence of chronic disorders is expected to increase the demand for artificial vital organs and medical bionics, thereby driving the global artificial vital organs and medical bionics market growth. For instance, according to the Health Resources and Services Administration, in 2021, there were 8,895 (as of now, 3,114 in April 2022) organ transplant procedures performed on the population aged over 65 in the U.S. Thus, increasing life expectancy and rising demand for organ donors are boosting the demand for artificial devices.

Figure 2. Global Artificial Vital Organs And Medical Bionics Market Share  (%), by Region, 2023

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Global Artificial Vital Organs And Medical Bionics Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global artificial vital organs and medical bionics market over the forecast period. North America is estimated to hold 35.5% of the market share in 2023. The global artificial vital organs and medical bionics market is expected to witness significant growth in the coming years, driven by the high prevalence of cardiovascular disorder, favorable health reimbursement, and increased awareness. Increasing prevalence of neurological disorders is contributing to the growth of the artificial vital organs and medical bionics market in North America region. Primary factors contributing to the segment's growth are the increasing demand for cochlear implants, vision, exoskeleton, limbs, and brain bionics. Furthermore, fast-track U.S. Food and Drug Administration (FDA) approval for implants are strengthening the growth of the market for artificial organs and bionics. For instance, in January 2022, the Cochlear Nucleus Implants of Cochlear Limited received clearance from the U.S. Food and Drug Administration to treat unilateral hearing loss and single-sided deafness.

Global Artificial Vital Organs And Medical Bionics Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of things from one place to another.

However, the COVID-19 pandemic had a negative impact on the global Artificial Vital Organs And Medical Bionics market, owing to reduction in the bed and operating room capacity, which further led to considerable delays in urgent and semi-elective surgical interventions. According to the American College of Surgeons (ACSs) 2021 report, the nature of surgery and anesthesia practices changed during the COVID-19 pandemic as the most elective and non-urgent cases were postponed. 

Global Artificial Vital Organs And Medical Bionics Market Segmentation:

The Global Artificial Vital Organs And Medical Bionics Market report is segmented into by Type, By End User, and by Region.

By Type, the market is segmented into Artificial vital organs (artificial heart, artificial kidney, artificial liver, artificial pancreas, artificial lungs), and Medical bionics (cochlear implants, vision bionics, exoskeletons, bionic limbs, brain bionics, cardiac bionics). Out of which, the artificial vital organs (artificial heart, artificial kidney, artificial liver, artificial pancreas, artificial lungs) is expected to hold a dominant position in the global artificial vital organs and medical bionics market during the forecast period and this is attributed to increasing organ transplant surgeries.

By End User, the market is segmented into hospitals, clinics, and ambulatory surgical centers. Out of which, the  hospitals is expected to dominate the market over the forecast period and this is attributed to the prompt treatment that can lead to proper recovery.

Among all the segmentation, the end user segment is expected to dominate the market over the forecast period and this is attributed to increasing preference of artificial vital organs and medical bionics by physicians.

Global Artificial Vital Organs And Medical Bionics Market Cross Sectional Analysis:

U.S. Government are making artificial vital organs and medical bionics with accountability to organ transplant emerging economies is also expected to boost demand artificial vital organs and medical bionics market in North America region. For instance, On Macrch 22, 2023, The U.S. Department of Health and Human Services’ Health Resources and Services Administration, announced to focus on accountability and transparency by seeking more contracts to operate the Organ Procurement and Transplantation Network and sharing data more transparently. The system has only ever been managed by the non-profit United Network for Organ Sharing, which has been recently criticized for its handling of organs, long waitlists for transplants and the number of deaths among people waiting: about 6,000 per year.

Global Artificial Vital Organs And Medical Bionics Market: Key Developments

On April 24, 2023, Picard Medical, Inc., the parent company of SynCardia Systems, LLC which is manufactures, sells, and markets the world’s first and only U.S. FDA approved and commercially available Total Artificial Heart mechanical heart replacement technology, announced that it has entered into a definitive business combination agreement with Altitude Acquisition Corp. a publicly traded special purpose acquisition company, that result in Picard Medical becoming a publicly listed company.

On March 29, 2023, BiVACOR, a preclinical artificial heart device company, announced US$18 Billion in funding led by Cormorant Asset Management and OneVentures is capital fund company, through the OneVentures Healthcare Fund III. The investments will fund the company’s continued research and development, fund the early feasibility first in human trials, and support hiring for key executive positions.

In November 2021, B. Braun, a medical and pharmaceutical device company in Germany, and REVA Medical, LLC., a leader in bioresorbable polymer technologies for vascular applications, announced the strategic partnership for the distribution of Fantom Encore, a bioresorbable scaffold for coronary interventions, manufactured with REVA's patented material Tyrocore. B. Braun started active distribution of the products in Germany and Switzerland.

In February 2020,  Ekso Bionics Holdings, Inc., a  developer of exoskeletons for medical and industrial use, announced a collaboration with Kindred Healthcare, LLC  healthcare services company that operated long-term acute-care hospitals and provides rehabilitation services across the United States. to pilot EksoNR— the most clinically used robotic exoskeleton, in their long-term acute care hospitals.

In June 2020, Asahi Kasei Medical is Pharma corporation, has completed its acquisition of Bionova Scientific, LLC, a provider of contract process development services and Good Medical Practice-compliant contract manufacturing services to biopharmaceutical companies as announced on April 19, 2022. The acquisition closed on May 31, 2022.

Global Artificial Vital Organs And Medical Bionics Market: Key Trends

The number of heart transplants is increasing in the recent past

The number of heart transplants is increasing in the recent past in the market is expected to drive the growth of the global artificial vital organs and medical bionics market over the forecast period. For instance, in February 2023, according to the Organ Procurement and Transplantation Network (OPTN)/ the U.S. recorded over 30,000 transplants per year. The number of deceased donor transplants increased to 41,346 transplants in 2021, a 5.9% increase from 39,028 in 2020.

Global Artificial Vital Organs And Medical Bionics Market: Restraint

Criticism associated with artificial organ transplant

Criticism associated with artificial organ transplant is expected to hinder the market growth over the forecast period. Before opting for artificial organ implantation, there are many ethical and physiological aspects to be considered. For instance, in October 2021,

according to Department of Health and Human Services 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.

Key players focusing on to develop generalizable knowledge that improves human health or increases understanding of human biology  which is expected to drive the market growth over the forecast period.

Global Artificial Vital Organs And Medical Bionics Market- Key Players

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.

*Definition: An artificial organ is a man-made organ device or tissue that is implanted or integrated into a human interacting with living tissue to replace a natural organ, duplicate or augment a specific function or functions, and allow the patient to resume normal life as soon as possible. The replaced function is not required to be related to life support, but it is frequently. Replacement bones and joints, such as those used in hip replacements, could be thought of as artificial organs.