ARTIFICIAL VITAL ORGANS AND MEDICAL BIONICS MARKET ANALYSIS

Artificial Vital Organs And Medical Bionics MarketSize and Trends

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).

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.

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.

Market Size & CAGR