Categories: Market Research

Artificial Organ And Bionics Market Research Report 2024-2033 | Size, Share, and Overview Insights

The Artificial Organ And Bionics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Artificial Organ And Bionics Global Market Report 2024, The artificial organ and bionics market size has grown rapidly in recent years. It will grow from $30.32 billion in 2023 to $33.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to rising chronic diseases, medical innovation and research, growing acceptance of transplants, government initiatives and funding, improvements in biocompatibility.

The artificial organ and bionics market size is expected to see rapid growth in the next few years. It will grow to $50.71 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing healthcare expenditure, personalized medicine, regulatory support and streamlined approvals, rapid advancements in 3d printing, collaborations and partnerships. Major trends in the forecast period include miniaturization and wearable technology, technological advancements, advanced materials integration, ai and machine learning in design, 3d printing and bioprinting advancements.

Rising healthcare expenditure is expected to propel the growth of the artificial organ and bionics market going forward. Healthcare expenditure refers to the total amount spent on health care and related activities, including private and public health insurance, health research, and public health activities. Investment in healthcare allows for technological innovation, which can lead to the creation of more advanced and efficient artificial organs. This can include improvements in materials, design, and manufacturing processes. For instance, according to the Centers for Medicare and Medicaid Services, a US-based federal agency, national health expenditures in the United States grew by 4.3% in 2022, which is an increase from the 2.7% growth seen in 2021. Therefore, the rising healthcare expenditure is driving the artificial organ and bionics market.

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The artificial organ and bionics market covered in this report is segmented –

1) By Product: Artificial Organs, Artificial Bionics

2) By Fixation Type: Implantable And Externally-Worn, Cardiac Bionics And Brain Bionics

3) By Technology: Mechanical Bionics, Electronic Bionics

Major companies are investing in the companies operating in the artificial organs and bionics market to revolutionize the field of organ transplantation. This investment helps companies develop artificial organs to address the shortage of donor organs by creating functional, bio-compatible replacements, offering hope for patients in need of organ transplants, and potentially transforming the future of transplantation medicine. For instance, in April 2022, the Government of Canada invested $2 million in research on innovative organ and tissue donation projects, aimed at improving organ donation and transplantation performance that meets Canadians’ needs and improves access to quality donation and transplantation services. The funding is part of the Networks of Centres of Excellence Program, which supports organ donation and transplantation research in Canada.

The artificial organ and bionics market report table of contents includes: