The Medical Bionic Implant/Artificial Organs 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 Medical Bionic Implant/Artificial Organs Global Market Report 2024, The medical bionic implant/artificial organs market size has grown strongly in recent years. It will grow from $22.56 billion in 2023 to $24.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing geriatric population, advances in materials science, government support and funding, growing acceptance of implantable devices, patient awareness and education.
The medical bionic implant/artificial organs market size is expected to see strong growth in the next few years. It will grow to $32.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to bioprinting and tissue engineering, emergence of biohybrid implants, focus on cardiac bionics, enhanced sensory feedback, regenerative medicine in bionics.. Major trends in the forecast period include advancements in prosthetics and orthotics, increasing focus on brain-machine interfaces (bmis), bionic organs for transplantation, 3d printing in bionic implants, integration of artificial intelligence (ai), wireless connectivity and remote monitoring.
The rise in road accidents and injuries is expected to propel the growth of the medical bionic implant/artificial organs market going forward. Road accidents and injuries refer to an incident on a public road that results in accidents and causing injuries to the victim. Artificial organ and tissue replacements are performed to repair organ damage that is primarily brought on by traumatic events including vehicle accidents, violent crimes, work-related injuries, or challenging births. For instance, in May 2022, according to the National Highway Traffic Safety Administration, a US-based government agency data, in the US, nearly 42.9 thousand people died in motor vehicle accidents in 2021. Additionally, in June 2022, according to the World Health Organization, a US-based specialized health agency, almost 1.3 million people died each year from road traffic injuries. Therefore, the rise in road accidents and injuries is driving the growth of the medical bionic implant/artificial organs market.
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The medical bionic implant/artificial organs market covered in this report is segmented –
1) By Type: Bionic Implants, Artificial Organs
2) By Method Of Fixation: Implantable, Externally Worn
3) By Technology: Electronic, Mechanical
4) By Application: Hospitals, Clinics, Research and Academic Institutes, Other Applications
Strategic partnerships are a key trend gaining popularity in the medical bionic implant/artificial organs market. Many companies operating in the medical bionic implant /artificial organs market are undergoing partnerships to strengthen their position in the market. For instance, in September 2021, Bionic Vision Technologies (BVT), an Australia-based company operating in artificial organs partnered with Cirtec Medical, a US-based provider of outsourced medical device and components design, engineering, and manufacturing for an undisclosed amount. With this partnership, Cirtec would help BVT to develop and produce its next-generation bionic eye by obtaining a strategic stake in the Australian company. Further, in February 2022, HUMOTECH, a US-based research services company, engaged in artificial organs, partnered with the University of Michigan, a US-based, public research university, for an undisclosed amount. This partnership aims to accelerate the development of bionic leg control software, which has the potential to give prosthetic users the strength and natural gait of a human leg. As part of this partnership, HUMOTECH develops updated versions of the open-source leg to accommodate prosthesis users and researchers.
The medical bionic implant/artificial organs market report table of contents includes:
1. Executive Summary
2. Medical Bionic Implant/Artificial Organs Market Characteristics
3. Medical Bionic Implant/Artificial Organs Market Trends And Strategies
4. Medical Bionic Implant/Artificial Organs Market – Macro Economic Scenario
5. Global Medical Bionic Implant/Artificial Organs Market Size and Growth
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26. South America Medical Bionic Implant/Artificial Organs Market
27. Brazil Medical Bionic Implant/Artificial Organs Market
28. Middle East Medical Bionic Implant/Artificial Organs Market
29. Africa Medical Bionic Implant/Artificial Organs Market
30. Medical Bionic Implant/Artificial Organs Market Competitive Landscape And Company Profiles
Top Major Players:
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