According to a new report published by Allied Market Research, titled, “Vital organs support systems and Medical Bionics Market by Product Type and End User: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,” The global vital organs support systems and medical bionics market size in 2017 was $28,169 million, and is projected to reach $59,412 million by 2025, growing at a CAGR of 9.9% from 2018 to 2025. The artificial kidney segment accounted more than three-fifth of the total market share in 2017.
Artificial organs are medical devices that are implanted into a human body to efficiently replace the nonfunctioning organs and restore the bodily functions to normalcy. On the other hand, medical bionics is the collaboration between engineering and science to deliver and design medical solutions to several patients. Some of the popular examples of medical bionics are bionic hearing, brain stimulation, and vision devices. The vital organs support systems and medical bionics market focuses on design solutions to improve the life of patients and increase their life expectancy.
The vital organs support systems and medical bionics market is expected to exhibit significant growth during the forecast period due to rise in geriatric population, scarcity of donor organs, technological advancements in the artificial organ sector, and increase in R&D expenditure. In addition, rise in number of patients suffering from chronic diseases drives the vital organs support systems and medical bionics market growth. However, high cost of artificial organs and stringent approval process are projected to impede growth of the market. Conversely, application of advanced biomaterials in artificial organs and lucrative opportunities in emerging economies are expected to provide significant prospects for the manufacturers in the industry.
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Market Competitive Analysis:
Top 10 players in this industry profiled in the report include. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
The key market players active in the market are, Baxter International Inc., Boston Scientific Corporation, Cochlear Ltd., Edwards Lifesciences Corporation, Jarvik Heart, Inc., Medtronic Plc., Össur Americas, Inc., Second Sight Medical Products, Inc., and SynCardia Systems LLC. The other players in the value chain include Getinge AB, LivaNova PLC, Fresenius Medical Care AG & Co. KGaA
Based on product, the market is categorized into vital organs support systems and medical bionics. The vital organs support systems segment is further segmented into artificial heart, artificial kidney, artificial pancreas, artificial urinary bladder, artificial lungs, and artificial liver. The medical bionics segment is subdivided into bionic eye, ear bionics, orthopedic bionics, cardiac bionics, and neural bionics. Based on vital organs support systems segment, its artificial pancreas subsegment is projected to exhibit the highest growth during the forecast period. This is attributed to rise in incidence of severe hypoglycemia in type 1 and type 2 diabetic patients.
COVID-19 Impact on the Market:
Vital Organs Support Systems and Medical Bionics Market research report provides an overview of the industry based on key parameters such as market size, sales, sales analysis and key drivers. The market size of the market is expected to grow on a large scale during the forecast period (2022-2029). This report covers the impact of the latest COVID-19 on the market. The coronavirus pandemic (COVID-19) has affected all aspects of life around the world. This has changed some of the market situation. The main purpose of the research report is to provide users with a broad view of the market. Initial and future assessments of rapidly.
One of the methods for the determination of the growth of the market is the increased use of the statistical tools, which is used for the estimation of the growth of the market for the estimated forecast period. SWOT analysis is one of the methods for the determination of the growth of the market. These tools are also used for the determination of the major players for the growth of the market for the estimated forecast period.
The report is also used in the analysis of the growth rates and the threats of new entrants, which are used for the determination of the growth of the market for the estimated forecast period. Moreover, increased demand for the factors influencing the growth of the market is also one of the major aspects which is likely covered in depth in the report.
This report focuses and highlights the strategies and the trends, in which the manufacturer and the company is likely to move. The research study is also known to provide in depth analysis of the reports which is one of the key aspects for the growth of the Vital Organs Support Systems and Medical Bionics Market.
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Market segments are also an important aspect of any market research study. Reports are product based, they also includes information on sales channel, distributors, traders and dealers. This helps in efficient planning and execution of supply chain management as it drastically affects the overall operations of any business. The up-to-date, complete product knowledge, end users, industry growth will drive the profitability and revenue. Vital Organs Support Systems and Medical Bionics Market report studies the current state of the market to analyse the future opportunities and risks.
The Vital Organs Support Systems and Medical Bionics Market is analysed based on regions and competitive landscape in each region is mentioned. Regions discussed in the study include North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). These insights help to devise strategies and create new opportunities to achieve exceptional results.
Key Findings of the Vital organs support systems and Medical Bionics Market:
- Based on vital organs support systems segment, its artificial pancreas sub segment is expected to experience rapid growth in the market and is projected to grow at highest CAGR from 2018 to 2025.
- Based on medical bionics segment, its neural bionics sub segment was the major revenue contributor in 2017 and is anticipated to continue this trend during the forecast period.
- Depending on end user, the ambulatory surgical center segment is expected to exhibit the highest CAGR during the forecast period.
- U.S. generated the highest revenue in the global vital organs support systems and medical bionics market industry in 2017, accounting less than one-tenth of the global market in 2017.
- Asia-Pacific is estimated to grow at a highest CAGR during the forecast period.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting services to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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