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.
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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. Over the years, the global market has experienced considerable growth due to lack of donor organs and increase in waiting list of patients who need organ transplantation.
Increase in incidence of cardiac disorders, growth in geriatric population, rise in number of patients suffering from chronic diseases and top-end technological advancements have fueled the growth of the global vital organs support systems and medical bionics market. On the other hand, high cost of treatment and stringent approval process hamper the growth to some extent. Nevertheless, emerging economies in developing countries are expected to create multiple opportunities in the market.
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North America to rule the roost
Based on geography, North America accounted for more than two-fifths of the total market share in 2017 and is expected to dominate throughout the forecast period. Well-established healthcare infrastructure, rise in elderly population, and high adoption rate of technologically advanced devices in the region have spurred the growth. The market across the Asia-Pacific region, on the other hand, is projected to grow at the fastest CAGR of 11.6% during the forecast period.
The medical bionics segment to dominate through 2018–2025
Based on product type, the medical bionics segment contributed to nearly three-fifth of the total market share in 2017 and is anticipated to lead the trail during the study period. Rise in geriatric population, upsurge in number of patients suffering from chronic diseases, increase in number of road accidents & injuries, and surge in government focus on funding R&D initiatives have worked as the major driving factors for the growth of this segment.
The hospitals segment to lead the trail till 2025
Based on end user, the hospitals segment held the largest share, contributing to nearly three-fourths of the total share in 2017. Availability of various support departments such as MRI suites and ICUs as compared to ASCs has driven the growth. Simultaneously, the ambulatory surgical centers segment is expected to showcase the fastest CAGR of 11.5% through 2018–2025.
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