Artificial organ is man-made machine or device that is used to replace the functions of missing or faulty organ and restores the functions of original organ. Medical bionics refers to the study of artificial body parts that are substituted for a natural biological capability. Healthcare technology is growing rapidly in which organ transplantation has evolved as common practice. There is a high demand from the patients for organ transplantation surgery, whereas availability of the donors to fulfill this demand is low. Due to this wider gap, artificial vital organs and medical bionics market is experiencing fair growth. The report provides an in-depth analysis of the different segments for artificial vital organs and medical bionics market and comprehensively determines the factors responsible for growth, major constraints and potential opportunities. Through analysis of leading company profiles and their strategies, professionals would gain the competitive edge in the market.
Increasing organ failure and disability due to age-related disorders, new and modified technologies, increasing accidents and injuries leading to organ deletion, rise in number of people awaiting organ transplants and lack of donors are the major drivers responsible for the growth of this market. Some crucial factors restraining the growth of this market are high cost of devices and surgery, lack of surgical skills and uncertain reimbursement policies in some regions. Improvement in disposable incomes of end-users and increase in awareness could be the potential factors to fuel the growth of this market. Emerging economies have opened new avenues for the growth of this market, due to growing income levels, high healthcare expenditure and increase in awareness amongst the people about organ transplantation.
Artificial Vital Organs and Medical Bionics Market by Product Type
The artificial vital organs and medical bionics market is segmented by product type into two broad categories such as Artificial vital organs market and Medical bionics market. Artificial vital organs market is further categorized into different segments, namely artificial liver, artificial heart, artificial pancreas, artificial kidney, artificial lungs and oxygenators. Medical bionics market also consists of sub-segments and includes bionic limbs, vision bionics, ear bionics, exoskeletons, brain bionics, heart valves and cardiac bionics. In artificial vital organs market, artificial kidneys lead the market due to high incidence of acute renal failure. In medical bionics market, bionic exoskeleton accounts for high CAGR due to strong research initiatives in this segment. Artificial pancreases and bio-lungs are the pipeline devices in medical bionics market.
Artificial Vital Organs and Medical Bionics Market by Application
The biochip products and services market is segmented by application type into different sub-categories such as gene sequencing and gene expression, clinical diagnosis and treatment (Cancer diagnosis), genomics and toxicogenomics, proteomics, drug discovery and other applications. Clinical diagnosis and treatment is the leading sub-segment in application types. Cancer diagnosis and treatment segment is primarily driven by personalized medicines approved by the FDA for the treatment of cancer. Other factor supportive to the growth of cancer diagnosis segment include government funding and technological advancements.
Artificial Vital Organs and Medical Bionics Market by Geography
Geographically, artificial vital organs and medical bionics market is segmented into North America, Europe, Asia and LAMEA. North America leads the artificial vital organs and medical bionics market followed by Europe. The reasons attributed for this growth include concentrated high income groups, aged population and high organ failure rates. Asia- Pacific is emerging as a fastest growing market for artificial vital organs and medical bionics, due to growing income levels, government initiatives, raising healthcare awareness and high healthcare expenditure.
The leading companies in artificial vital organs and medical bionics market include Edwards Lifesciences Corporation, Abbott Diabetes Care, Inc., Baxter International, Inc., Ekso Bionics, Asahi Kasei Medical Co., Ltd., Jarvik Heart, Inc. and Ottobock Healthcare GmbH. Manufactures are now concentrating on the development of bionic implant products such as bio-lung, wearable artificial kidney, and artificial pancreas for diseases where alternative treatment methods are inefficient for cure.
High Level Analysis
In-depth analysis of market drivers, challenges and trends would be helpful to understand the market dynamics and serves as a guide for product positioning. Competitive landscape section entirely focuses on key players, new launches, and technological advancements within artificial vital organs and medical bionics market. Porter’s five forces analysis has been used to determine the attractiveness of artificial vital organs and medical bionics market. High demand for organ transplantation surgeries and lack of donors are the crucial factors that increase the bargaining power of suppliers. Low disposable incomes of consumers in developing economies reduce the bargaining power of buyers. Artificial vital organs and medical bionics products are highly differentiated due to their innovative features such as low battery warnings, gesture selection and auto grasp feature. Due to this product differentiation, threat of new entrant is low. High investment cost, which can be afforded by few big organizations, results in low intensity of rivalry.
The artificial vital organs and medical bionics market is segmented into two major categories such as product type and geography.
MARKET BY PRODUCT TYPE
MARKET BY GEOGRAPHY