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.
Artificial organ is a device designed to replace the functions of missing or faulty organ, thereby restoring the functions of original organ. Medical bionics refers to the study of artificial body parts that are substituted for a natural biological capability. Organ transplantation has evolved as a common practice, which has fueled the development of the healthcare industry. High demand has been witnessed from patients for organ transplantation surgery, whereas availability of the donors to meet this demand is low. This has resulted in a wider supply–demand gap, which in turn has aided in increasing the global vital organs support systems and medical bionics market share.
The growth of the global market is driven by rise in incidence of cardiac disorders and upsurge in geriatric population. In addition, rise in number of patients suffering from chronic diseases and technological advancements in medical devices drive the vital organs support systems and medical bionics market growth. However, high cost of treatment and stringent approval process are projected to impede the growth of the market. On the contrary, lucrative opportunities in emerging economies are expected to provide significant prospects for the manufacturers in the industry.
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Based on product, the vital organs support systems and medical bionics market is categorized into vital organs support systems and medical bionics. The vital organs support systems market is further classified into artificial heart, artificial kidney, artificial pancreas, artificial urinary bladder, artificial lungs, and artificial liver. The medical bionics market is subsegmented into bionic eye, ear bionics, orthopedic bionics, cardiac bionics, and neural bionics. The medical bionics segment was the major revenue contributor in 2017, and is anticipated to continue this trend during the forecast period, owing to rise in geriatric population, upsurge in number of patients suffering from chronic diseases, and increase in government focus on funding R&D initiatives.
End user segment review
Depending on end user, the vital organs support systems and medical bionics market is fragmented into hospitals, ambulatory surgical centers, and others. The ambulatory surgical centers segment is projected to exhibit the highest growth during the forecast period. This is attributed to surge in demand for high-quality, cost-effective alternative to inpatient hospital care for surgical services. However, the hospitals segment was the major revenue contributor in 2017, and is anticipated to continue this trend during the forecast period, owing to the availability of various support departments such as MRI suites and ICUs as compared to ASCs. In addition, hospitals have more resources to manage complications, and patients are often transferred from an ambulatory surgery center to the nearest hospital when complications arise during a procedure.