Industry Insight
Artificial organs are man-made devices which are integrated into human body to replace the natural organs which are either partially or completely not performing its functions at all. The substances used for marking artificial body parts are known as biomaterial. Increasing number of accidents and growing rate of man-made hazards are anticipated to drive the market for artificial organs and medical bionics market over the forecast period. The artificial organs such as artificial kidney, artificial limbs, artificial heart, artificial pancreas and artificial liver are implanted into body to give the patient a normal life by continuing the specific organ’s function which is replaced. Continuous innovations in technology coupled with huge investment in healthcare sector are the main reasons for driving this market in coming five years. The implementation of mechanics and electronics in medical field has introduced novel technology to replace limb and other mechanically operated body parts.
Artificial organs and bionics are developed to increase the life expectancy rate of patient but it cannot repair the physical damage like neural network diseases, brain pacemaker and shivering of Parkinson’s disease. Increasing rate of organ failure and rising geriatric population base in the entire world are expected to push the growth of this market in coming few years. High implantation cost of artificial organs, lack of surgical experts in transplantation field, and uncertain reimbursement scenario are some of the restrains of this market. Lack of organ donors and large number of people waiting for their organ transplants are expected to provide significant growth opportunity to artificial organs and bionics market over the next decade. Increasing income level and rising medical tourism provide significant opportunity in emerging nation for artificial organs and bionics market.
Product Insight
On the basis of product, the artificial organs are segregated into artificial heart, artificial liver, artificial kidney, artificial lungs, and artificial pancreas. Whereas medical bionics product can be again classified under ear bionics, brain bionics, exoskeleton bionics, vision bionics, heart bionics, limb bionics and cardiac bionics. Among organs, artificial kidney and lungs consisted significant amount of market share in 2013. Owing to increasing drugs and cigarette and alcohol abuse, these markets are anticipated to continue to show lucrative growth over the forecast period. In bionics market, heart bionics comprises the largest share owing to large global population suffering from heart diseases
Technology Insight
By technology, the global artificial organs and medical bionics market is bifurcated into electronic bionics and mechanical bionics. Rapid advancement in technology has resulted in introduction of medical bionics to fulfill the challenges faced by individual after organ failure or improper functioning. Mechanical bionics is generally used for development of orthopedic body parts so that the patients can perform daily task comfortably.
Regional Insight
In the global artificial organs and bionics market, North America was the dominant region in 2013 owing to advancement in technology and huge investment in research and development. Increasing number of accidents, growing rate of organ failure and rising geriatric population are some of the factors which are anticipated to continue its dominance over the forecast period. Asia Pacific region is expected to be the fastest growing segment in the coming five years due to increasing personal disposable income, rising medical tourism and strong government support which has improved the overall healthcare infrastructure.
Competitors Insight
Some of the key market players of artificial organs and bionics market are AbioMed,Biomet Inc., Cochlear Ltd., Medtronic Co. Ltd., Lifenet Health, Second Sight Medical Product Inc., Esko Bionics, Ossur,Fresenius Medical care, Abbott Diabetes Care, World Heart Corporation,St. Jude Medical Inc., SynCardia System Inc., Otto Bock Healthcare, Orthofix International N.V. and Thoratec Corporation. The global market for artificial organs and bionics is highly competitive and monopolistic in nature.
