With major developments in the field of healthcare technology, organ transplantation has become a realistic surgical approach to cater to the needs of patients suffering from acute organ failure. As the number of patients waiting for organ transplant is increasing along with the lack of availability of donor organs, the demand for artificial organs has increased in the market. With years of technological advancement, artificial organs have been efficiently established as a potential alternative for organ transplantation. At present, artificial organs are being successfully used as a bridge-to-transplant and some of them are also used as destination therapy. In addition, as the number of cases of occupational and age-related disabilities is increasing, the demand for viable patient rehabilitation options is also on the rise.
Medical bionics deals with the incorporation of electronics and mechanics in biology so as to replace the functioning of limbs or other organs. With intensive R&D and evolution of technology in devices such as bionic hand, vision bionics, total artificial heart, ventricular assist devices and others, artificial vital organs and medical bionics will prove to be a viable substitute for the impending donor organ scarcity and the increase in demand for efficient patient rehabilitation for the disabled.
Due to an increase in the number of product approvals for artificial vital organs and medical bionics, the market for these devices will witness an increase in the rate of artificial organ transplantation and patient rehabilitation. The new and advanced artificial organs and bionic devices such as total artificial heart, artificial liver support devices, bionic limbs, ear and vision bionics, with their increased biocompatibility, safety and shelf life, will assist in prolonging the life of patients and improving their life. Furthermore, introduction of new products in the market aiding different diseased human organs and other bodily functions will play a pivotal role in the future growth of this market.
The market for artificial kidneys forms the largest segment in the artificial vital organs market. Increase in prevalence of cases of acute renal failure in developed nations has resulted into the increase in use of hemodialysis machines in the market. In addition, increased instances of disabilities, accidents and injuries resulting in amputations are one of the major factors augmenting the demand for medical bionics in the healthcare industry. Moreover, rising healthcare expenditure and better patient outcomes will spur the growth of this market in emerging economies. However, ethical criticism associated with organ transplant, high cost of medical bionics and vague reimbursement policies are the major factors which may restrain the growth of this market. On the other hand, potential scope of introducing artificial organs as a therapeutic option serves as a future growth opportunity for this market.
Geographically, North America leads the artificial vital organs and medical bionics market and is followed by Europe. The large pool of aging population and resultant high prevalence of disabilities and organ failures are the major factors responsible for driving the demand for these products in North America and Europe. However, in the future, it is expected that due to factors such as development of healthcare infrastructure, rising healthcare expenditure, increase in awareness about personal wellbeing and availability of better healthcare facilities, the market for artificial vital organs and medical bionics in Asia-Pacific will increase in the future.
The major players in the global artificial vital organs and medical bionics market include companies such as Abbott Diabetes Care, Inc., Asahi Kasei Medical Co., Ltd., Baxter International, Inc., Edwards Lifesciences Corporation, Ekso Bionics, iWalk, Inc., Jarvik Heart, Inc., Nikkiso Co., Ltd., Ossur Hf, Ottobock Healthcare GmbH and others.
Artificial organs are those devices that are integrated or implanted into human body to replace a natural organ to restore its specific function in the body. The medical bionic devices are engineered with a combine study of biology and electronics terminologies. Artificial vital organs and medical bionics are technologically sophisticated devices help in restoration of various functions of organs and increases the life expectancy of the patients. The global artificial vital organs and medical bionics market is experiencing fair growth because of widening gap between the number of patients in the waiting list for organ transplantation and lack of donor organs in the market. As the rate of mortality of such patient pool is increasing, it has resulted in rising scope of evolution and development of artificial organs. Today, artificial organs are used as an efficient bridge-to-transplant and as destination therapy in patients with failed/diseased organs or disabilities.
The artificial vital organs and medical bionics market report studies the current scenario as well as the future market potential for artificial vital organs and medical bionics products globally. The major segments of the artificial vital organs and medical bionics market are categorized and analyzed on the basis of different product classes. The artificial vital organ products are segmented as artificial heart, artificial kidney, artificial liver, artificial pancreas and artificial lungs. The medical bionic products are further segmented as ear bionics, vision bionics, exoskeletons, bionic limbs, brain bionics, cardiac bionics and heart valves. The artificial vital organs and medical bionics market size and forecasts in terms of revenue (USD million) for each of these segments have been provided for the period 2012 to 2018, considering 2011 as the base year. The artificial vital organs and medical bionics report also provides the compounded annual growth rate (CAGR) for each segment of the market for the forecast period 2012 to 2018.
Geographically, the artificial vital organs and medical bionics market has been divided into four major regions which include North America, Europe, Asia and RoW (Rest of the World). The market size and forecasts in terms of revenue (USD million) for each of these segments have been provided for the period 2012 to 2018, considering 2011 as the base year. The artificial vital organs and medical bionics market report also provides the compounded annual growth rate (CAGR) for each segment of the market for the forecast period 2012 to 2018. The market overview section of the artificial vital organs and medical bionics market report offers qualitative analysis of the overall market considering the factors determining market dynamics such as drivers, restraints and opportunities. To understand the current and future market scenario of the artificial vital organs and medical bionics market Porter’s five force analysis and market attractiveness analysis covers various aspects related to the market environment.
The artificial vital organs and medical bionics market report also provides highlight of the competitive landscape of the market, wherein the market share analysis of important players in the market, along with the services offered by them has been discussed. A list of recommendations has also been included for new entrants as well as existing market players to help them establish a strong presence in the artificial vital organs and medical bionics market and accentuate their market shares. The artificial vital organs and medical bionics market report concludes with the profiles of major players having presence in the market such as Abbott Diabetes Care, AbioMed, Baxter International, Fresenius Medical Care, Thoratec Corporation, Otto Bock Healthcare, SynCardia Systems, Inc., WorldHeart Corporation and others. Market players are profiled on the basis of attributes such as company overview, financial overview, business strategies adopted by the companies to ensure sustainability and maximize profits, product portfolio and recent developments.