Major players in the medical bionic implant/artificial organs market are Medtronic PLC, Boston Scientific Services Private Limited, Abbott Laboratories Inc., Zimmer Biomet Holdings Inc., and Ekso Bionics Holdings Inc.
NEW YORK, April 27, 2023 (GLOBE NEWSWIRE) — Reportlinker.com Announces the Release of the Report “Medical Bionic Implant/Artificial Organs Global Market Report 2023” – https://www.reportlinker.com/p06450862 /?utm_source=GNW
Cochlear Limited, Cyberonics Inc., LIVANOVA PLC, NeuroPace Inc., Ossur India Private Limited, Vivani Medical Inc., St Jude Medical India Private Limited, LifeNet Health Inc., Ottobock SE & Co. KGaA, Edwards Lifesciences India PVT Ltd., SynCardia Systems LLC, Demant A/S, Berlin Heart GmbH, Conmed Devices Private Limited, Wright Medical Group NV
The global medical bionic implant/artificial organs market is projected to grow from $21.03 billion in 2022 to $22.69 billion in 2023, at a compound annual growth rate (CAGR) of 7.9%. The war between Russia and Ukraine has hampered any chances of the global economy recovering from the COVID-19 pandemic, at least in the short term. The war between the two countries has led to economic sanctions against multiple countries, soaring commodity prices, disrupted supply chains, and caused inflation across goods and services, affecting many markets around the world. The medical bionic implant/artificial organ market is projected to grow to $29.61 billion in 2027 at a CAGR of 6.9%.
The medical bionic implant prostheses market consists of sales of pacemakers, ventricular assist devices, artificial limbs and fingers, exoskeletons, and heart valves. We supply goods to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of a product in this market includes the related services sold by the creator of the product.
A medical bionic implant prosthesis refers to any machine, device, or other item used to perform the function of a damaged or missing organ or other part of the human body. Medical bionic implant prostheses are his set of small, heterogeneous implants that are used to restore the physical capabilities of a disabled person and improve the function of the heart and nerves.
Asia-Pacific was the largest region for the medical bionic implants/artificial organs market in 2022. Regions covered by the Medical Bionic Implants/Artificial Organs Market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America and Central. East and Africa.
The main types of medical bionic implants/artificial organs are bionic implants and artificial organs. A bionic implant refers to an electronic or mechatronic component that improves or restores physical performance in people with disabilities.
Fixation methods include embedded and external methods using a variety of techniques, including electronic and mechanical. Some applications include hospitals, clinics, research institutes, academic institutions, etc.
Increasing traffic accidents and injuries are expected to drive the growth of the medical bionic implants/artificial organs market in the future.
Artificial organs and tissue replacements are primarily used to repair organ damage caused by traumatic events such as traffic accidents, violent crimes, work-related injuries, and difficult childbirth. For example, in May 2022, according to data from the National Highway Traffic Safety Administration, a US-based government agency, approximately 42.9 thousand people will die in motor vehicle crashes in the US in 2021, and 10.5% more in 2020. It was 38.8 thousand people. Therefore, increasing traffic accidents and injuries are boosting the growth of the medical bionic implants/artificial organs market.
Strategic partnerships are an important trend gaining popularity in the medical bionic implant/artificial organs market. Many companies operating in the medical bionic implant/artificial organs market have formed partnerships to strengthen their market position.
For example, in September 2021, Australian artificial organ company Bionic Vision Technologies (BVT) partnered with Cirtec Medical, a US provider that outsources the design, engineering and manufacturing of medical devices and components. The amount is not disclosed. With this partnership, Cirtec will help develop and produce the next generation of bionic eyes by acquiring a strategic stake in the Australian company for his BVT.
Additionally, in February 2022, HUMOTECH, a US research services company involved in artificial organs, partnered with the University of Michigan, a US public research university, for an undisclosed amount. Leg control software with the potential to give prosthetic users the strength and natural gait of a human leg.
As part of this partnership, HUMOTECH is developing an updated version of its open-source leg to accommodate prosthetic users and researchers.
In May 2022, UK-based medical device manufacturer LivaNova PLC acquired ALung Technologies, Inc for an undisclosed amount.
This continues the strategic portfolio initiative, the phased launch of Essenz, a next-generation heart-lung machine, and investment in expanded indications for advanced cardiology. ALung Technologies Inc is a US-based company that manufactures artificial organs.
The countries covered by the Medical Bionic Implants/Artificial Organs Market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom, and United States.
Market value is defined as revenue earned by a business through sales, grants, or donations from the sale of goods and/or services within a particular market and territory (in US dollars, unless otherwise specified).
Regional revenue is the amount consumed, the revenue generated by organizations in a specific region within a market regardless of where it was produced. This does not include revenue from resale along the supply chain or as part of other products.
The Medical Bionic Implants/Artificial Organs Market research report provides a series of Medical Bionic Implants/Artificial Organs market statistics, including global market size, regional share, and Medical Bionic Implants competitors for the Medical Bionic Implants/Artificial Organs industry. One of the new reports in /Artificial Organs market share, detailed Medical Bionic Implants/Artificial Organs market segments, market trends and opportunities, and other data you need to be successful in the Medical Bionic Implants/Artificial Organs industry. This Medical Bionic Implants/Artificial Organs Market research report offers a complete perspective of everything you need with an in-depth analysis of the current and future scenarios of the industry.
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