Zion Market Research has published a new report titled “Artificial Organ Bank Market by Product Type (Artificial Organ and Bionics) by Technology (Mechanical, Electronics): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 - 2022”
Sarasota, FL -- (SBWIRE) -- 03/30/2018 -- According to the report, the global artificial organ bank market accounted for USD 26.79 Billion in 2016 and is expected to reach USD 45.18 Billion by 2022, growing at a CAGR of around 9.1% between 2017 and 2022.
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Artificial organs do not repair the physical damage but are capable of supporting the life and for the prevention of imminent death while waiting for a transplant, cosmetic restoration after an accident and others. The application and study of electronics and mechanics for replacing a limb or mechanically powered part of a functional organ is termed as medical bionics. The global artificial organ bank market has witnessed drastic growth due to rise in the waiting list of patients requiring organ transplantation but there is a critical scarcity of all types of donor organs. Increasing incidences of acute renal failure and renal disorders due to lifestyle habits such as excessive alcohol consumption and growing geriatric population base causing a rise in organ failure rates are expected to boost the artificial organ bank market. High unmet medical needs in neurology disease segment coupled with high-cost treatment procedures are expected to drive the market for brain bionics in coming five years.
The artificial organ bank market is expected to witness significant growth within the forecast period on account of increasing accident incidences which increase the demand for artificial organs and thus accelerated the growth of artificial organs bank market. In addition, increasing geriatric population and rising life expectancy coupled with increasing adoption of artificial organs are also expected to boost this market in coming five years. Furthermore, technological innovations to develop more affordable artificial organs/bionics are also expected to supplement the market growth for artificial organ bank. Moreover, the rise in the waiting list of patients requiring organ transplantation and scarcity of donor organs is also an important driving factor for the growth of this market. Despite, the high cost of artificial organs is expected to hamper the growth of this market.
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The artificial organs dominated the product type segment of the global artificial organ bank market in 2016. In this category, heart and kidney are the most developed and widely used artificial organs owing to the increasing number of dialysis, renal failure due to faulty lifestyle. In bionics market, brain bionics accounted for the largest revenue share and is estimated to grow at a CAGR of 11.8% within the forecast period. High unmet medical needs in neurology disease segment coupled with high-cost treatment procedures are expected to drive the market for brain bionics in coming five years. On the basis of technology, artificial organ bank market is categorized into; mechanical bionics and electronic bionics.
In terms of geography, North America is expected to dominate this market and projected to grow at a CAGR at 9.1 % within the forecast period. Major driving factor for this market in this region is increased healthcare expenditures on artificial organs/bionics and rapid technological innovations. In addition, huge investment in research and development is also expected to boost this market within the forecast period.
Europe and Asia Pacific are expected to follow the North America in this market within the forecast period. In Europe, the high demand from the patients for organ transplantation surgery, whereas the availability of the donors to fulfill this demand is low which subsequently increase the demand for artificial organs /bionics. Asia-Pacific is expected to show the fastest growth in this market in the coming five years owing to increasing aging population and large consumer base and high disposable income. The Middle East & Africa is expected to witness a moderate growth in this market in coming five years owing to increasing income and rise in awareness within the forecast period.
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Some of the key players include in plant growth market such as Berlin Heart Gmbh, Second Sight Medical Product types, Inc., Boston Scientific Corporation, Biomet Inc., Edwards Lifesciences Corporation, Ekso Bionics, Heartware International, Inc., Jarvik Heart Inc., Lifenet Health, Medtronic Inc., Nano Retina, Inc., Asahi Kasei Kuraray Medical Co. Ltd. among others.
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