The global medical bionic implant and artificial organs market is expected to be worth US$ 27,953.3 million in 2022, with a CAGR of 9.3% to be worth US$ 66,175.8 million from 2022 to 2032. Growing economies, rising healthcare spending, and the introduction of new healthcare facilities are ascribed to growth. The medical bionic implant and artificial organs market grew at a CAGR of 10.9% between 2016 and 2021.
As per comprehensive research conducted by ESOMAR-certified consulting firm FMI, the global Medical Bionic Implant and Artificial Organs market is projected to witness robust growth during the forecast year 2022 to 2032. The report emphasizes on providing key insights into diverse features including demand, product developments, revenue generation, and sales in the Medical Bionic Implant and Artificial Organs market.
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Advent of Telehealth and Virtual Care to Create Tailwind for the Medical Bionic Implant and Artificial Organs Market Growth
Digitization is making deeper inroads across diverse industries, such as healthcare, owing to the increasing penetration of the internet and smartphones across the world.
During the COVID-19 outbreak, healthcare practitioners and patients realized the importance of digitization and encouraged them to adopt virtual methods of patient examination and consultation to counter the regulations concerning social distancing. This gave rise to a new medical domain, Telehealth.
Since the outbreak, telehealth has gained immense popularity, especially among the geriatric population, owing to the convenience associated with it. Hence, increasing adoption of telehealth across radiology, behavioral health, cardiology, and online consultation is expected to create lucrative opportunities for growth in the Medical Bionic Implant and Artificial Organs market.
Key Medical Bionic Implant and Artificial Organs Market Takeaways and Projections
- The US is estimated to continue dominating the North America market, projecting fastest growth in the region through 2032.
- Germany Medical Bionic Implant and Artificial Organs market is forecast to register robust growth in Europe, accounting for a significant share in the region between 2022 to 2032.
- China is expected to account for the maximum revenue share in the East Asia market, exhibiting the fastest sales growth during the assessment period.
- India is forecast to emerge as a highly remunerative market in South Asia, contributing for the largest sales in the region over the coming 10-years.
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Report Benefits & Key Questions Answered
- Medical Bionic Implant and Artificial Organs Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities, and challenges in the Medical Bionic Implant and Artificial Organs market. It also studies the impact of these dynamics on the market for the previous assessment period 2017 to 2021 to forecast the scope of market growth over the coming forecast period 2022 to 2032.
- Medical Bionic Implant and Artificial Organs Demand-Supply Assessment: The latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Medical Bionic Implant and Artificial Organs market. As per the survey, Medical Bionic Implant and Artificial Organs sales will project steady growth over the forecast period.
- Medical Bionic Implant and Artificial Organs Market Structure Analysis: The report provides detailed information about market the concentration of key players and tier analysis in the Medical Bionic Implant and Artificial Organs market. It also categories market players as per Tier 1, Tier 2, and Tier 3 in terms of their percentage share and product portfolio.
- Medical Bionic Implant and Artificial Organs Market Trend Analysis: FMI’s market trend analysis provide compelling insights into current and upcoming trends in the healthcare industries. It also assists the industry players to identify potential trends to formulate a strategy to take advantage of these existing trends.
Competitive Landscape Analysis
The latest study conducted by FMI provides in-depth insights into the global Medical Bionic Implant and Artificial Organs market to assist management level decision-makers in constructing a strategy to capitalize on the critical trends & opportunities. It also discloses competitive trends and profiles a list of leading players operating in the global Medical Bionic Implant and Artificial Organs market.
Some of the prominent market players are profiled by FMI are:
Some of the key participants present in the global medical bionic implant and artificial organs market include ouch Bionics Inc., Lifenet Health Inc., Cochlear Ltd., Sonova, Otto Bock Inc., Edwards Lifesciences Corporation, Medtronic, Inc. HeartWare, Orthofix Holdings, Inc., BionX Medical Technologies, Inc. among others.
- In September 2022 – Edwards Lifesciences has introduced the SAPIEN 3 Ultra RESILIA valve, which combines Edwards’ groundbreaking RESILIA tissue technology with the industry-leading SAPIEN 3 Ultra transcatheter aortic heart valve. The rollout comes on the heels of recent FDA clearance.
- In April 2022 – Oticon Medical was purchased by Cochlear Ltd. Cochlear has pledged to providing continuous support for Oticon Medical’s base of more than 75,000 hearing implant patients, which includes cochlear and acoustic implants, as part of the acquisition.
- In May 2022 – Medtronic plc announced the completion of its purchase of Intersect ENT, which will add novel technologies used in sinus operations to improve post-operative outcomes and treat nasal polyps to the company’s entire ENT portfolio.
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Medical Bionic Implant and Artificial Organs Demand Analysis by Category
Medical Bionic Implant and Artificial Organs by Product Type:
- Heart Bionics
- Ventricular Assist Device
- Total Artificial Heart
- Artificial Heart Valves
- Pacemaker
- Implantable Cardiac Pacemaker
- External Pacemaker
- Orthopedic Bionics
- Bionic Hand
- Bionic Limb
- Bionic Leg
- Ear Bionics
- Bone Anchored Hearing Aid
- Cochlear Implant
Medical Bionic Implant and Artificial Organs by Implant Location:
- Externally Worn Medical Bionic Implant and Artificial Organs
- Implantable Medical Bionic Implant and Artificial Organs
Region
- North America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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