The global medical bionic implant and artificial organs industry size is expected to reach US$ 70,818.8 million by 2033, forecast a CAGR of 8.8% and US$ 30,469.1 million in 2023. As the market for medical bionic implants and artificial organs expands, researchers and inventors are looking into new possibilities. Potential improvements include bioengineered organs for transplantation and brain-computer interfaces (BCIs) for paralysis sufferers. However, a number of issues still exist, including financial constraints, governmental approvals, and moral concerns around human modification.
Over the past few decades, the global medical bionic implant and artificial organs industry size has experienced extraordinary breakthroughs, revolutionising the healthcare sector and changing the lives of millions of people around the world. These amazing developments are helping to close the gap between science fiction and reality as technology develops, giving people with a range of medical issues hope and a better quality of life. This blog will explore the cutting-edge developments and the situation of the global market in the intriguing realm of medical bionics.
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Artificial organs and medical bionic implants are systems or devices used to replace or improve the operation of natural body components that are degraded or dysfunctional as a result of trauma, illness, or congenital flaws. These cutting-edge innovations are the outcome of interdisciplinary partnerships involving engineers, researchers, and medical professionals. They are made to blend in with the body naturally, simulating the activities of the original organs and assisting patients in regaining lost talents.
The industry for medical bionic implants and artificial organs has advanced significantly, changing lives and giving patients with a range of illnesses hope. We may anticipate the sector to continue increasing as a result of continued technology developments, greater financing, and expanding public acceptability. As scientists and medical experts collaborate, we may anticipate a time when medical bionics will contribute even more significantly to improving human health and wellbeing.
Key Takeaways:
- By 2033, the medical bionic implant and artificial organs market in the United Kingdom are likely to expand, with a CAGR of 7.9%.
- In 2022, the United States significantly expanded in the medical bionic implant and artificial organs market with a share of 26.2%.
- The medical bionic implant and artificial organs market grew considerably to US$ 27,753.3 million in 2022.
- The medical bionic implant and artificial organs sector expanded at a CAGR of 8.1% from 2018 to 2022.
- By 2033, China’s medical bionic implant and artificial organs market is projected to expand with a CAGR of 9.6%.
- By 2033, India’s medical bionic implant and artificial organs market is projected to develop with a CAGR of 7.4%.
- Japan’s medical bionic implant and artificial organs industry expanded significantly, with a 2.2% share in 2022.
- Australia’s medical bionic implants and artificial organs sector is anticipated to expand with a CAGR of 8.2% by 2033.
- In 2022, the implantable segment dominated the market, with a share of 68.8%, based on implant location.
- In 2022, the heart bionics segment dominated the market, with a share of 38.3%, based on product.
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Competitors Winning Strategies:
The high demand for transplant items results from increasing regulatory approvals for artificial organs and other materials that give fresh opportunities to the key players. Developing novel products like 3D bioprinting is a primary goal for leading players.
Recent Developments:
- Medtronic PLC and Apollo Group of Hospitals introduced a revolutionary hemodialysis system in India to enhance renal replacement treatment products.
- The KONECT RESILA system was announced to be launched by Edwards Lifesciences Company in 2019. In 2020, the tissue valve conduit was planned to make its debut.
- For a new prize competition from the Kidney Innovation Accelerator, the American Society of Nephrology and the United States Department of Health and Human Services presented US$ 10.5 million in August 2022.
- In May 2021, Readily 3D SA, a Swiss bioprinting company, received USD 600,000 from the EU to use its Tomolite 3D bioprinting technique to build a live-scale replica of the pancreas.
Key Players:
- Touch Bionics Inc.
- Lifenet Health Inc.
- Cochlear Ltd.
- Sonova
- Otto Bock Inc.
- Edwards Lifesciences Corporation
- Medtronic, Inc.
- HeartWare
- Orthofix Holdings, Inc.
- BionX Medical Technologies Inc.
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Key Segments:
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
By Implant Location:
- Externally Worn
- Implantable Medical
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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