Vital Organs Support Systems & Medical Bionics Market to Grow at 9.7% CAGR by 2030
High prevalence rate of chronic disorders followed by presence of advanced technology linked along with developing healthcare facilities & awareness among people are expected to drive the growth of Vital Organs Support Systems and Medical Bionics industry during the forecast period of 2020-2030.
The Vital Organs Support Systems and Medical Bionics Market is expected to grow at the CAGR of 9.7% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Medical bionics refers to the development of artificial solutions with the help of engineering & science to serve the function of lost or damaged organs such as limbs, cochlear implants and others. Vital organ support system is a combination of several devices which is used to serve the function of damaged organ and restores the normal functioning of the body such as artificial kidneys, and others. These devices all together increase the life expectancy of an individual along with quality life.
According to the report, constant rising prevalence of various chronic disorders has created the demand for vital organ support system and medical bionics in a long run. There has been technological advancement in the healthcare industry followed by the developing healthcare infrastructure. In addition, rapid growth in consumer awareness along with surge in healthcare expenditure accompanied by favourable reimbursement scenario is also likely to fuel the market growth. On the other hand surge in the demand of high quality life by patient followed by the growth in trauma cases are also expected to anticipate the market growth. Moreover, rising demand for organ transplant surgeries all around the globe may tend to bring change in market trends.
However, high cost of medical bionics & artificial devices along with stringent regulatory approval process may restrain the market growth. Moreover, Growing investments on research & development activities led to innovation followed by new product launches in the market is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of vital organs support systems, the vital organs support systems and medical bionics market share is segmented into Artificial Heart, Artificial Kidney, Artificial Pancreas, Artificial Urinary Bladder, Artificial Lungs, and Artificial Liver. Artificial kidneys dominate the global vital organs support systems and medical bionics market and will be the dominant during the forecasted period.
On the basis of medical bionics, the vital organs support systems and medical bionics market is categorised into Bionic Eye, Ear Bionics, Orthopaedic Bionics, Cardiac Bionics, and Neural Bionics. Neural Bionics is expected to register the significant growth rate owing to the high prevalence rate of neural disorders and dominate the market growth over the forecast period.
On the basis of end user, the market is fragmented into Hospitals, Ambulatory Surgical Centres, and Others. Ambulatory surgical centres are expected to show significant growth over the forecast period owing to the growth in emergency cases.
North America is likely to account for the highest market size & share of the vital organs support systems and medical bionics market in the forecast period 2020–2030 owing to the surge in trauma cases along with high adoption rate of vital organs support systems and medical bionics in the region. In addition, presence of advanced healthcare facilities followed by technological advancement is also expected to enhance the market growth. Europe accounts for the second leading position in the vital organs support systems and medical bionics market size. Asia Pacific is expected to be the fastest developing region in the vital organs support systems and medical bionics market which is majorly driven by the high prevalence rate of chronic disorders along with growing demand for organ transplantation as well as rising awareness among people.
According to the report, some the key players in the vital organs support systems and medical bionics market are Abbott Laboratories, Abiomed, Inc., Baxter International Inc., Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Cochlear Ltd., Boston Scientific Corporation, Jarvik Heart, Inc., Edwards Lifesciences Corporation, Össur Americas, Inc., Medtronic Plc., SynCardia Systems LLC., and Second Sight Medical Products, Inc..
Browse key industry insights from the report at https://www.nextmsc.com/report/vital-organs-support-systems-and-medical-bionics-market in detail along with the table of contents:
Key Insights from the Vital Organs Support Systems and Medical Bionics Market Report:
- Asia Pacific is the fastest growing Vital Organs Support Systems and Medical Bionics market owing to the rising prevalence of chronic disorders along with rising awareness among people followed high demand of organ transplant surgeries.
- The neural bionics & ambulatory surgical centres dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are Dow Abbott Laboratories, Abiomed, Inc., Baxter International Inc., Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Cochlear Ltd., Boston Scientific Corporation, Jarvik Heart, Inc., Edwards Lifesciences Corporation, Össur Americas, Inc., Medtronic Plc., SynCardia Systems LLC., and Second Sight Medical Products, Inc.
The report Vital Organs Support Systems and Medical Bionics market – segmented by vital organ support systems, medical bionics, end user and geography
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