The global artificial organ and bionics market size is expected to reach USD 53.9 billion by the year 2027, expanding at a CAGR of 9.6%, according to a new report by Grand View Research, Inc. Growing incidence of organ failure has resulted in massive growth in the human made organ and bionics devices. Rising demand for donors to transplant kidney, heart, lungs, liver, and pancreas is a major factor boosting market growth. Moreover, many biotechnology and medical device companies have begun to concentrate on the development of 3D printed bionic. These devices use myoelectric technology and sensory electric technology that enables mobility of synthetic human body parts.
Increasing number of product launches and speedy FDA approval of these devices are bridging the shortage of donors. Rising R&D in the field of synthetic human body parts is also boosting artificial organs and bionics market growth. For instance, February 2020, the U.S. FDA approved Carmat’s early feasibility study of its artificial heart. The device is an alternative for heart transplant for people suffering from end stage biventricular heart failure. Thus, with increasing healthcare expenditure and speedy FDA approval of synthetic human body parts, the market is expected to see robust growth during the forecast period.
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Artificial Organ And Bionics Market Report Highlights
• Artificial organs segment was the largest revenue-generating amongst others due to escalating number of transplant procedures
• The bionics segment is also expected to witness the highest CAGR owing to advancement in products
• The kidney segment accounted for the largest market share of approximately 57.0% in the year 2019
• The cochlear implant segment is expected to register highest growth rate owing to increasing geriatric population
• North America was the leading regional segment in 2019 and is expected to maintain its position during the forecast period owing to presence of advance healthcare facilities
• Existence of large number of research laboratories, biotechnology, and medical device companies in North America is the major factor contributing to its large share.
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