Vital Organs Support Systems and Medical Bionics Market to Grow at CAGR of 6.2% During Forecast 2021-2026
Factors Such as Rise in Geriatric Population, Scarcity of Donor Organs Are Amongst the Major Factor Projected to Impel Growth of Vital Organs Support Systems and Medical Bionics Market.
Hyderabad, INDIA – July 7, 2021 /MarketersMedia/ —
Vital Organs Support Systems and Medical Bionics Market is estimated at $37 million in 2020, and is set to grow at a CAGR of 6.2% during the forecast period 2021-2026. The vital organs support systems and medical bionics industry growth rate is attributed to the technological advancements associated with vital organs support systems and medical bionics demand, increase in cases of patients suffering from chronic diseases, surge in global geriatric population and is anticipated bringing new opportunities. These medical devices are inserted in the patient at the location of the diseased organ.
Vital Organs Support Systems and Medical Bionics Market Segment Analysis – By Product Type
In 2020, on the basis of product type, vital organs support systems segment accounted for the largest segmental revenue of the vital organs support systems and medical bionics market. The vital organs support systems segment held the largest market on account of the rise in patient acceptance that is poised to rise as more people become aware of medical bionics. Over the forecast period 2021-2026, constant advances in the fields of medical science and biomedical engineering are projected to increase the use rate of synthetic organs.
On the contrary, medical bionics segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.80%.
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Vital Organs Support Systems and Medical Bionics Market Segment Analysis – By End User
On the basis of end users, hospital segment accounted for the largest segmental revenue of the vital organs support systems and medical bionics market in 2020. The large share can be attributed to the various support departments, such as MRI suites and ICUs, that are available. Furthermore, hospitals have more staff to deal with complications, and when complications occur during an operation, patients are often moved from an ambulatory surgery center to the nearest hospital, and this will accelerate the growth of the hospital segment in the software’s market during the forecast period 2021-2026.
Vital Organs Support Systems and Medical Bionics Market Segment Analysis – By Geography
North America is the major region dominating the vital organs support systems and medical bionics market with a market share of 33.9% in the year 2020. This can be attributed to the fact that artificial organs are becoming more common in emerging markets coupled with the presence of large number of significant players operating in this area, as well as the growing potential of healthcare spending. Furthermore, with a low rate of cadaveric organ donation, artificial organ transplants are likely to become more common. The industry is poised to be driven by large private sector investments and a growing number of new product approvals pertaining to optimum use of novel transplants are anticipated to fuel market growth during the forecast period 2021-2026.
Vital Organs Support Systems and Medical Bionics Market Drivers
Advancements With Increasing Awareness to Escalate Market Demand
The vital organs support systems and medical bionics market is poised to receive upswing owing to an increase in the number of cardiac and chronic diseases, as well as an increase in the geriatric population, both of which necessitate organ transplantation. Furthermore, advances in the field of medical devices are poised to drive the global vital organ support systems and medical bionics market forward.
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Vital Organs Support Systems and Medical Bionics Market Challenges
High Cost Of Treatment And Stringent Approval Process
Despite several drivers, one of the major factor hindering is the high cost of treatment and stringent approval process thereby, challenging the regional market growth. Also, the market’s development is to be hampered by criticism associated with artificial organ transplantation. There are several ethical and physiological factors to consider before deciding on artificial organ implantation. In the U.S., the ethical element applies to physicians adhering to the Nuremberg Code, which contains Department of Health and Human Services laws intended to protect human subjects during medical testing and trials. The physiological factor involves a patient in need of a heart transplant’s inability to make an informed decision about whether or not to use an artificial heart.
Vital Organs Support Systems and Medical Bionics Market Landscape
In 2020, vital organs support systems and medical bionics market share is fragmented by the top ten players present in the market. The vital organs support systems and medical bionics market top 10 companies 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., Second Sight Medical Products Inc. and others.
Acquisitions/Product Launches
In May 2020, Sonova Group introduced its EXCITE-Pro platform that was presented by its hearing system manufacturer & provider HANSATON.
In February 2020, Ekso Bionics Holdings, Inc. collaborated with Kindred Healthcare, LLC to pilot EksoNR—a robotic exoskeleton, in their long-term acute care hospitals.
In January 2020, Medtronic Plc., announced that it has received Conformité Européenne (CE) mark for its Cobalt & Crome portfolio of BlueSync-enabled Implantable Cardioverter-Defibrillators (ICD) and Cardiac Resynchronization Therapy-Defibrillators (CRT-D).
Key Takeaways
North America dominated the vital organs support systems and medical bionics market with a share of 33.9% in the year 2020.
The factors such as rise in geriatric population, scarcity of donor organs are amongst the major factor projected to impel growth of vital organs support systems and medical bionics market.
Additionally, factors such as technological advancements in the artificial organ sector, and increase in R&D expenditure in the development of vital organs support systems and medical bionics are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
Related Reports :
A. Artificial Vital Organs & Medical Bionics Market
https://www.industryarc.com/Report/16352/artificial-vital-organs-medical-bionics-market.html
B. Medical Device Market
https://www.industryarc.com/Research/Medical-Device-Market-Research-514107
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