Vital Organs Support Systems and Medical Bionics Market Competitive Insights and Precise Outlook 2021 with a CAGR of 9.7%

The Global Vital Organs Support Systems and Medical Bionics Market size was valued at USD 33.88 billion in 2019 and is predicted to reach USD 93.80 billion by 2030, with a CAGR of 9.7% from 2020-2030.

The Organ Support System comprises of artificial organs that are designed to perform the function of natural human organs, and are utilized as a substitute of lost body organ, replacement of the damaged organ, and as a support to the existing organs. These artificial organs interface with live tissues and fill the void of human organs.

Medical bionics is the study of mechanical systems that replicate living organisms or parts of living organisms. The benefits offered by artificial organ support systems and medical bionics are reduced risk of organ rejection, cost-effective alternative for treating multiple diseases, and lowering the dependency on human donors. These benefits are expected to supplement the growth of vital organs support systems and medical bionics market.

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Top Companies: 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.

Market Dynamics and Trends

The global vital organs support systems and medical bionics market observed a substantial growth in the past few years, and is expected to demonstrate a considerable elevation in terms of share and value, in coming years. This is due to lack of organ donors, increasing cases of organ transplantation, growing demand from people suffering from disability either genetic or accidental, and increasing prevalence of chronic diseases.

Moreover, factors such as constantly multiplying geriatric population, advancement in product technologies, and demand from defense & military sector, are expected to enhance the growth of global vital organs support systems and medical bionics market, throughout the forecast period.

However, high cost of the artificial devices and medical bionics, with stringent regulatory approval processes are expected to inhibit the growth of vital organs support systems and medical bionics market.

Moreover, favorable reimbursement policies, financial support provided by public and private sectors, as well as favorable healthcare coverage schemes; shall reinforce the growth of vital organs support systems and medical bionics market in coming future.

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Market Segmentations and Scope of the Study:

The global vital organs support systems and medical bionics market share has been analyzed based on vital organ support systems, medical bionics, end user and geography.

Based on vital organ support systems, the market is segmented into artificial heart, artificial kidney, artificial pancreas, artificial urinary bladder, artificial lungs, and artificial liver. Based on medical bionics, the vital organs support systems and medical bionics market is fragmented into bionic eye, ear bionics, orthopedic bionics, cardiac bionics, and neural bionics. The ear bionics segment is sub segmented into cochlear implants, bone anchored hearing systems, and auditory brainstem implants. The orthopedic bionics segment is further divided into upper limb, lower limb, exoskeleton, and electrical bone growth stimulators. The Cardiac bionics segment is further sub segmented into pacemaker, ventricular assist device, and artificial heart valves. The Neural Bionics is further divided into internal neurostimulators and external neurostimulators. Based on target disease, the vital organs support systems and medical bionics market is divided into hospitals, ambulatory surgical centers, and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to maintain its dominance in the global vital organs support systems and medical bionics market, owing to the presence of developed economies and increased adoption of vital organs support systems and medical bionics in this region. Moreover, technological advancements, and presence of well-established healthcare amenities, further promotes the growth of vital organs support systems and medical bionics market, in this region.

Asia Pacific is expected to show rapid growth with developing market size in the global vital organs support systems and medical bionics market, owing to the increasing accidents and trauma cases leading to amputation, as well as brain injuries leading to loss of vision and hearing. Furthermore, growing awareness among patients, and increasing investment by the market players in developing economies are expected to support the growth of vital organs support systems and medical bionics market.

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