Global Artificial Organs and Medical Bionics Market to Exhibit Paced Growth Owing to Robust Innovations in Healthcare Industry

Organ transplantation is capable of fundamentally eliminating a life-threatening health condition by replacing a weak or damaged organ with a healthy one. But in practice, the procedure is extremely complex from medical, logistical and social perspectives. As per Health Resources and Services Administration records, over 105,804 people in the US are waiting to find an organ donor. Even with a streamlined supply chain and positive societal outlook, various factors such as blood group, organ size, patient's age, and medical history can complicate matters. Against this backdrop, the research and development activities for artificial organs and medical bionics have exhibited a steep rise in the recent past. These medical tech innovations refer to a wide array of mechanical/electronic replacements or support for organs. While still in nascent stages of development and trials, it has showcased significant promise in terms of saving lives. Such factors are creating headways for the global artificial organs and medical bionics market.

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Fairfield Market Research observes that the global artificial organs and medical bionics market will grow from its 2022 market valuation of US$33,137.5 million and reach US$ 54,400.0 million by 2027. This growth will occur at a sound CAGR of 10.4% pointing at the presence of fruitful business possibilities in the market.

High Prevalence of Heart and Kidney Disorders Necessitating Paced Innovation and Trails

The growing prevalence of several diseases such as diabetes, cardiovascular disorders, and kidney failure have catalysed the advancements in artificial organ development. The burden of fatalities caused by such medical conditions has remained alarmingly high on the overall healthcare system. As artificial organs and medical bionics gain efficacy, the accessibility of technology will improve significantly. The advancements in the biomedical engineering field are expected to aid the development of more sophisticated artificial organs and implants. Robust research, development, and testing activities are poised to overcome inherent challenges including immune system side effects, poor reimbursement coverage, and the risk of device malfunction. The global artificial organs and medical bionics market is projected to witness paced growth at the behest of such developments in the forecast period of 2022-2027.

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North America to Dominate Artificial Organs and Medical Bionics Market Amidst Focus on Healthcare R&D

The major economies in North America have a robust healthcare system. Countries such as USA and Canada also significantly invest in medical R&D activities. These are some of the key factors behind the region's dominance in the artificial organs and medical bionics market. In addition, these economies also have favourable regulatory and reimbursement structures which ease the adoption and trials of such technologies. North America also witnesses healthy competition between major industry stakeholders who are investing in technological development. The presence of such factors is creating sound business opportunities for the artificial organs and medical bionics market in the region. North America is expected to reach a total market valuation of 23,083.2 million by 2027.

Key Market Players

Some of the prominent market entities competing in the global artificial organs and medical bionics market include Zimmer Biomet Ltd, Medtronic plc, Ossur hf, Cochlear Ltd, Orthofix International N.V., Ekso Holdings Inc, ReWalk Robotics, DJO Global, and Second Sight Medical Products Ltd.

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