According to a new market research report published by Transparency Market Research "Artificial Vital Organs and Medical Bionics Market(Artificial Heart, Kidney, Liver, Pancreas & Lungs, Ear Bionics, Vision Bionics, Exoskeletons, Bionic Limbs, Brain Bionics and Cardiac Bionics)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," in 2011, the artificial vital organs and medical bionics market was valued at USD 17.5 billion and it is expected to grow at a CAGR of 9.2% from 2012 to 2018, to reach an estimated value of USD 32.3 billion in 2018.
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An artificial organ is a man-made device, which is integrated or implanted into the patient, to replace an original diseased organ and restore its specific function. Medical bionics is the study of application of mechanics and electronics to replace a limb or other part of a functional organ that is mechanically powered. With rapid development in healthcare technology, organ transplantation has evolved as a common surgical practice. With years of extensive research and development in the field of medical devices and related technological innovations, artificial vital organs and medical bionics are successfully established as viable alternatives for the replacement of donor organs as the latter are not able to keep pace with an increase in demand for efficient rehabilitation of the physically challenged.
The global artificial vital organs market is segmented into artificial heart, kidney, lungs, liver and pancreas markets. The market for artificial vital organs is led by the artificial kidney segment, in terms of revenue. Increase in prevalence of renal disorders and acute renal failure due to the sedentary lifestyle is a major driver for this market. Increase in the prevalence of cardiovascular diseases leading to acute cardiac failure has led to a growing need for heart replacement. Also, the number of patients awaiting transplant are far more than the availability of donor organs and this has led to an increase in the demand for total artificial heart (TAH). The market for total artificial heart is expected to grow at a CAGR of more than 9% from 2012 to 2018.
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The medical bionics market is categorized into ear bionics (cochlear implants), vision bionics, exoskeletons, bionic limbs, brain bionics and cardiac bionics. High prevalence of occupation and age-related disabilities demands novel methods of patient rehabilitation to offer a better life for such patients. The market for exoskeletons is expected to emerge as the fastest growing segment, at a CAGR of over 15% from 2012 to 2018.
Geographically, North America leads the market for artificial vital organs and medical bionics. Aging of the baby boomer population and the corresponding rise in prevalence of acute cases of cardiovascular diseases, renal diseases and respiratory disorders, and the increase in prevalence of age-related disorders and occupation-related disabilities are the major drivers for the growth in demand for artificial organs in North America. However, improvement in healthcare expenditure and healthcare infrastructure and rising scope of medical tourism will increase the market share of Asia-Pacific in the future.
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The key players in the artificial vital organs and medical bionics market include Abbott Diabetes Care, Abiomed, Inc., Asahi Kasei Medical Co., Ltd., Baxter International, Inc., Gambro AB, Medtronic, Inc., Nikkiso Co., Ltd., SynCardia Systems, Inc., Ossur Hf, WorldHeart Corporation, Ekso Bionics, Touch Bionics, Ottobock Healthcare Gmbh, Second Sight Medical Products, Inc. and others.