The major factors that are responsible for the growth of the artificial organs and bionics market includes the increasing incidence of disabilities and organ failures, technological advancements, and high incidence of road accidents leading to amputations.
Another primary factor is the scarcity of donor organs. The lack of availability of potential organs to transplant has been a major issue. The demand for organ donors is ever increasing, and is very high compared to the actual supply. According to a 2019 report by University of Pennsylvania there are more than 120,000 people awaiting transplantation in the United States. This has been a major boost for the artificial organ bionics market, as the patients cannot afford to wait in queue since the stakes are very high. Bionics and artificial organs are able to cater to the needs of those in need of organ transplantations and replacements. They can replicate the function of damaged organs.
However, the factors, such as the fear of device malfunction, risk of compatibility of artificial organs and their consequences, among others, may impact the market growth. These implants are also expensive, which has also been a restraining factor for the market growth.
Key Market Trends
Kidney Implants are Expected to to Cover a Large Share of the Market
According to a 2019 report by Centers for Disease Control and Diagnostics, Diabetes is one of the most common causes of chronic kidney disease (CKD) and the primary cause of kidney failure. The data from the report indicates that the percentage of adults with diagnosed diabetes estimated to have advanced stage CKD (stage 3 or 4) increased from 19.5% in 1999–2004 to 24.5% in 2011–2014. Moreover, the prevalence of diabetes is increasing.
Hemodialysis is a method for removing waste products such as creatinine and urea, as well as free water from the blood when the kidneys are in kidney failure. The artificial kidney is used to clean the patient’s blood. Hence, the other name for artificial kidney is also called a dialysis machine.
Dialysis is an important function of the body, which involves filtration and excretion of metabolic waste products, regulation of necessary electrolytes and fluids and stimulation of red blood cell-production. Hence, as the prevalence of kidney failure increases, the demand for artificial kidney is also expected to increase.
North America is Expected to Dominate the Artificial Organs and Bionics Market
Currently, North America dominates the market for artificial organs and bionics, and is expected to continue its stronghold for a few more years. In the North American region, the United States holds the largest market share. The rising prevalence of chronic diseases and increasing demand for non-invasive surgical procedures are helping in the dominance of the North American region in artificial organs and bionics market. The presence of developed healthcare infrastructure is also expected to propel the market.
Majority of the artificial organs and bionics are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.
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