The Saudi Arabia Artificial Organs & Bionic Implants Market is expected to register a CAGR of 1.5% during the forecast period. This is attributing to increased incidence of disabilities and organ failures, scarcity of donor organs, and High Incidence of Road Accidents Leading to Amputations. Moreover, the rising prevalence of renal disorders, acute renal failure, and the increase in organ failure due to the ageing population are some more factors driving the market in this region. rapid involvement in the field of biomedical science has enabled organ transplantation a common practice. In addition, development in bionic orthopaedics, bionic eye, and exoskeleton is fueling the market growth. Furthermore, Increasing R&D expenditure by innovators and generic players, technological advancements associated with bionic implants, and the rising ageing population will also fuel the Saudi Arabia Artificial Organs & Bionic Implants Market. 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
Bionic Segment by Product is Estimated to Witness a Healthy Growth in Future.
According to a 2019 report by the 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. 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 an 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 an artificial kidney is also expected to increase. Moreover, As per the United Nations, Department of Economic and Social Affairs, an estimate of around 1,169,000 population aged over 65 years in Saudi Arabia. The presence of such a large number of people aged over 65 years is more prone to have organ failure. Thus the increasing prevalence of the aging population likely positively impacts the segment growth.
The Saudi Arabia Artificial Organs & Bionic Implants Market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Cochlear Ltd., Edwards Lifesciences Corporation, Berlin Heart, Medtronic, JARVIK HEART, INC., ABIOMED, Zimmer Biomet, Abbott, and Ekso Bionics
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