Asia-Pacific Artificial Organs and Bionic Implants Market - Segmented by Product and Geography - Growth, Trends, and Forecast (2018 - 2023)
Artificial organs and bionics are man-made devices that can be implanted or integrated into humans to either replace a natural organ or provide support for the purpose of restoring specific function or a group of related functions, helping the patient return back to normal life. The Asia-Pacific artificial organs and bionic implants market is expected to register a CAGR of 15.2% during the forecast period of 2018–2023.
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 when compared to the actual supply. It has been estimated that of all the patients who need organ transplantation, only 10% are able to undergo the process. This has been a major boost for the artificial organs and bionics market, as the patients cannot afford to wait in a queue. Bionics and artificial organs are able to cater to the needs of those in need of organ transplantations and replacements. Bionics and artificial organs can replicate the function of damaged organs. The replication is almost the same. This scarcity of organs has turned into a boon for artificial organs and bionics industry.
Increased incidence of disabilities and organ failures, technological advancements, and high incidence of road accidents leading to amputations are some of the other factors contributing to the growth of the market.
The cost of the procedure is a major constraint for the artificial organs and bionics market. The high cost of these organs is due to the production policies to address the patients, taxpayers, and medical technology corporations. For instance, organ transplant has many issues in the current market scenario, such as the policies for procurement, transplant tourism, organ trafficking, and others.
Each year, there are about 32,500 people between the age of 55-70 in the final stages of their heart disease, and are in need of an artificial heart. However, the protocol requiring written consent of the patient limits the number to 12,000. The estimates of the cost of the organ, surgical procedure, device and continuing surveillance of the patients are in the range of USD 100,000-USD 300,000.
Additionally, the fear of device malfunction, its consequences, and limited specialists to carry out the procedure are also restraining the Asia-Pacific artificial organs and bionic implants market.
Japan to Hold the Highest Share
Market share-wise, Japan, and South Korea occupy the top places, the reason being the immense technological advancements taking place in these regions. India is being touted as the next big thing or an emerging market due to the high incidence of disabilities and organ failures.
Major Players: ABIOMED, INC., ASAHI KASEI MEDICAL, INC., BAXTER INTERNATIONAL, BERLIN HEART GMBH, BOSTON SCIENTIFIC CORPORATION, COCHLEAR LIMITED, F. HOFFMAN LA ROCHE LTD, GAMBRO AB, LIFENET HEALTH, MEDTRONIC, THORATEC CORPORATION, and WORLD HEALTH CORPORATION, among others..
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