The major trend driving the artificial organs & Bionic Implants market is the scarcity of organ donors for organ transplantations.
The Global Artificial organs & Bionics market is currently estimated to be valued as $21.7 billion for the year 2014 and is expected to reach $37.2 billion by the end of 2019. The CAGR during this period of estimation is expected to be 11.38%. Currently the market is dominated by the likes of North America primarily due to higher per capita income and increased awareness among the population. Following North America is Europe and Asia Pacific regions. Asia Pacific market is filled with potential and is penetrated only to a certain extent. There is great scope for new entrants in the emerging markets of Asia and Latin America.
Rapidly aging population, increased populations suffering from organ failures, rising incidents of motor accidents and injuries, rapid technological advancements in the bionics sector and huge scarcity of donor organs in the market are the major drivers instrumental in the market’s rapid growth.
Stringent regulatory framework for the use of artificial organs and bionics, fear of device of malfunction or failure and huge criticism from a sector of healthcare professionals have been the major challenges for the artificial organs and bionics market.
What the report contains
The report elucidates the current situation of the Artificial organs & Bionics market around the world and studies the respective markets of Artificial organs and bionic devices which primarily include Artificial Heart, artificial kidney, artificial livers, artificial lungs, artificial pancreas, cochlear bionics, vision bionics, orthopedic bionics, cardiac bionics, brain bionics and exoskeletons.
Lastly, the report is divided by geography - North Americas, Europe, the Asia-Pacific (APAC), and Rest of the World (ROW); where-in the market share of each region is analyzed and estimates are provided for the next 5 years. The various applications of artificial organs & bionics have been discussed in detail in addition to a comprehensive overview of the market.
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