Artificial Organs and Bionics Market
Number of pages: 100 | Report Format: PDF | Published date: March 14, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 27.60 billion |
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Revenue forecast in 2031 |
US$ 55.40 billion |
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CAGR |
9.1% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Technology, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global artificial organs, and bionics market was valued at US$ 27.60 billion in 2022 and is expected to register a revenue CAGR of 9.1% to reach US$ 55.40 billion by 2031.
Artificial Organs and Bionics Market Fundamentals
Artificial organs and bionics are fields of biomedical engineering that involve creating devices to replace or enhance the function of organs or body parts. Artificial organs mimic the function of natural organs, such as the heart, lungs, liver, or kidneys. They are typically made of biocompatible materials and can be powered by electricity, batteries, and other energy sources. Examples of artificial organs include pacemakers, artificial hearts, and kidney dialysis machines. Bionics, on the other hand, involve the development of devices that augment or enhance the function of natural body parts. Bionic devices can be controlled by the nervous system or other biological signals, allowing people to perform tasks that would otherwise be impossible. Examples of bionic devices include prosthetic limbs, cochlear implants, and exoskeletons.
The market for artificial organs and bionics is a rapidly growing and dynamic field, driven by advances in biomedical engineering, materials science, and robotics. The market is expected to continue to expand in the coming years, driven by increasing demand for these technologies as the global population ages and the prevalence of chronic diseases, such as diabetes, heart disease, and kidney disease, rises. The market for artificial organs includes a wide range of products, including heart valves, artificial kidneys, and liver support systems. The bionics market includes products such as prosthetic limbs, cochlear implants, exoskeletons, and other devices that enhance or augment the function of natural body parts.
The artificial organs and bionics market is highly competitive, with many companies investing in research and development to create new and innovative products. Major players in the market include Abiomed Inc., Medtronic, Abbott Laboratories, Boston Scientific Corporation, Cochlear Limited, and Ekso Bionics.
Despite the positive outlook, the market for artificial organs and bionics faces several challenges, such as the safety and effectiveness of these devices, regulatory requirements, and accessibility and affordability for patients. However, ongoing investment in research and development is expected to drive innovation and the creation of new products, which will further fuel revenue growth in the market.
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Artificial Organs and Bionics Market Dynamics
The global prevalence of chronic diseases, such as diabetes, heart disease, and kidney disease, is increasing, driving demand for artificial organs and bionics as treatment options. According to the National Center for Biotechnology Information, chronic kidney diseases affect more than 10% of the population worldwide, accounting for over 800 million individuals. Advances in biomedical engineering, materials science, and robotics are enabling the development of increasingly sophisticated artificial organs and bionics, improving their effectiveness and reliability, and boosting the revenue growth of the artificial organs and bionics market. AI is being used to improve the accuracy and effectiveness of artificial organs and bionics, helping to predict and prevent complications and optimize performance. Advances in surgical techniques have led to the development of minimally invasive procedures for implanting artificial organs and bionics, reducing the risks and recovery time for patients and increasing the demand for artificial organs and bionics.
The rise in genetic testing and other personalized medicine approaches has become more common, and artificial organs and bionics are being tailored to individual patient’s unique needs, resulting in better outcomes. The growing geriatric population is also increasing the demand for artificial organs, and bionics is expected to rise, as age-related diseases and conditions become more common. The shortage of donor organs for transplantation is driving the development of artificial organs, which could offer a life-saving alternative for needy patients. The rising awareness of the potential benefits of artificial organs and bionics and the increasing acceptance of this technology are also expected to drive revenue growth in the artificial organs and bionics market.
However, artificial organs and bionics are expensive, restricting the revenue growth of the artificial organs and bionics market. Concerns over safety and efficacy can significantly hinder the widespread adoption of artificial organs and bionics. The risk of infection, rejection, and other complications associated with using these devices can further intensify these concerns. The rise in ethical concerns related to the usage of artificial organs and bionics, such as issues related to the quality of life, patient autonomy, and the allocation of resources, are also expected to hinder the revenue growth of the global artificial organs and bionics market.
Artificial Organs and Bionics Market Ecosystem
The global artificial organs and bionics market is analyzed from three perspectives: product, technology, and region.
Artificial Organs and Bionics Market by Product
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Based on the product, the global artificial organs and bionics market is segmented into artificial organs and artificial bionics.
The artificial organs segment dominated the artificial organs and bionics market with a significant revenue share. The artificial organ segment is further sub-segmented into the heart, liver, kidney, lungs, and pancreas. A significant shortage of donor organs available for transplantation has increased the demand for artificial organs as a viable alternative. According to the Health Resources and Services Administration, there are currently over 106,000 people on the national transplant waiting list in the U.S. Advancements in technology have significantly enhanced the safety and efficiency of artificial organs, rendering them a highly appealing alternative for patients. For instance, the development of biocompatible materials and the refinement of surgical techniques have significantly boosted the dependability and efficacy of artificial organs. Personalized medicine, which caters to the distinct requirements of individual patients, is gaining traction, and artificial organs can be tailored to meet specific patient needs, resulting in better outcomes and increased patient satisfaction. With the global population aging, there has been a surge in age-related illnesses, such as diabetes, kidney, and heart diseases, prompting a heightened demand for artificial organs, especially among older patients who may not be suitable for conventional organ transplants.
The artificial bionics segment is expected to experience a lucrative revenue growth rate during the forecast period. Technological developments have facilitated the creation of bionic prosthetics that can emulate the functionality of natural limbs by responding and sensing the environment, thus, triggering a rise in demand among amputees and individuals with limb disabilities. Moreover, the growing prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, has spurred the requirement for implantable medical devices to replace or support damaged organs or body functions. Bionic implants, such as artificial hearts, pacemakers, and cochlear implants, can restore normal body functions, prolong the lifespan, and enhance patients’ quality of life with chronic illnesses. Additionally, the increasing usage of 3D printing technology in producing artificial organs and bionics has reduced production costs, accelerated the time-to-market, and enabled the mass customization of these devices. As a result, medical device manufacturers can create more innovative and affordable bionic products that meet the diverse needs of patients, propelling the expansion of the artificial bionics segment.
Artificial Organs and Bionics Market by Technology
Based on technology, the global artificial organs and bionics market is segmented into mechanical and electronic.
The mechanical segment accounted for a significant revenue share of the global artificial organs and bionics market. Mechanical devices have been in use for a longer time than other types of artificial organs and bionics. This has led to a greater understanding of the technology, more extensive clinical research, and a more significant number of successful cases of mechanical devices being implanted in patients. Moreover, mechanical devices are easier to produce, maintain, and repair than other types of artificial organs and bionics, making them more affordable and available in regions with limited access to advanced medical technology. Additionally, mechanical devices can execute vital functions, such as blood pumping by an artificial heart or support for the knee joint through an artificial knee. These devices have improved the quality of life and increased survival possibilities for thousands of patients with life-threatening conditions or disabilities. The mechanical segment of the artificial organs and bionics market has leveraged the advancements in material science, robotics, and miniaturization technology to develop more sophisticated and dependable devices, including ventricular assist devices, heart valves, and joint replacements. These devices offer prolonged durability, enhanced performance, and reduced patient complications.
The electronic segment is anticipated to have the fastest revenue growth rate in the artificial organs and bionics market. Utilizing cutting-edge electronics and software technology has facilitated the production of highly advanced and adaptable devices that can interact with the human body. An example of such a device is electronic prosthetics that can detect muscle movements and adjust accordingly, improving the user’s mobility and dexterity. The reduced cost of electronic components and miniaturization technology has made manufacturing smaller, more intricate electronic devices cost-effectively. This development has created new opportunities for medical device manufacturers to develop more innovative and affordable electronic products that meet patients’ varying needs, propelling the growth of the electronic segment. The rise in funding for research and development of electronic devices for medical purposes has resulted in notable achievements in the sector. This includes the innovation of neurostimulators for treating chronic pain and hearing implants for the deaf, further bolstering the development of the electronic segment in the artificial organs and bionics market.
Artificial Organs and Bionics Market by Region
Geographically, the global artificial organs and bionics market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for a significant market revenue share in 2022. The region is known for its strong emphasis on healthcare research and development, resulting in new and innovative artificial organs and bionics products. The growing prevalence of chronic diseases, such as cancer, cardiovascular diseases, and diabetes, has increased the demand for implantable medical devices to replace or support damaged organs or body functions. According to the Centers for Disease Control and Prevention’s 2022 National Diabetes Statistics Report, about 130 million adults in the United States are currently affected by diabetes or prediabetes. The region’s government heavily subsidizes healthcare, and there are favorable reimbursement policies for medical devices, which has increased the accessibility and affordability of artificial organs and bionics, encouraging healthcare providers to adopt them.
Artificial Organs and Bionics Market Competitive Landscape
The prominent players operating in the global artificial organs and bionics market are:
Artificial Organs and Bionics Market Strategic Developments
The global artificial organs and bionics market is expected to reach US$ 55.40 billion by 2031.
The global artificial organs and bionics market is expected to register a revenue CAGR of 9.1% during the forecast period.
The prominent players operating in the global artificial organs and bionics market are Abbott Laboratories, Abiomed Inc., Medtronic Plc, Boston Scientific Corporation, Cochlear Limited, and Ekso Bionics.
Geographically, North America accounts for the largest revenue share of the market, followed by Europe; Asia Pacific is the fastest-growing regional market for artificial organs and bionics.
The adoption of 3D printing technology is the key development in the market.
*Insights on financial performance are subject to the availability of information in the public domain