New York, June 06, 2022 (GLOBE NEWSWIRE) -- The artificial vital organs and medical bionics market value is expected to escalate at a CAGR of 8.7%, from USD 46.4 billion in 2022 to USD 107.4 billion through 2032.
The sudden emergence of the COVID-19 pandemic prompted the imposition of strict lockdown laws in various countries, causing interruptions in Artificial Vital Organ import and export activity. The shortage of organs and tissues for transplantation, as well as increasing demand for immunosuppressive medications and R & D methods for organ regeneration using modified tissues, are likely to boost artificial vital organs and medical bionics market expansion.
Over the projected period, improvements in the durability and compatibility of organ implants, as well as targeted research on reducing complication rates, are expected to fuel the artificial vital organs and medical bionics market growth. 3D bioprinting has a higher demand than traditional bioprinting, since it reduces the chances of organ refusal.
Advanced biomaterials in artificial organs, as well as lucrative potential in emerging nations, are likely to generate considerable opportunity for artificial vital organs and medical bionics market producers.
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Furthermore, an artificial heart transplant may result in death or crippling damage, which is projected to hinder market growth. The artificial vital organs and medical bionics market is expected to be hampered by the high cost of artificial organs and the lengthy approval procedure.
Key Takeaways
- The artificial vital organs and medical bionics market is predicted to develop at a CAGR of 8.7%, with a market share of US$ 107.4 Billion through 2032.
- In the United States, the artificial vital organs and medical bionics market is estimated to reach US$ 38.3 Billion, with a CAGR of 8.5% through 2032.
- The artificial vital organs and medical bionics market in China is expected to have a prodigious CAGR of 8.2% through 2032, with the expected market share of US$ 7.8 Billion.
- The artificial vital organs and medical bionics market in Japan is expected to reach US$ 6.4 Billion, with a steady CAGR of 7.2% through 2032.
- The artificial vital organs and medical bionics market in the UK is expected to have a market share of US$ 4.6 Billion, with a CAGR of 7.8% through 2032.
- The artificial vital organs and medical bionics market’s artificial vital organs from the type category are predicted to develop at a CAGR of 8.2% through 2032.
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Competitive Landscape
SynCardia Systems, LLC, BiVACOR, CARMAT, Cleveland Heart, and Jarvik Heart are major participants in the artificial vital organs and medical bionics industry, each contributing to the artificial vital organs and medical bionics market share.
Given the synergies and scale-efficiency benefits, higher government investment could improve the business case for artificial vital organs and medical bionics providers and increase profitability.
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- In India, Medtronic PLC, in conjunction with Apollo Group of Hospitals, launched a novel hemodialysis system with the goal of improving renal replacement therapy products.
- In 2019, Edwards LifeSciences Corporation announced the launch of the KONECT RESILA system. The tissue valve conduit was supposed to debut in 2020.
- Ekso Bionics Holdings, Inc. teamed up with Kindred Healthcare, LLC in February 2020 to test EksoNR, a robotic exoskeleton, in their long-term acute care hospitals.
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