New York, April 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Bionic Implant/Artificial Organs Global Market Report 2023" - https://www.reportlinker.com/p06450862/?utm_source=GNW
, Cochlear Limited, Cyberonics Inc., LIVANOVA PLC, NeuroPace Inc., Ossur India Private Limited, Vivani Medical Inc., St Jude Medical India Private Limited, LifeNet Health Inc., Ottobock SE & Co. KGaA, Edwards Lifesciences India PVT Ltd., SynCardia Systems LLC, Demant A/S, Berlin Heart GmbH, Conmed Devices Private Limited, and Wright Medical Group N.V.
The global medical bionic implant/artificial organs market is expected to grow from $21.03 billion in 2022 to $22.69 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical bionic implant/artificial organs market is expected to grow to $29.61 billion in 2027 at a CAGR of 6.9%.
The medical bionic implant artificial organs market consists of sales of pacemakers, ventricular assist device, artificial limb and fingers, exoskeletons, heart valves.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The medical bionic implant artificial organs refer to any machine, device, or other item employed to perform the functions of a damaged or absent organ or other portion of the human body. The medical bionic implant artificial organs are used to restore physical capability to a person with a disability, and a small, disparate set of implants that improve cardiac and neurological functions.
Asia-Pacific was the largest region in the medical bionic implant/artifical organs market in 2022. The regions covered in the medical bionic implant/artificial organs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of medical bionic implants/artificial organs are bionic implants and artificial organs.Bionic implants refer to the electronic or mechatronic components that improve or restore a person with a disability’s physical capabilities.
The method of fixation includes implantable and externally worn that use various technologies such as electronic and mechanical. The several applications include hospitals, clinics, research and academic institutes, and others.
The rise in road accidents and injuries is expected to propel the growth of the medical bionic implant/artificial organs market going forward.Road accidents and injuries refer to an incident on a public road that results in accidents and causing injuries to the victim.
Artificial organ and tissue replacements are performed to repair organ damage that is primarily brought on by traumatic events including vehicle accidents, violent crimes, work-related injuries, or challenging births. For instance, in May 2022, according to National Highway Traffic Safety Administration, a US-based government agency data, in the US nearly 42.9 thousand people died in motor vehicle accidents in 2021, which was 38.8 thousand, a 10.5% more in 2020. Therefore, the rise in road accidents and injuries is driving the growth of the medical bionic implant/artificial organs market.
Strategic partnerships are a key trend gaining popularity in the medical bionic implant/artificial organs market.Many companies operating in the medical bionic implant /artificial organs market are undergoing partnerships to strengthen their position in the market.
For instance, in September 2021, Bionic Vision Technologies (BVT), an Australia-based company operating in artificial organs partnered with Cirtec Medical, a US-based provider of outsourced medical device and components design, engineering, and manufacturing for an undisclosed amount.With this partnership, Cirtec would help BVT to develop and produce its next-generation bionic eye by obtaining a strategic stake in the Australian company.
Further, in February 2022, HUMOTECH, a US-based research services company, engaged in artificial organs, partnered with the University of Michigan, a US-based, public research university for an undisclosed amount.This partnership aims to accelerate the development of bionic leg control software, which has the potential to give prosthetic users the strength and natural gait of a human leg.
As part of this partnership, HUMOTECH develops updated versions of the open-source leg to accommodate prosthesis users and researchers.
In May 2022, LivaNova PLC, a UK-based medical device manufacturer acquired ALung Technologies, Inc for an undisclosed amount.This acquisition is expected to have a neutral impact on adjusted diluted earnings per share in 2022.
This would continue to invest in the strategic portfolio initiatives, the phased launch of the next-generation heart-lung machine, Essenz, and expanded indications in advanced circulatory. ALung Technologies Inc is a US-based company that manufactures artificial organs.
The countries covered in the medical bionic implant/artificial organs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The medical bionic implant/artificial organs market research report is one of a series of new reports that provides medical bionic implant/artificial organs market statistics, including medical bionic implant/artificial organs industry global market size, regional shares, competitors with a medical bionic implant/artificial organs market share, detailed medical bionic implant/artificial organs market segments, market trends and opportunities, and any further data you may need to thrive in the medical bionic implant/artificial organs industry. This medical bionic implant/artificial organs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06450862/?utm_source=GNW
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