Global Artificial Vital Organs And Medical Bionics Market, By Type (Artificial Vital Organs (Artificial Heart, Artificial Kidney, Artificial Liver, Artificial Pancreas, Artificial Lungs), Medical Bionics (Cochlear Implants, Vision Bionics, Exoskeletons, Bionic Limbs, Brain Bionics, Cardiac Bionics)), By End User (Hospitals, Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 51 Billion in 2023 and is expected to exhibit a CAGR of 10.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies such as launch of new products, which will drive the global artificial vital organs and medical bionics market. For instance, in July 2021, Smith+Nephew launched its real intelligence suite of enabling technology solutions, including its next-generation robotics platform, the CORI Surgical System, in India. Robotics-assisted orthopedic surgery has been gaining momentum in India, which is expected to grow over the coming years. Such launches are estimated to propel the segment's growth during the forecast period.
Global Artificial Vital Organs And Medical Bionics Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of things from one place to another.
COVID-19 had a positive impact on the global artificial vital organs and medical bionics market. In August 2020, CARMAT, the designer and developer of the most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from end-stage biventricular heart failure, announced the publication ahead of printing of the bridge-to-transplant experience performed during the PIVOTAL study in the Journal of Heart and Lung Transplantation, the most recognized peer-reviewed journal in the field of transplantation.
Global Artificial Vital Organs And Medical Bionics Market: Key Developments
In August 2021, Exactech, a developer and producer of innovative implants, instrumentation, and smart technologies for joint replacement surgery, announced the expansion of its Truliant Total Knee System with a new porous-coated implant option to equipment surgery.
In May 2020, CARMAT, the designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from end-stage biventricular heart failure, announced the first implantation of its bioprosthetic artificial heart in Denmark.
In July 2021, Cirtec Medical Corporation, a strategic outsourcing partner of complex medical devices including minimally invasive and active implantable devices, announced that it has acquired Cardea Catheter Innovations, a vertically integrated manufacturer of minimally invasive catheter devices and complex delivery systems based in San Jose,CaliforniaA.
In May 2021, Cirtec Medical Corporation, a strategic outsourcing partner for complex medical devices including active implantable and minimally invasive devices, announced they expand their NovelCath manufacturing facility in Brooklyn Park, U.S.This expansion comes six months after Cirtec acquired the company, a manufacturer of highly engineered catheter delivery systems.
In June 2021, Ethicon, Inc., announced that the National Institute for Health and Excellence (NICE), issued new medical technology guidance that recommends the use of plus sutures developed by the company in surgeries within the National Health Service. This is to avoid the rising occurrence of surgical site infections and plus sutures are the only sutures that offer antibacterial protection. The electrosurgical devices segment is expected to be the fastest-growing segment during the forecast period.
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Global Artificial Vital Organs And Medical Bionics Market”- Forecast to 2030, Global Artificial Vital Organs And Medical Bionics Market, By Type (Artificial Vital Organs (Artificial Heart, Artificial Kidney, Artificial Liver, Artificial Pancreas, Artificial Lungs), Medical Bionics (Cochlear Implants, Vision Bionics, Exoskeletons, Bionic Limbs, Brain Bionics, Cardiac Bionics)), By End User (Hospitals, Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
Key Takeaways of the Global Artificial Vital Organs And Medical Bionics Market:
- The global artificial vital organs and medical bionics market is expected to exhibit a CAGR of 10.1% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global Artificial Vital Organs And Medical Bionics market.
- Among type, the artificial vital organs segment is expected to hold a dominant position in the global artificial vital organs and medical bionics market during the forecast period and this is attributed to the inorganic stratergies such as aquisition in the field of artificial vital organs and medical bionics. For instance, in December 2020, Cirtec Medical Corporation, a strategic outsourcing partner of complex medical devices including minimally invasive and active implantable devices, announced that it has acquired NovelCath, a vertically integrated manufacturer of highly engineered catheter delivery systems based in Brooklyn Park.
- Among region, North America is expected to be the dominant region in the global Artificial Vital Organs And Medical Bionics market, owing to the key players focusing on funding by Government. For instance, On March 29, 2023, BiVACOR, a preclinical artificial heart device company in U.S., announced US$18 Billion in funding led by Cormorant Asset Management and OneVentures, through the OneVentures Healthcare Fund III. The investments will fund the company’s continued research and development, fund the early feasibility first in human trials, and support hiring for key executive positions
- Major players operating in the global artificial vital organs and medical bionics market are SynCardia Systems, LLC, BiVACOR, CARMAT, Cleveland Heart, Jarvik Heart, MyLVAD, Cirtec Medical Systems, Thoratec Corporation, Abbott Diabetes Care, Inc., Abiomed, Inc., Asahi Kasei Medical Co., Ltd., Cyberonics, Inc., Edwards Lifesciences Corporation, Ekso Bionics Holdings, Inc., F. Hoffmann-La Roche Ltd., Fresenius Medical Care AG & Co. KGaA, Gambro AB (Baxter International, Inc.), and iWalk, Inc.