The global artificial vital organs and medical bionics market is expected
to reach USD 45.92 billion by 2022, according to a new report by Grand View
Research Inc. Key growth drivers identified in the artificial vital organs
market include increasing base of geriatric population suffering from chronic
diseases such as cardiovascular and respiratory diseases leading to organ
failures or damage.
Furthermore, the increasing number of patients
suffering from physical disabilities such as loss of limbs and arms owing to
congenital factors, accidents, serving in armed forces and industrial accidents
is likely to positively reinforce medical bionics market growth over the
forecast period.
The proliferation of universal health coverage
schemes launched by various governments and increasing public and private
reimbursement policy coverage are major trends expected to boost the usage
rates of artificial vital organs and medical bionics in the next seven years.
The artificial vital organs market includes
products such as artificial heart, pancreas, kidneys, and lungs. These are used
for organ transplantation in patients suffering with organ damages or complete
organ failures.
In 2014, artificial kidney market accounted for
the largest market share of over 60% owing to increasing prevalence of high
blood sugar, hypertension, post-surgery infections, glomerular diseases, injury
or burns, HIV, and other risk factors.
Artificial liver is expected to be the fastest
growing product segment growing at a lucrative rate over the forecast period of
seven years. Key factors attributing to its rapid growth include increasing
prevalence of chronic lung diseases such as COPD and disadvantages of using
mechanical ventilators.
The medical bionics segment includes products such
as brain, ear, vision bionics, exoskeleton, and bionic limbs. In 2014, brain
bionics held the largest market share of nearly 41% due to the continually
increasing number of patients suffering from neurological conditions.
Furthermore, non-invasive nature of spinal cord stimulators, vagus nerve
stimulators, and deep brain stimulators are key factors positively impacting
market growth in the next seven years. Exoskeletons are likely to witness a
rapid rise in demand owing to its wide applications in rescue, emergency
response, home healthcare, and patient rehabilitation.
View
summary of this report @
http://www.grandviewresearch.com/industry-analysis/artificial-vital-organs-and-medical-bionics-market
http://www.grandviewresearch.com/industry-analysis/artificial-vital-organs-and-medical-bionics-market
Further key findings from the report
suggest:
- North America accounted for the largest market share of over 40% in 2014 owing to increasing prevalence of geriatric population suffering with organ damages or failures coupled with increasing numbers of physically challenged persons opting to use prosthetic limbs due to rising awareness and better reimbursement policies for such procedures
- Asia Pacific is expected to be the fastest growing market in the next seven-year period. Key factors contributing to growth in Asia Pacific are increase in public and private healthcare expenditure, penetration of healthcare insurance across urban and rural centers. Furthermore, increase in chronic diseases and increase in medical tourism are also expected to significantly boost the artificial vital organ transplant and medical bionics market over the forecast period.
- The global vital organ transplant and medical bionics market is dominated by players such as Abiomed, Touch Bionics, Baxter, Medtronics, Ottobock Healthcare, and Heartware.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/medical-devices
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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