The global medical bionic implant market is expected to gain prominence over the forecast period (2018–2023). It is estimated that the medical bionic implant market is expected to register a CAGR of 7.0% during the forecast period of 2018–2023.
Bionic implants are artificially engineered devices that are implanted into a human to replace a natural organ. The main purpose of bionic implants is to provide life support to prevent imminent death while awaiting a transplant and improve a patient's ability to interact socially.
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It is observed that the increasing cases of organ failure have increased the demand for replaceable organs, which is propelling the medical bionic implant/artificial organs market to a great extent. According to the statistics suggested by the National Kidney Foundation, 2016 around 121,678 people were waiting for lifesaving organ transplants in the in the United States. It is also reported that in 2014, 17,107 kidney transplants took place in the U.S. The incidences of organ failure are found to be more common in the aging population, as it is more vulnerable towards health issues such as ophthalmic diseases, gastrointestinal problems, orthopedic diseases, cancer, and others.
Various other factors such as technological advancements, increasing accidents and injuries, improving regulatory framework, increasing government assistance, and increasing prevalence of eye diseases are continuously contributing to the growth of the global medical bionic implant/artificial organs market.
Despite these drivers, there are some issues associated with the medical bionic implant/artificial organs market. Lack of skilled professionals, the high cost of devices, fear of malfunction of devices, and poor healthcare system in low and middle-income countries may hamper the growth of the market to an extent.
Regional Market Summary
The Americas dominates the medical bionic implant/artificial organs market owing to the introduction of advanced medical bionic implants by major market players. On November 02, 2017, Second Sight Medical Products, Inc., a U.S. based company, received the U.S. FDA approval to initiate the Orion Cortical Visual Prosthesis System (Orion) feasibility clinical study. In 2013, the company won the FDA approval for the Argus II retinal prosthesis system.
Europe holds the second position in the medical bionic implant/artificial organs market. It is expected that the government support towards research and development expenditure and increasing cases of organ failure and related complications are likely to drive the European market.
Asia Pacific is the fastest growing medical bionic implant/artificial organs market owing to a huge patient pool, increasing demand for advanced treatments, and development in the healthcare technology. Healthcare expenditure is found to be improving in various Asia Pacific regions. According to the data suggested by Australian Institute of Health and Welfare during the year 2015 to 2016, the total health expenditure was USD 170.4 billion, i.e., 3.6% higher than the expenditure during 2014 to 2015.
The Middle East and Africa holds the lowest share of the global market due to low development, lack of technical knowledge, and poor medical facilities.
Some of key the players in the global medical bionic implant/artificial organs market are Aleva Neurotherapeutics SA (Switzerland), Biocontrol Medical (Israel), Biomet, Inc. (U.S.), Boston Scientific Corporation (U.S.), Cochlear Ltd. (Australia), Cyberonics, Inc. (U.S.), Ekso Bionics (U.S.), LivaNova PLC (U.K), Medtronic, Inc. (U.S.), NeuroPace, Inc. (U.S.), Orthofix International N.V. (The Netherlands), Ossur (Iceland), Second Sight Medical Products, Inc. (U.S.), and St. Jude Medical, Inc. (U.S.).