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 the patient's ability to interact socially.A number of factors such as the increasing cases of organ failure, technological advancements, rising cases of accidents and injuries, improving regulatory framework, increasing government assistance, and increasing prevalence of eye diseases are propelling the growth of the global medical bionic implant/artificial organs market.
It is estimated that the medical bionic implant/artificial organs market is expected to register a CAGR of 7.0% during the forecast period of 2018–2023.However, lack of skilled professionals and the high cost of devices and poor healthcare system in low and middle-income countries may hamper the growth of the market.
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Key Players
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.).
Regional Analysis
The Americas dominates the medical bionic implant/artificial organs market owing to the presence of major market players and high adoption rate of medical bionic implants. On November 02, 2017, Second Sight Medical Products, Inc. received the U.S. FDA approval to initiate Orion Cortical Visual Prosthesis System (Orion) feasibility clinical study. In 2013, the company won the FDA approval for 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 rising prevalence of hemophilia 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 Asia Pacific. According to the data suggested by the 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.
Segmentation
The global medical bionic implant/artificial organs market is segmented on the basis of technology, product, fixation, and end-user.
On the basis of technology, the market is classified as mechanical bionics and electronic bionics.
By product, the market is classified as vision bionics, ear bionics, orthopedic bionics, heart bionics, neural/brain bionics, and others. Vision bionics are further segmented as bionic eye and others. Ear bionics are further segmented as cochlear implant and Bone Anchored Hearing Aid (BAHA). Orthopedic bionics are further segmented as bionic hand, bionic leg, bionic finger, exoskeleton, and electrical bone growth stimulators. The sub-segments of bionic leg include bionic knee and bionic feet. The sub-segments of electrical bone growth stimulators include invasive bone growth stimulators and non-invasive bone growth stimulators. Heart bionics are further segmented as pacemaker, total artificial heart, ventricular assist device, and artificial heart valve. The sub-segments of pacemaker include implantable cardiac pacemaker and external pacemaker. The sub-segments of artificial heart valve include mechanical heart valve and tissue heart valve. Neural/brain bionics are further segmented as deep brain stimulators, vagus nerve stimulator, and spinal cord stimulators.
By fixation, the market is segmented into implantable and externally worn.
By end-user, the market is segmented into hospitals and clinics, research and academic institutes, and others.
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