The artificial organs and bionics market is witnessing impressive development. It was estimated at around USD 17 billion in 2011. The market is estimated to increase from 2012 to 2018 at about 9 percent CAGR. Growing at this rate, the artificial organs and bionics market is anticipated to generate revenue worth about USD 32 billion by the end of the forecast period.
The market for artificial organs can be segmented on the basis of artificial kidneys, hearts, livers, lungs and pancreases. The artificial kidneys market dominates among various vital organ markets. However, the demand for artificial hearts is also increasing. The artificial hearts market is estimated to expand from 2012 to 2018 at more than 9 percent CAGR.
Likewise, the market for bionics can be fragmented into ear bionics, bionic limbs, brain bionics, exoskeletons, cardiac bionics and vision bionics. Among all these sectors, bionic exoskeletons are anticipated to grow at 15 percent CAGR from 2012 to 2018. The worldwide artificial organs and bionics market is segmented into three categories and studied under the same.
The three categories include applications, products and geographical regions. Patients have high demand for organ transplant surgeries. On the other hand, donors are very few in number in comparison to this demand. Owing to this broad space, the artificial organs and bionics market is undergoing reasonable development.
Growing cases of organ failure and disabilities owing to disorders in the elderly are responsible for pushing this market. The availability of very few donors and new medical innovations also drive the artificial organs and bionics market ahead. Increase in injuries leading to removal of organs or organ damage and numerous patients looking forward to receiving these transplants also propel the artificial organs and bionics market.
Some components that make sure that the progress of the artificial organs and bionics market is delayed are absence of proper surgical skills, high expenditures involved in surgeries and treatment and tentative refund policies in some regions.
Posted on Feb 6, 2015 | Category Healthcare