The Medical Bionic Implant/Artificial Organs Market Size Is Expected To Grow With The Rise In Number Of Road Accidents As Per The Business Research Company's Medical Bionic Implant/Artificial Organs Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the medical bionic implant/artificial organs market identifies the rise in road accidents and injuries to propel the growth of the medical bionic implant/artificial organs market going forward. Road accidents and injuries refer to an incident on a public road that results in accidents and causing injuries to the victim. Artificial organ and tissue replacements are performed to repair organ damage that is primarily brought on by traumatic events including vehicle accidents, violent crimes, work-related injuries, or challenging births. For instance, in May 2022, according to the National Highway Traffic Safety Administration, a US-based government agency data, in the US, nearly 42.9 thousand people died in motor vehicle accidents in 2021, which was 38.8 thousand, a 10.5% more in 2020. Therefore, the rise in road accidents and injuries is driving the growth of the medical bionic implant/artificial organs market.
The global medical bionic implant/artificial organs market size is expected to grow from $21.03 billion in 2022 to $22.69 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical bionic implant/artificial organs market share is expected to grow to $29.61 billion in 2027 at a CAGR of 6.9%.
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Strategic partnerships are a key trend gaining popularity in the medical bionic implant/artificial organs market. Many companies operating in the medical bionic implant /artificial organs market are undergoing partnerships to strengthen their position in the market. For instance, in September 2021, Bionic Vision Technologies (BVT), an Australia-based company operating in artificial organs partnered with Cirtec Medical, a US-based provider of outsourced medical device and components design, engineering, and manufacturing for an undisclosed amount. With this partnership, Cirtec would help BVT to develop and produce its next-generation bionic eye by obtaining a strategic stake in the Australian company. Further, in February 2022, HUMOTECH, a US-based research services company, engaged in artificial organs, partnered with the University of Michigan, a US-based, public research university, for an undisclosed amount. This partnership aims to accelerate the development of bionic leg control software, which has the potential to give prosthetic users the strength and natural gait of a human leg. As part of this partnership, HUMOTECH develops updated versions of the open-source leg to accommodate prosthesis users and researchers.
Major players in the medical bionic implant/artificial organs market are Medtronic PLC, Boston Scientific Services Private Limited., Abbott Laboratories Inc., Zimmer Biomet Holdings Inc., Ekso Bionics Holdings Inc., Cochlear Limited, Cyberonics Inc., LIVANOVA PLC, NeuroPace Inc., Ossur India Private Limited, Vivani Medical Inc., St Jude Medical India Private Limited, LifeNet Health Inc., Ottobock SE & Co. KGaA, Edwards Lifesciences India PVT Ltd., SynCardia Systems LLC, Demant A/S, Berlin Heart GmbH, Conmed Devices Private Limited, and Wright Medical Group N.V.
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The global medical bionic implant/artificial organs market segments is categorized by type into bionic implants, artificial organs; by method of fixation into implantable, externally worn; by technology into electronic, mechanical; by application into hospitals, clinics, research and academic institutes, other applications
Asia-Pacific was the largest region in the medical bionic implant/artificial organs market in 2022. The regions covered in the medical bionic implant/artificial organs market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Medical Bionic Implant/Artificial Organs Market Global Report 2023 by The Business Research Company provides insights on the medical bionic implant/artificial organs market size, medical bionic implant/artificial organs market segments, medical bionic implant/artificial organs market trends, medical bionic implant/artificial organs market drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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