The artificial vital organs and medical bionics market is expected to grow at a CAGR of 8.7%, from USD 46.4 billion in 2022 to USD 107.4 billion through 2032.
The sudden emergence of the COVID-19 pandemic has resulted in the imposition of strict containment laws in various countries, causing disruptions in the import and export business of artificial vital organs.
The shortage of organs and tissues for transplantation, along with the growing demand for immunosuppressive drugs and R&D methods for organ regeneration using modified tissues, are likely to drive the expansion of the market for artificial vital organs and medical bionics.
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During the projected period, improvements in the durability and compatibility of organ implants, along with targeted research on reducing complication rates, are expected to fuel the growth of the artificial vital organs and medical bionics market . 3D bio-printing has a higher demand than traditional bio-printing because it reduces the chances of organ rejection.
Advanced biomaterials in artificial organs, together with the lucrative potential in emerging countries, are likely to generate tremendous opportunities for producers of artificial vital organs and medical bionics.
Additionally, an artificial heart transplant can lead to death or disabling damage, which is expected to hamper the market growth. The market for artificial vital organs and medical bionics is expected to be held back by the high cost of artificial organs and the lengthy approval process.
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Key points to remember
The artificial vital organs and medical bionics market is expected to grow at a CAGR of 8.7%, with a market share of US$107.4 billion through 2032.
In the United States, the market for artificial vital organs and medical bionics is estimated at US$38.3 billion, growing at a CAGR of 8.5% through 2032.
The artificial vital organs and medical bionics market in China is expected to have a stupendous CAGR of 8.2% through 2032, with an expected market share of US$7.8 billion.
The artificial vital organs and medical bionics market in Japan is expected to reach US$6.4 billion, growing at a steady CAGR of 7.2% through 2032.
The artificial vital organs and medical bionics market in the UK is expected to have a market share of US$4.6 billion, growing at a CAGR of 7.8% through 2032.
Type category Medical Bionics Market Artificial Vital Organs and Artificial Vital Organs is expected to grow at a CAGR of 8.2% through 2032.
SynCardia Systems, LLC, BiVACOR, CARMAT, Cleveland Heart, and Jarvik Heart are major players in the artificial vital organs and medical bionics industry, each contributing to the artificial vital organs and medical bionics market share.
Given the synergies and efficiencies of scale, greater government investment could improve the business case for suppliers of artificial vital organs and medical bionics and increase profitability.
In India, Medtronic PLC, in collaboration with Apollo Group of Hospitals, launched a new hemodialysis system with the aim of improving renal replacement therapy products.
In 2019, Edwards LifeSciences Corporation announced the launch of the KONECT RESILA system. The Tissue Valve Conduit was set to debut in 2020.
Ekso Bionics Holdings, Inc. partnered with Kindred Healthcare, LLC in February 2020 to trial EksoNR, a robotic exoskeleton, in their acute long-term care hospitals.
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