Artificial Vital Organs And Medical Bionics Market Size, Share & Trends Analysis Report By Artificial Organs (Heart, Kidney, Liver), By Bionics (Ear Bionics, Vision Bionics, Exoskeletons), By Region, And Segment Forecasts, 2024 - 2030

Artificial Vital Organs And Medical Bionics Market Size, Share & Trends Analysis Report By Artificial Organs (Heart, Kidney, Liver), By Bionics (Ear Bionics, Vision Bionics, Exoskeletons), By Region, And Segment Forecasts, 2024 - 2030

Artificial Vital Organs And Medical Bionics Market Growth & Trends

The global artificial vital organs and medical bionics market size is expected to reach USD 70.1 billion by 2030, registering a CAGR of 9.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. Key growth drivers identified in the artificial vital organs market include increasing base of geriatric population suffering from chronic diseases such as cardiovascular and respiratory diseases leading to organ failures or damage.

Furthermore, the increasing number of patients suffering from physical disabilities such as loss of limbs and arms owing to congenital factors, accidents, serving in armed forces and industrial accidents is likely to positively reinforce medical bionics market growth over the forecast period.

The proliferation of universal health coverage schemes launched by various governments and increasing public and private reimbursement policy coverage are major trends expected to boost the usage rates of artificial vital organs and medical bionics in the next seven years.

The artificial vital organs market includes products such as artificial heart, pancreas, kidneys, and lungs. These are used for organ transplantation in patients suffering with organ damages or complete organ failures.

In 2014, artificial kidney market accounted for the largest market share of over 60% owing to increasing prevalence of high blood sugar, hypertension, post-surgery infections, glomerular diseases, injury or burns, HIV, and other risk factors.

Artificial liver is expected to be the fastest growing product segment growing at a lucrative rate over the forecast period of seven years. Key factors attributing to its rapid growth include increasing prevalence of chronic lung diseases such as COPD and disadvantages of using mechanical ventilators.

The medical bionics segment includes products such as brain, ear, vision bionics, exoskeleton, and bionic limbs. In 2014, brain bionics held the largest market share of nearly 41% due to the continually increasing number of patients suffering from neurological conditions. Furthermore, non-invasive nature of spinal cord stimulators, vagus nerve stimulators, and deep brain stimulators are key factors positively impacting market growth in the next seven years. Exoskeletons are likely to witness a rapid rise in demand owing to its wide applications in rescue, emergency response, home healthcare, and patient rehabilitation.

Artificial Vital Organs And Medical Bionics Market Report Highlights

• Brain bionics dominated the artificial vital organs and medical bionics market with a revenue share of 34.9% in 2023. Increased prevalence of neurological conditions such as Parkinson’s disease, depression, and epilepsy are driving market growth.
• The heart segment dominated the market with a revenue share of 57.3% in 2023. This increase is happening due to an increase in the incidence of chronic diseases, scarcity of hearts for transplant, and advancement of the operations and potent effective drugs and treatment.
• North America artificial vital organs and medical bionics market dominated the global artificial vital organs and medical bionics market with a revenue share of 44.6% in 2023.
• Asia Pacific artificial vital organs and medical bionics market is expected to the fastest growth in the forecast period with a CAGR of 11.1%. Due to rising disposable income, elevated healthcare infrastructure, and awareness the marketplace is displaying growth within the forecast period.

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