Australia Artificial Organs and Bionics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Australia Artificial Organs and Bionics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Australia Artificial Organs and Bionics Market is poised to grow at a CAGR of 5.6% over the forecast period.

The COVID-19 pandemic has impacted the studied market significantly. During the initial phase of the pandemic due to the lockdowns and shutdowns, the number of organ transplants and surgeries decreased to avoid the contamination and spread of coronavirus. However, with resumed services and transplantation procedures, the studied market is expected to witness significant growth over the forecast period.

Certain factors that are propelling the market growth are the rising number of chronic diseases and technological advancements in artificial organs and bionics.

The increasing prevalence of chronic diseases such as cardiovascular disease, diabetes, kidney diseases, and others is the key factor driving the market growth. For instance, according to the Australian Institute of Health and Welfare, 2022, in the year 2020–2021, based on self-reported an estimated 571,000 Australians aged 18 and over (2.9% of the adult population) had Chronic heart diseases. Also, according to statistics published by the Heart Foundation, in September 2020, heart diseases represent one in five of all deaths in Australia, and coronary heart disease is the leading cause of death in the country.​

Additionally, as per the data published by the Australian Institute of Health and Welfare, in August 2022, it has been observed that in Aboriginal and Torres Strait Islanders 292 males and 677 females per 100,000 population, have chronic kidney diseases, respectively. As per the same source, Indigenous Australians were 4.6 times more likely to diagnose with chronic kidney disease as compared to their non-Indigenous counterparts. Thus, the rising burden of kidney disease among the population can lead to kidney failure which is expected to increase the demand for medical bionics and artificial kidney transplant, thereby propelling the market growth.

Furthermore, the rising company focus on developing advanced products and growing strategic activities in the country is also expected to boost the market growth. For instance, in May 2021, BiVACOR, a preclinical artificial heart device company, completed a USD 19 Million Series B funding round led by Cormorant Asset Management and OneVentures, through the OneVentures Healthcare Fund III. The company is developing the BiVACOR Total Artificial Heart (TAH), an implantable total artificial heart based on rotary blood pump technology, designed as the first long-term therapy dedicated to patients with severe biventricular heart failure. Also, in September 2020, an Australian research body, National Acoustic Laboratories (NAL) in partnership with Cochlear Limited, developed a new Hearing Aid Check, that consists of a minimum of 28 speech sound sets (phonemes - not beeps or words), and up to 81 sound sets presented in background noise.

However, the high cost of the procedure is likely to impede the market growth over the forecast period.

Key Market TrendsArtificial Kidney Segment is Expected to Show Better Growth in the Forecast Years

The artificial kidney segment is expected to witness significant growth in the artificial organs and bionic implants market over the forecast period owing to the factors such as the rising prevalence of renal failures as well as increasing chronic diseases such as diabetes leads to kidney disease.

A wearable artificial kidney is a wearable dialysis machine. An individual with end-stage renal disease may use a wearable artificial kidney on a daily or even a continuous basis. The increasing incidence and prevalence of renal failures in India are expected to drive segment growth.

The increasing number of kidney diseases among the population is the key factor driving the market growth. For instance, as per the data published by the Australian Institute of Health and Welfare, in August 2022, about 17,700 deaths with chronic kidney diseases were reported in Australia, in 2020. In addition, as per the same source, 76% of these deaths had chronic kidney disease (CKD) reported as an associated cause of death, and 76% reported chronic kidney disease (CKD) as an associated cause of death.

Additionally, from the same source, it has been observed that in 2020-2021 about 42,300 emergency department patients (14,900 males and 27,400 females) had chronic renal disease as the primary diagnosis. Also, 13,100 emergency department patient visits had a primary diagnosis of acute renal failure, which accounts for 31% of all chronic kidney disease (CKD) related emergency department visits. Thus, the rising number of acute kidney failure cases is expected to increase the demand for an artificial kidney transplants which in turn is anticipated to propel the market growth over the forecast period.

Furthermore, according to 2022 statistics published by the International Diabetes Federation, in the 10th edition of 2021, 1,491.8 people were living with diabetes in 2021 in Australia. In addition, as per the same source, this number is projected to reach 1,693 by 2030 and 1,935.2 by 2050. Thus, the high blood sugar from diabetes can damage blood vessels in the kidney as well as nephrons leading to kidney disease and kidney failure. This is expected to increase the demand for organ transplantation which in turn is anticipated to propel the market growth over the forecast period.

Therefore, owing to the aforesaid factors the segment is expected to witness growth over the forecast period.

Competitive Landscape

The Australia artificial organs and bionics market is moderately competitive with the presence of key players in the market. The majority of the artificial organs and bionics are being manufactured by the global key players. Market leaders with more funds for research and a better distribution system have established their position in the market. This has helped the market to grow. Some of the key players in the market are

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