Bioartificial organ manufacturing plays a vital role in developing artificial vital organs. Based on the materials used, artificial organs can be divided into three main classes: mechanical, biomechanical and biological.
The global Artificial Vital Organs and Medical Bionics Market is estimated to account for US$ 38,658.6 Mn in terms of value and is expected to reach US$ 73,316.9 Mn by the end of 2027.
Global Artificial Vital Organs and Medical Bionics Market: Drivers
Increasing approval and launch of artificial organs is expected to propel growth of the global artificial vital organs and medical bionics market. For instance, in March 2020, SynCardia Systems, LLC received the U.S. Food and Drug Administration (FDA) approval for its 50cc temporary Total Artificial Heart (TAH) System as a bridge to heart transplant.
Global Artificial Vital Organs and Medical Bionics Market: Opportunities
R&D in artificial vital organs is expected to offer lucrative growth opportunities for players in the global artificial vital organs and medical bionics market. For instance, in June 2018, researchers from Lodz University of Technology, Poland, reported development of artificial circulatory system that simulated various ejection pressures, ejection volumes, and frequencies of pulsation.
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Global Artificial Vital Organs and Medical Bionics Market: Restraints
High cost involved in development of artificial organs and medical bionics is expected to limit growth of the market.
The global artificial vital organs and medical bionics market was valued at US$ 35,340.4 Mn in 2019 and is forecast to reach a value of US$ 73,316.9 Mn by 2027 at a CAGR of 9.6% between 2020 and 2027. Major factor driving the growth of global artificial vital organs and medical bionics market during the forecast period include increasing waiting list for organ transplant, and increasing prevalence of chronic disorders.
Artificial Vital Organs held dominant position in the global artificial vital organs and medical bionics market in 2019, accounting for 59.3% share in terms of value, followed by Medical Bionics. Increasing waiting list for organ transplant is expected to propel growth of the segment over the forecast period.
The market is witnessing increasing adoption of total artificial heart (TAH). For instance, May 2018, SynCardia Systems, LLC announced that Saint Thomas Health become the first health system in Tennessee (U.S.) to offer the SynCardia temporary TAH as part of its cardiac treatment services.
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Organizations are focused on R&D on the role of extracorporeal membrane oxygenation in the management of severely ill patients with COVID-19. For instance, in April 2020, SpecialtyCare, a provider of perfusion, ECMO, intraoperative neuromonitoring, and surgical services, collaborated with the American Society for Artificial Organs to publish research on the role of extracorporeal membrane oxygenation in the management of severely ill patients with COVID-19.
Global Artificial Vital Organs and Medical Bionics Market: Competitive Landscape
Major players operating in the global artificial vital organs and medical bionics market include, SynCardia Systems, LLC, BiVACOR, CARMAT, Cleveland Heart, Jarvik Heart, MyLVAD, Cirtec Medical Systems, Thoratec Corporation, Abbott Diabetes Care, Inc., Abiomed, Inc., Asahi Kasei Medical Co., Ltd., Cyberonics, Inc., Edwards Lifesciences Corporation, Ekso Bionics Holdings, Inc., F. Hoffmann-La Roche Ltd., Fresenius Medical Care AG & Co. KGaA, Gambro AB (Baxter International, Inc.), and iWalk, Inc.
Global Artificial Vital Organs and Medical Bionics Market: Key Developments
February 2020: Ekso Bionics Holdings, Inc.announced that Post Acute Medical, LLC, a system of inpatient rehabilitation hospitals, has acquired three additional EksoNR devices from the company to expand the availability of exoskeleton-assisted rehabilitation to seven of its facilities.
October 2019: BiVACOR, Inc. collaborated with NASA’s Johnson Space Center to improve the robustness and reliability of the company’s TAH system.
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