Bioartificial organ manufacturingplays a vital role in developing artificial vital organs. Based on thematerials used, artificial organs can be divided into three main classes:mechanical, biomechanical and biological.
The global ArtificialVital 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 theend of 2027.
Global Artificial Vital Organsand Medical Bionics Market: Drivers
Increasing approval and launch ofartificial organs is expected to propel growth of the global artificial vitalorgans and medical bionics market. For instance, in March 2020, SynCardiaSystems, LLC received the U.S. Food and Drug Administration (FDA) approval forits 50cc temporary Total Artificial Heart (TAH) System as a bridge to hearttransplant.
Global Artificial Vital Organsand Medical Bionics Market: Opportunities
R&D in artificial vitalorgans is expected to offer lucrative growth opportunities for players in theglobal artificial vital organs and medical bionics market. For instance, inJune 2018, researchers from Lodz University of Technology, Poland, reporteddevelopment of artificial circulatory system that simulated various ejectionpressures, ejection volumes, and frequencies of pulsation.
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Global Artificial Vital Organsand Medical Bionics Market: Restraints
High cost involved in developmentof artificial organs and medical bionics is expected to limit growth of themarket.
Key Takeaways:
The global artificial vitalorgans and medical bionics market was valued at US$ 35,340.4 Mn in 2019 and isforecast to reach a value of US$ 73,316.9 Mn by 2027 at a CAGR of 9.6% between2020 and 2027. Major factor driving the growth of global artificial vitalorgans and medical bionics market during the forecast period include increasingwaiting list for organ transplant, and increasing prevalence of chronicdisorders.
Artificial Vital Organs helddominant position in the global artificial vital organs and medical bionicsmarket in 2019, accounting for 59.3% share in terms of value, followed byMedical Bionics. Increasing waiting list for organ transplant is expected to propelgrowth of the segment over the forecast period.
Market Trends
The market is witnessingincreasing adoption of total artificial heart (TAH). For instance, May 2018,SynCardia Systems, LLC announced that Saint Thomas Health become the firsthealth system in Tennessee (U.S.) to offer the SynCardia temporary TAH as partof its cardiac treatment services.
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Organizations are focused onR&D on the role of extracorporeal membrane oxygenation in the management ofseverely 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 ArtificialOrgans to publish research on the role of extracorporeal membrane oxygenation inthe management of severely ill patients with COVID-19.
Global Artificial Vital Organsand Medical Bionics Market: Competitive Landscape
Major players operating in theglobal artificial vital organs and medical bionics market include, SynCardiaSystems, LLC, BiVACOR, CARMAT, Cleveland Heart, Jarvik Heart, MyLVAD, CirtecMedical Systems, Thoratec Corporation, Abbott Diabetes Care, Inc., Abiomed,Inc., Asahi Kasei Medical Co., Ltd., Cyberonics, Inc., Edwards LifesciencesCorporation, Ekso Bionics Holdings, Inc., F. Hoffmann-La Roche Ltd., FreseniusMedical Care AG & Co. KGaA, Gambro AB (Baxter International, Inc.), andiWalk, Inc.
Global Artificial Vital Organsand Medical Bionics Market: Key Developments
February 2020: Ekso BionicsHoldings, Inc.announced that Post Acute Medical, LLC, a system of inpatientrehabilitation hospitals, has acquired three additional EksoNR devices from thecompany to expand the availability of exoskeleton-assisted rehabilitation toseven of its facilities.
October 2019: BiVACOR, Inc.collaborated with NASA’s Johnson Space Center to improve the robustness andreliability of the company’s TAH system.
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