Artificial Vital Organs And Medical Bionics Market Growth and Trends: Key Insights into Market Opportunities for 2025-2034
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Are the Primary Drivers Supporting the Market Growth of theArtificial Vital Organs And Medical Bionics Market?
The increasing incidence of organ failures is anticipated to drive the expansion of the artificial vital organs and medical bionics market. Organ failure signifies a serious condition in which one or more organs lose their capacity to fulfill basic functions, resulting in significant health problems and possibly fatal outcomes. Higher rates of chronic diseases like diabetes, hypertension, and heart disease, alongside inherited and genetically predisposed conditions, contribute to a rise in organ failures. Artificial vital organs and medical bionics play a crucial role in addressing organ failures by offering essential life support and reinstating important functions in patients with impaired organs. For example, the United Network for Organ Sharing, a non-profit scientific and educational organization based in the US, stated in January 2023 that 42,887 organ transplants were conducted in the United States in 2022. This number represented a 3.7% increase from the previous year, setting a fresh annual record. Therefore, the growing incidence of organ failures is expected to fuel the development of the artificial vital organs and medical bionics market.
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How Will the Growth Rate of theArtificial Vital Organs And Medical Bionics Market Impact Industry Trends by 2034?
The market size for artificial vital organs and medical bionics has seen robust growth in the recent past. It is all set to expand from $43.1 billion in 2024 to $46.95 billion in 2025, boasting a compound annual growth rate (CAGR) of 8.9%. Reasons behind this growth trajectory during the previous period include increased public awareness and acceptance wave, enhancements in surgical procedures, a defined lack of donor organs, escalation in chronic disease cases, and streamlined processes for regulatory approvals.
Anticipated robust growth is projected for the market of artificial vital organs and medical bionics, with its size expected to increase to $65.24 billion by 2029, boasting a compound annual growth rate (CAGR) of 8.6%. This projected growth within the specified period can be linked to several factors such as the rising rates of organ failures, an increase in the aged population, a hike in healthcare expenditure, a preference for less invasive surgical methods, and expansion in the field of regenerative medicine and tissue engineering. The forecasted period also sees trends like biotechnological innovations, increased investment in healthcare by both government and private entities, progress in biomaterials and materials that are biocompatible, enhanced R&D, and improved patient results.
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What Are the Latest Innovations Influencing theArtificial Vital Organs And Medical Bionics Market?
Leading firms in the artificial vital organs and medical bionics market are formulating technologically sophisticated products like the bionic pancreas, aiming to enhance patient results and meet the escalating need for cutting-edge medical solutions. The bionic pancreas is a pioneering medical device designed to autonomously regulate blood sugar in diabetic individuals by emulating the operations of a healthy pancreas. Specifically, in December 2023, Beta Bionics Inc., an American medical tech enterprise, introduced the iLet Bionic Pancreas, a self-regulating insulin delivery system which makes diabetes management more straightforward by autonomously modifying insulin delivery based on the user’s weight. This eradicates the necessity for healthcare professionals to adjust intricate settings like correction factors, insulin-to-carb ratios, or pre-set basal rates, lessening the load on both patients and doctors.
Who Are the Major Industry Players Accelerating Growth in theArtificial Vital Organs And Medical Bionics Market?
Major companies operating in the artificial vital organs and medical bionics market are Abiomed Inc., Abbott Laboratories, Medtronic Plc, Fresenius Medical Care AG, Asahi Kasei Corporation, Boston Scientific Corporation, Biomet Inc., Terumo Corporation, Edwards Lifesciences Corporation, Otto Bock Healthcare GmbH, Nikkiso Co. Ltd., Cochlear Ltd., Ossur, Cirtec Medical, Heartware International Inc., Berlin Heart GmbH, SynCardia Systems LLC, Ekso Bionics Holdings Inc., Jarvik Heart Inc., CARMAT, Iwalk Inc., BiVACOR Inc., Nano Retina Inc., Second Sight Medical Products Inc., St. Jude Medical Inc.
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Which Primary Segments of the Artificial Vital Organs And Medical Bionics Market Are Driving Growth and Industry Transformations?
The artificial vital organs and medical bionics market covered in this report is segmented –
1) By Type: Artificial Vital Organs, Medical Bionics
2) By Technology: Mechanical, Electronic
3) By Application: Hospitals, Clinics, Other Applications
Subsegments:
1) By Artificial Vital Organs: Artificial Heart, Artificial Kidney, Artificial Liver, Artificial Lungs, Artificial Pancreas
2) By Medical Bionics: Bionic Limbs, Bionic Eyes, Bionic Ears, Neural Implants, Bionic Organs
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Which Regions Are Key Players in the Growth of the #What Are the Primary Drivers Supporting the Market Growth of theArtificial Vital Organs And Medical Bionics Market?# Market?
North America was the largest region in the artificial vital organs and medical bionics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial vital organs and medical bionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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