Vital Organs Support Systems And Medical Bionics Market - Forecast(2021 - 2026)

 

Vital Organs Support Systems and Medical Bionics Market Overview

Vital organs support systems and medical bionics market is estimated at $37 million in 2020, and is set to grow at a CAGR of 6.2% during the forecast period 2021-2026. The vital organs support systems and medical bionics industry growth rate is attributed to the technological advancements associated with vital organs support systems and medical bionics demand, increase in cases of patients suffering from chronic diseases, surge in global geriatric population and is anticipated bringing new opportunities. These medical devices are inserted in the patient at the location of the diseased organ. 

Medical bionics is the study of how mechanics and electronics can be used to replace a mechanically driven limb or any component of a functioning organ. Organ transplantation has become a popular practice, which has fueled the healthcare industry's growth. Artificial organs include the artificial heart, kidney, and pancreas, among others. An artificial organ is made up of various parts that perform the same functions as the natural organ. 

Furthermore, patients have expressed a strong desire for organ transplantation surgery, but the number of donors available to fulfill this demand is limited. As a result, the supply–demand gap has widened, assisting in the growth of the global vital organs support systems and medical bionics market share. However, high cost of treatment and stringent approval process is impeding market development for vital organs support systems and medical bionics industry.

Vital Organs Support Systems and Medical Bionics Market  Report Coverage

The report: “Vital Organs Support Systems and Medical Bionics Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the vital organs support systems and medical bionics market:

By Product Type: Vital Organs Support Systems and Medical Bionics.
By End-Users:    Hospitals, Ambulatory Surgical Centers, Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan, India, South Korea, Australia and Others), South America(Brazil, Argentina and Others) and RoW (Middle East and Africa).

Key Takeaways

  • North America dominated the vital organs support systems and medical bionics market with a share of 33.9% in the year 2020.
  • The factors such as rise in geriatric population, scarcity of donor organs are amongst the major factor projected to impel growth of vital organs support systems and medical bionics market.
  • Additionally, factors such as technological advancements in the artificial organ sector, and increase in R&D expenditure in the development of vital organs support systems and medical bionics are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.

Global Vital Organs Support Systems And Medical Bionics Market, By End Users 2020(%)

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Vital Organs Support Systems and Medical Bionics Market Segment Analysis - By Product Type

In 2020, on the basis of product type, vital organs support systems segment accounted for the largest segmental revenue of the vital organs support systems and medical bionics market. The vital organs support systems segment held the largest market on account of the rise in patient acceptance that is poised to rise as more people become aware of medical bionics. Over the forecast period 2021-2026, constant advances in the fields of medical science and biomedical engineering are projected to increase the use rate of synthetic organs.

On the contrary, medical bionics segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.80% as increased government emphasis on funding R&D programs, as well as an increase in the geriatric population and the number of patients suffering from chronic diseases is anticipated to fuel the sector growth in the product type segment during the forecast period 2021-2026.


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Location: United States

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