The Asia-Pacific Artificial Organs & Bionic Implants Market is expected to grow with a CAGR of 15.2% in the forecast period. The growth of the market in the country can be attributed to the increasing incidence of disabilities and technological advancements leading to the enhanced applications.
As the cases of disabilities are increasing, the demand for bionic implants is also increasing which are the substitutes having both mechanical and robotic elements that are used as prosthetics as a replacement for broken body parts such as hand, legs, limbs, etc. therefore the increasing trauma and accidents in the region is boosting the market growth.
Furthermore, the increasing geriatric population who are more prone to organ failure is expected to boost the growth in the forecast period. According to the United Nations Population Fund 2019, one in four people in Asia and the Pacific will be over 60 years old by 2050. The geriatric population in the region will triple between 2010 and 2050, reaching close to 1.3 billion people. This increase in the trend of the population will help in boosting the overall market growth.
Key Market Trends
Orthopedic Segment is Expected to Have a Highest Growth Rate in the Forecast Period
The orthopedic segment is found increasing which is attributed to the increasing number of road accidents and injuries requiring amputation. In the report of road accidents by the Government of India, 2018, a total of 4,67,044 road accidents has been reported by States and Union Territories, in the calendar year 2018, claiming 1,51,417 lives and causing injuries to 4,69,418 persons. India ranks first in the number of road accidents followed by China.
According to the National Bureau of Statistics of China, the country has recorded 63,194 fatalities in traffic accidents across the country for the year 2018. According to Statistics Bureau Japan, in the year 2018, there were 3,532 deaths due to road accidents. Therefore, the increasing road and transport injuries are boosting the segment growth in the region.
In addition, the increasing amputations and the causes for those like road accidents and diabetes are also boosting the segment growth.
The Asia-Pacific Artificial Organs & Bionic Implants Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Some of the major players are Ossur, Boston Scientific Corporation, Otto Bock Holding GmbH & Co. KG, Medtronic plc, Zimmer Biomet, Edwards Lifesciences Corporation.
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