The main factors driving the market growth include a rising number of chronic diseases, high incidence of road accidents, and technological advancements in the artificial organ and bionics market. According to the 2017-18 Australian Bureau of Statistics (ABS) National Health Survey (NHS), the prevalence of COPD was found to be in Australians aged 45 and over and around 464,000 people were being affected by it. Overall, the prevalence did not differ significantly between men and women, however for those aged 55–64, COPD was more prevalent in women compared with men. Therefore the increase in the cases of COPD leads to an increase in the demand for ECMO and ECCO2 removal procedures. Hence, the rising burden of chronic diseases is expected to fuel market growth over the forecast period.
Key Market Trends
Artificial Kidney Segment is Expected to Show Better Growth in the Forecast Years
Based on Artificial Organ, the market is segmented into Artificial Heart, Artificial Kidney, Artificial Lungs, Cochlear Implants and Other Organ Types. The high growth of the segment is attributed to the large patient population and the rising number of transplant surgeries. Kidney transplantation is considered as the most effective treatment for end-stage kidney disease.
According to the Australian Bureau of Statistics, in 2017-18, around 1.0% of Australians (237,800 people) had kidney disease. Furthermore, the prevalence of chronic diseases increases with age. In 2017-18, the proportion of people with kidney disease was less than 1% up to age 54, then increases to 2.4% for people aged 65-74 years and 4.6% of people aged 75 years and over. Thus, with the rising burden of chronic diseases, and organ failures, the market is expected to witness significant growth in the forecast period.
The majority of the artificial organs and bionics is being manufactured by the global key players. Market leaders with more funds for research and a better distribution system have established their position in the market. This has helped the market grow.
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