The China Artificial Organs & Bionic Implants Market is expected to grow with a CAGR of 11.69% in the forecast period. The growth of the market in the country can be attributed to the increasing incidence of disabilities and organ failures with the rising geriatric population. Furthermore, technological advancements are also boosting the market growth.
According to the National Center for Cardiovascular Diseases, in 2017, there were around 290 million patients suffering from cardiovascular disease in China. Furthermore, rising geriatric population and increasing incidence rates of cardiovascular diseases, such as arrhythmias, stroke, and high blood pressure, are also driving the demand for cardiac bionics in the market.
However, the high cost of the organs and the procedures is a major constraint. Additionally, fear of device malfunction and its consequences, and limited specialists to carry out the procedure, are also restraining the growth of the China artificial organs and bionic implants market.
Key Market Trends
Orthopedic Segment is Expected to Have a High Growth Rate During the Forecast Period
The expected growth of the segment is attributed to the increasing number of road accidents and injuries requiring amputation. 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. Guangdong and Hubei had been the provinces with the highest number of traffic fatalities all located in the eastern coastal area of China, they had also been the regions with the most traffic accidents in 2018. Apart from road accidents and injuries, another condition causing amputation is the high prevalence of diabetes in the region. Therefore the increasing amputations and the causes for those like road accidents and diabetes are boosting the growth of the market.
The China Artificial Organs & Bionic Implants Market is moderately competetive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Some of the major palyers are Ossur, Boston Scientific Corporation, Otto Bock Holding GmbH & Co. KG, Medtronic plc and Zimmer Biomet.
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