The major factors that are responsible for the growth of the artificial organs and bionics market includes rising incidence of road accidents, and technological advancements in the artificial organ and bionics market.
Another primary factor is the scarcity of donor organs. The lack of availability of potential organs to transplant has been a major issue. The demand for organ donors is ever increasing, and is very high compared to the actual supply. According to European Directorate for the Quality of Medicines & HealthCare (EDQM), In 2017, around 3,245 individuals active on the organ donor list in France were waiting for a liver and around 874 people were waiting for a heart. The number of patients waiting for a kidney, liver or lung transplant has also increased across the years. This has been a major boost for the artificial organ bionics market, as the patients cannot afford to wait in queue since the stakes are very high. Bionics and artificial organs are able to cater to the needs of those in need of organ transplantations and replacements. They can replicate the function of damaged organs.
However, the others factors, such as high cost of procedure is expected to impede the market growth.
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. According to European Directorate for the Quality of Medicines & HealthCare (EDQM), in 2017, there were approximately 18.8 thousand active patients on the organ transplant waiting list for a kidney transplant in France. Thus, rising chronic diseases, organ failures and initiatives by government and various organizations are expected to drive the market 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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