The North America Artificial Organs and Bionic Implants Market is expected to register a CAGR of 5.5% during the forecast period. This is attributing to increased incidence of disabilities and organ failures, scarcity of donor organs, and High Incidence of Road Accidents Leading to Amputations. Moreover, the rising prevalence of renal disorders, acute renal failure, and the increase in organ failure due to the aging population are some more factors driving the market in this region. rapid involvement in the field of biomedical science has enabled organ transplantation a common practice. In addition, development in bionic orthopedics, bionic eye, and exoskeleton is fueling the market growth. Furthermore, Increasing R&D expenditure by innovators and generic players, technological advancements associated with bionic implants, and rising aging population will also fuel the North America Artificial Organs and Bionic Implants Market. However, the factors, such as the fear of device malfunction, risk of compatibility of artificial organs and their consequences, among others, may impact the market growth. These implants are also expensive, which has also been a restraining factor for the market growth.
Key Market Trends
Kidney Implants are Expected to Cover a Large Share of the Market Over the Forecast Period
According to a 2019 report by the Centers for Disease Control and Diagnostics, Diabetes is one of the most common causes of chronic kidney disease (CKD) and the primary cause of kidney failure. The data from the report indicates that around 34.2 million population in the United States had diabetes. Moreover, the prevalence of diabetes is increasing thus the chances of kidney failure will also be going to increase.
Hemodialysis is a method for removing waste products such as creatinine and urea, as well as free water from the blood when the kidneys are in kidney failure. The artificial kidney is used to clean the patient's blood. Hence, the other name for an artificial kidney is also called a dialysis machine.
Dialysis is an important function of the body, which involves filtration and excretion of metabolic waste products, regulation of necessary electrolytes and fluids, and stimulation of red blood cell production. Hence, as the prevalence of kidney failure increases, the demand for an artificial kidney is also expected to increase.
In addition the rising number of geriatric population in North America is also contributing to the market growth as the susceptibility of organ failures rises in older population compared to younger population and thus it can make high demand for organ transplant. Hence in such cases, the hospitals can shift towards artificial organs which can grow the studied market in the forecast period
The North America Artificial Organs and Bionic Implants Market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Abiomed Inc, Asahi Kasei Medical Co., Ltd, Baxter International, Inc., Berlin Heart GmbH, Boston Scientific Corporation, Cyberonics Inc., Esko Bionics, Ossur, Cochlear Ltd., and Medtronic Inc.
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