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LONDON, GREATER LONDON, UNITED KINGDOM, October 4, 2024 /EINPresswire.com/ -- The medical bionic implant/artificial organs market has experienced robust growth in recent years, expanding from $22.56 billion in 2023 to $24.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing geriatric population, advances in materials science, government support and funding, growing acceptance of implantable devices, patient awareness and education.
What Is The Estimated Market Size Of The Global Medical Bionic Implant/Artificial Organs Market And Its Annual Growth Rate?
The medical bionic implant/artificial organs market is projected to continue its strong growth, reaching to $32.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to bioprinting and tissue engineering, emergence of biohybrid implants, focus on cardiac bionics, enhanced sensory feedback, regenerative medicine in bionics. Major trends in the forecast period include advancements in prosthetics and orthotics, increasing focus on brain-machine interfaces (bmis), bionic organs for transplantation, 3d printing in bionic implants, integration of artificial intelligence (ai), wireless connectivity and remote monitoring.
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Growth Driver Of The Medical Bionic Implant/Artificial Organs Market
The rise in road accidents and injuries is expected to propel the growth of the medical bionic implant/artificial organs market going forward. Road accidents and injuries refer to an incident on a public road that results in accidents and causing injuries to the victim. Artificial organ and tissue replacements are performed to repair organ damage that is primarily brought on by traumatic events including vehicle accidents, violent crimes, work-related injuries, or challenging births.
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Who Are The Leading Competitors In The Medical Bionic Implant/Artificial Organs Market Share?
Key players in the medical bionic implant/artificial organs market include Medtronic plc, Boston Scientific Services Private Limited., Abbott Laboratories Inc., Zimmer Biomet Holdings Inc., Ekso Bionics Holdings Inc., Cochlear Limited, Cyberonics Inc., LivaNova plc, NeuroPace Inc., Ossur India Private Limited, Vivani Medical Inc., St Jude Medical India Private Limited, LifeNet Health Inc., Ottobock SE & Co. KGaA, Edwards Lifesciences India Pvt. Ltd., SynCardia Systems LLC, Demant A/S, Berlin Heart GmbH, Conmed Devices Private Limited, Wright Medical Group N.V., Abiomed Inc., Baxter Laboratories Inc., Asahi Kasei Medical Co.Ltd., Getinge AB, Bornlife Prosthetic and Orthotic Inc., Sonova Holding AG, Biocontrol Medical Ltd., Orthofix International Inc., Aleva Neurotherapeutics SA, Second Sight Medical Products Inc., Touch Bionics Inc., Thoratec Corporation, CardiacAssist Inc., HeartWare International Inc., Synapse Biomedical Inc., Neurotech NA Inc., Retina Implant AG, Advanced Bionics AG, Med-El Elektromedizinische Geräte GmbH.
What Are The Dominant Trends In Medical Bionic Implant/Artificial Organs Market Growth?
Strategic partnerships are a key trend gaining popularity in the medical bionic implant/artificial organs market. Many companies operating in the medical bionic implant /artificial organs market are undergoing partnerships to strengthen their position in the market. For instance, in September 2021, Bionic Vision Technologies (BVT), an Australia-based company operating in artificial organs partnered with Cirtec Medical, a US-based provider of outsourced medical device and components design, engineering, and manufacturing for an undisclosed amount. With this partnership, Cirtec would help BVT to develop and produce its next-generation bionic eye by obtaining a strategic stake in the Australian company.
How Is The Global Medical Bionic Implant/Artificial Organs Market Segmented?
1) By Type: Bionic Implants, Artificial Organs
2) By Method Of Fixation: Implantable, Externally Worn
3) By Technology: Electronic, Mechanical
4) By Application: Hospitals, Clinics, Research and Academic Institutes, Other Applications
Geographical Insights: North America Leading The Medical Bionic Implant/Artificial Organs Market
Asia-Pacific was the largest region in the medical bionic implant/artificial organs market share in 2023. The regions covered in the medical bionic implant/artificial organs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Medical Bionic Implant/Artificial Organs Market Definition
Medical bionic implant artificial organs refer to any machine, device, or other item employed to perform the functions of a damaged or absent organ or other portion of the human body. The medical bionic implant artificial organs are used to restore physical capability to a person with a disability, and a small, disparate set of implants that improve cardiac and neurological functions.
Medical Bionic Implant/Artificial Organs Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global medical bionic implant/artificial organs market report covering trends, opportunities, strategies, and more
The Medical Bionic Implant/Artificial Organs Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on medical bionic implant/artificial organs market size, medical bionic implant/artificial organs market drivers and trends, medical bionic implant/artificial organs market major players, medical bionic implant/artificial organs competitors' revenues, medical bionic implant/artificial organs market positioning, and medical bionic implant/artificial organs market growth across geographies. The medical bionic implant/artificial organs market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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