Artificial Organs and Bionic Implants Market to Reach $92.1 Billion, Globally, by 2032 at 7.7% CAGR: Allied Market Research

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Jul 05, 2023, 10:05 ET

The global artificial organs and bionic implants market is driven by factors such as the increase in the adoption of artificial organs and bionic implants, surge in cases of road accidents, increase in awareness regarding bionic implants and an improvement of healthcare infrastructure in developing countries.

PORTLAND, Ore., July 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Artificial Organs and Bionic Implants Market by Type (Orthopedic Bionics, Ear Bionics, and Others), Technology (Electronic and Mechanical), and End User (Hospitals, Ambulatory Surgical Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032" According to the report, the global artificial organs and bionic implants industry generated $44.38 billion in 2022 and is anticipated to generate $92.14 billion by 2032, witnessing a CAGR of 7.7% from 2023 to 2032.

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Prime determinants of growth

Increase in heart diseases, increase in arthritis, rise in accidents & osteoporosis which further lead to bone fracture and damage of body parts, rise in demand for artificial organs and bionic implants, and rise in research and development of artificial organs and bionic implants drive the growth of the global artificial organs and bionic implants market. However, the high cost associated with implant procedures and the lack of surgical professionals is hampering the artificial organs and bionic implants market growth. On the contrary, the increase in adoption of key strategies by key players, and the increase in clinical trials of artificial organs and bionic implants are expected to offer remunerative opportunities for expansion of the artificial organs and bionic implants market during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$44.4 billion
Market Size in 2032	$92.14 billion
CAGR	7.7 %
No. of Pages in Report	277
Segments Covered	Type, Technology, End User, and Region
Drivers	Surge in cases of heart disease Rise in research and development Rise in incidence of trauma and accidents
Opportunities	Rise in adoption of key strategies
Restraints	High cost associated with the implant procedure

Covid-19 Scenario

Due to the disruptions in global supply chains, restrictions on movement, lockdowns, and reduced workforce in manufacturing facilities, postponed of non-essential surgery, the artificial organs and bionic implants market faced a decline in growth.
However, the market is recovering after the pandemic, and shows stable growth for artificial organs and bionic implants market, owing to rise in research and development activities regarding artificial organs and bionic implants and an increase in cases of trauma and accidents.

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The others segment to maintain its leadership status throughout the forecast period

Based on type, the others segment held the highest market share in 2022, accounting for more than two-fifths of the global artificial organs and bionic implants market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of artificial heart, bionic eye, artificial dental products. The same segment is projected to manifest the highest CAGR of 8.3% from 2023 to 2032, as increase in R&D of bionic eye, brain implants and a rise in heart diseases, which further led to an increase in the adoption of artificial heart.

The electronic segment to maintain its leadership status throughout the forecast period

Based on technology, the electronic segment held the highest market share in 2022, accounting for more than four-fifths of the global artificial organs and bionic implants market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of electronic artificial organ & bionic eye, and product launch of the advanced electronic bionic implant. However, the same segment is projected to manifest the highest CAGR of 7.9% from 2023 to 2032, owing to rise in awareness regarding electronic bionic implants and increase in technological advancement, which further led to the high adoption of electronic artificial organs & bionic eye.

The hospitals segment to maintain its leadership status throughout the forecast period

Based on end user, the hospitals segment held the highest market share in terms of revenue in 2022, accounting for nearly half of the global artificial organs and bionic implants market revenue, owing to high number of implant surgical procedures performed in hospitals, and the high number of people is depending on the hospital for implantation due to lack of ambulatory surgical centers in developing countries. The ambulatory surgical centers segment is expected to witness the fastest CAGR of 8.3% from 2023 to 2032, owing to an increase in awareness regarding ambulatory surgical centers in developing countries such as China, and India and increase in a number of ambulatory surgical centers.

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly half of the global artificial organs and bionic implants market revenue, owing to robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.5% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to a rise in road accidents and injuries, unmet medical demands, and a high population base.

Leading Market Players:

Abbott Laboratories
Berlin Heart GmbH
Boston Scientific Corporation
Cochlear Limited
Edward Lifesciences Corporations
Jarvik Heart Inc.
Johnson & Johnson
Medtronic PLC
SynCardia Systems LLC
Zimmer Biomet Holding Inc.

The report provides a detailed analysis of these key players in the global artificial organs and bionic implants market. These players have adopted different strategies such as acquisition, product launch, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."

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