Bionics is a branch of engineering that replace human organs with artificial replacements. These devices are electrical or mechanical in nature and perform the same function as real organs. Human organs can be grown using stem cells by the process of in-vitro and in-vivo.
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The artificial organ and bionics market is projected to attain revenue worth USD 38.75 billion by 2020. It will propagate at a 9.3% growth rate from 2014 to 2020 (forecast phase). Excessive alcohol consumption and organ failure are the factors that can increase market demand globally. The growing number of accidents will spark a demand for organ transplants, spurring the growth of the artificial organ market. High cost of organ transplants and the unclear medical policies regarding organ replacement can inhibit the market growth.
The market is divided by products, technology, and regions. Artificial liver, artificial heart, artificial pancreas, and artificial kidney are the artificial organs currently produced in the market. Artificial liver has an estimated growth rate of 11% over the next 6 years. Artificial kidney had a value of USD 12.21 billion in 2013. Brain bionics, vision bionics, cardiac bionics, cochlear implants, exoskeletons, and bionic limbs are the various bionic devices available in the market. Brain bionics contributed the largest share, in terms of revenue in 2013. It has a 40% growth rate over the forecast phase. Exoskeleton is the fastest growing product and has a 16% CAGR during the same period.
The artificial organ and bionics market currently has 2 technological segments – mechanical bionics and electronic bionics. Manufacturers are concentrating on manufacturing bio-lungs, artificial neurons, and an artificial neural network. This trend is expected to continue on the basis of renal disorders and the geriatric population waiting for organ transplants.
North America had a 42% market share on the basis of revenue. It was the largest regional market in 2013, followed by Europe. Asia Pacific has the capacity to grow on account of increasing health budget and medical tourism in the region. It has an 11% CAGR over the next 6 years.
The current industry participants operating in the artificial organ and bionics market are Thoratec Corporation, Heartware International Inc., Cochlear Limited, Berlin Heart GmbH, Ekso Bionics, and Abiomed Inc.
Information Source: Grand View Research