Artificial Organ And Bionics market to Eyewitness Huge Marginal Growth by 2027Posted by Mrudula Anil Karmarkar on April 19th, 2022 The global artificial organ and bionics market size is expected to reach USD 53.9 billion by the year 2027, expanding at a CAGR of 9.6%, according to a new report by Grand View Research, Inc. Growing incidence of organ failure has resulted in massive growth in the human made organ and bionics devices. Rising demand for donors to transplant kidney, heart, lungs, liver, and pancreas is a major factor boosting market growth. Moreover, many biotechnology and medical device companies have begun to concentrate on the development of 3D printed bionic. These devices use myoelectric technology and sensory electric technology that enables mobility of synthetic human body parts. Increasing number of product launches and speedy FDA approval of these devices are bridging the shortage of donors. Rising R&D in the field of synthetic human body parts is also boosting artificial organs and bionics market growth. For instance, February 2020, the U.S. FDA approved Carmat’s early feasibility study of its artificial heart. The device is an alternative for heart transplant for people suffering from end stage biventricular heart failure. Thus, with increasing healthcare expenditure and speedy FDA approval of synthetic human body parts, the market is expected to see robust growth during the forecast period. The key drivers of the market for artificial organ and bionics are increasing number of transplants coupled with rising number of people waiting for donors. According to the Human Resource and Services Administration (HRSA), there are more than 112,000 people on the national waiting list in 2020 in U.S. According to the HRSA report, in every 10 minutes a person is added to the transplant waiting list in the U.S., thereby, increasing the demand for the artificial medical devices. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/artificial-organ-and-bionics/request/rs1 Major factors for organ failure are loss of blood, drug abuse, serious trauma, and other acute diseases. Furthermore, lifestyle disorders such as unhealthy dietary habits, smoking, alcohol consumption, and lack of exercise are also major reasons for organ failure. In addition, development in healthcare facilities and the availability of advanced artificial support systems is also expected to boost the demand for artificial organs and bionics. Artificial Organ And Bionics Market Report Highlights
Rising global geriatric population is primarily creating demand for organ implants. The number of people aged over 65 years of age receiving and seeking organ transplants is on the rise. Demand for artificial devices in the older population is highest as they are more susceptible to post-transplant malignancies. According to the HRSA, in 2020, there were 8,615 organ transplant procedures performed in the population aged above 65 in the U.S. Thus, increasing life expectancy and rising demand for organ donors is boosting the demand for artificial devices. Rising regulatory approvals for artificial organs, and other materials along with the development of innovative products, such as 3D bioprinting has led to high demand for transplant products. This 3D bioprinting can be used to regenerate tissues and organs. For instance, in April 2020, Open Bionics 3D printed prosthetic arm in the U.S. The company develops 3D technologies to offer customizable 3D printed devices. Some of the prominent players in the artificial organ and bionics market include:
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