Market Trends of Asia-Pacific Artificial Organs and Bionic Implants Industry
This section covers the major market trends shaping the APAC Artificial Organs & Bionic Implants Market according to our research experts:
Artificial Heart Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The number of people with end-stage heart failure waiting for a heart transplant exceeds the number of available hearts due to the rising burden of cardiovascular disease and congestive heart failure. This has led to an exponential rise in the usage of mechanical circulatory assistance, such as the left ventricular assist device (LVAD) or an artificial heart.
Around 1.2 million Australians have one or more heart or vascular diseases in the current year. In September 2021, a national strategic action plan for Heart Disease and Stroke Prevention was created by the Heart Foundation and the Stroke Foundation with support from the Australian government. Heart disease and stroke research are supported by the Medical Research Future Fund and the National Health and Medical Research Council, which have provided USD 220 million over the next few years for the cardiovascular health mission. Such initiatives are projected to boost the research and development activities to develop artificial hearts for patients with heart failure symptoms.
Additionally, the advancements in technology and increasing product approvals, along with partnerships and acquisitions by key players, are helping in the market's growth. For instance, in November 2021, CH Biomedical received marketing approval from the NMPA for its implantable CH-VAD left ventricular assist system. CH-VAD LVAD is one of the first Left Ventricular Assist Devices (LVAD) with completely independent intellectual property rights approved by NMPA in China, and the first complete magnetic levitation LVAD approved by the National Medical Products Administration (NMPA). Such milestones are projected to augment the commercialization of the new generation LVAD in China, offering heart failure treatment, and thereby boosting the market's growth. During the forecast period, the approvals and launches of artificial hearts are anticipated to boost the utility of such devices in the region.
India is Expected to Hold a Significant Share in Asia-Pacific Artificial Organs & Bionic Implants Market Over The Forecast Period
India is expected to hold a significant market share owing to factors such as the rising incidence of disabilities and the rising number of road accidents, the growing geriatric population, and the rising technological advancements and research projects in the country.
Various healthcare institutions are engaged in research and development programs to develop artificial organs in the country to reduce expenses so that more people can afford them. For instance, in January 2022, the School of Medical Research and Technology (SMRT) of IIT Kanpur launched Hridyantra, a challenge-based program in collaboration with the country's other hospitals to develop an advanced artificial heart called the Left Ventricular Assist Device (LVAD) for patients with end-stage heart failure. Such research initiatives are projected to expedite more research activities to develop potential artificial organs, thereby boosting market growth in the country.
Furthermore, major manufacturers have focused on developing specialized dialysis equipment coupled with growing partnerships and collaboration among market players, which is expected to drive the artificial kidney market. Currently, various home and in-center hemodialysis machines are available in the market. For instance, in June 2021, Max Healthcare's Max@Home service launched home hemodialysis services for patients in collaboration with NephroPlus. Such developments are anticipated to boost the utility of artificial kidneys, thereby propelling market growth in the country during the forecast period.
