Market Size of Canada Artificial Organs and Bionics Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 6.30 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Canada Artificial Organs & Bionic Implants Market Analysis
The Canadian artificial organs and bionics market is expected to register a CAGR of 6.3% over the forecast period.
The COVID-19 outbreak significantly impacted the market initially, as elective and semi-urgent medical care and procedures were discontinued to maintain the patient care capacity. Thus, the initial period of the pandemic adversely impacted the market due to a decrease in organ transplantations. For instance, according to the study published in BMC Medical Ethics in October 2021, the organ and tissue donation and transplantation (OTDT) system faced ethical challenges in Canada due to pandemic, such as risks of infection and resource allocation. However, the easing of lockdowns and a growing number of transplants due to pending cases are likely to accelerate the market's growth during the forecast period. According to the study published in the Canadian Medical Association Journal in September 2021, there was feasibility for lung transplantation in patients following severe acute COVID-19 infection in Toronto. Therefore, during the later phases of the pandemic, the market grew due to the rising number of lung transplantation. Thus, the market is anticipated to reach the pre-pandemic levels by mid-2023.
The factors driving the market's growth include the rising incidence of organ failure and scarcity of organ donors.
The scarcity of natural organs for donation in Canada is fueling the market. For instance, according to the Canadian Institute of Health Information, published in June 2022, a total of 4,043 Canadians were waiting for transplants as of December 31, 2021. According to the same source, 57% of people were still on the wait list, while 43% were temporarily put on hold for medical or other reasons.
The rising investments from the Canadian government for the development of artificial organs is expected to drive the market's growth. For instance, in April 2022, the Government of Canada invested CAD 2 million (USD 1.4 million) for research on innovative organ and tissue donation projects to reduce the waiting times for organ donations.
Thus, due to the scarcity of donor organs and rising initiatives from the government, the market is expected to register significant growth over the forecast period. However, the high cost of the procedure and the risk of compatibility and malfunctions may slow down the market's growth.
Canada Artificial Organs & Bionic Implants Industry Segmentation
As per the scope of the report, artificial organs are mechanical devices that can temporarily or permanently substitute for a body organ. These devices can replicate or augment the natural function of the organ. Bionics refer to the replacement or improvement of body parts by mechanical kinds.
The Canadian artificial organs and bionics market is segmented by type (artificial organ (artificial heart, artificial kidneys, artificial lungs, cochlear implants, and other organ types) and bionics (vision bionics, ear bionics, orthopedic bionic, and cardiac bionics)). The report offers the value (in USD million) for the above segments.
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Canada Artificial Organs and Bionics Market Size Summary
The Canadian artificial organs and bionics market is poised for significant growth, driven by the increasing incidence of organ failure and the scarcity of organ donors. The market experienced initial setbacks due to the COVID-19 pandemic, which led to a decrease in organ transplantations as elective procedures were postponed. However, the easing of restrictions and a rise in transplants have spurred recovery, with the market expected to reach pre-pandemic levels. Government initiatives, such as investments in innovative organ and tissue donation projects, are further propelling market expansion. Despite challenges like high procedure costs and potential compatibility issues, the market is set to grow, supported by advancements in artificial organ technologies and increasing demand for solutions like artificial kidneys and ear bionics.
The artificial kidney segment is anticipated to witness substantial growth due to the high prevalence of kidney diseases and the demand for transplant surgeries. Similarly, the ear bionics segment is expanding, driven by the rising incidence of hearing loss and the development of advanced hearing aids and bionic devices. The market is moderately competitive, with numerous companies, both local and international, actively launching new products and employing strategic initiatives to capture market share. Notable players include Asahi Kasei Medical, Baxter International, and Medtronic, among others. Recent product launches and approvals, such as the Cochlear Nucleus 8 Sound processor and Axonics F15 sacral neuromodulation system, highlight the dynamic nature of the market and its potential for continued growth.
Canada Artificial Organs and Bionics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Incidences of Organ Failure
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1.2.2 Scarcity of Donor Organs
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1.3 Market Restraints
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1.3.1 High Cost of Procedure
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1.3.2 Risk of Compatibility and Malfunctions
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Type
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2.1.1 Artificial Organ
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2.1.1.1 Artificial Heart
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2.1.1.2 Artificial Kidneys
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2.1.1.3 Artificial Lungs
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2.1.1.4 Cochlear Implants
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2.1.1.5 Other Organ Types
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2.1.2 Bionics
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2.1.2.1 Vision Bionics
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2.1.2.2 Ear Bionics
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2.1.2.3 Orthopedic Bionic
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2.1.2.4 Cardiac Bionics
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Canada Artificial Organs and Bionics Market Size FAQs
What is the current Canada Artificial Organs and Bionics Market size?
The Canada Artificial Organs and Bionics Market is projected to register a CAGR of 6.30% during the forecast period (2024-2029)
Who are the key players in Canada Artificial Organs and Bionics Market?
Ossur, Cochlear, Baxter, Boston Scientific and Medtronic PLC are the major companies operating in the Canada Artificial Organs and Bionics Market.