Market Trends of Global Artificial Organs and Bionics Industry
This section covers the major market trends shaping the Artificial Organs Bionics Market according to our research experts:
Artificial Kidney by Artificial Organ Segment is anticipated to Grow Over the Forecast Period
An artificial kidney is a wearable dialysis machine. An individual with end-stage renal disease may use a wearable artificial kidney on a daily or even a continuous basis. The increasing incidence and prevalence of renal failure globally are expected to drive segment growth.
Kidney failure has become a global burden in recent years. As per the data published by Medindia in June 2022, annually, almost 66% of kidney failure occurs due to hypertension or diabetes, and nearly 7.85 million people are suffering from chronic kidney failure in India. Additionally, as per the source mentioned above, the incidence of kidney failure (or chronic kidney disease) has doubled over the past decade in the country. This shows a disease burden in the country. Thus, it is expected to create demand for the adoption of artificial kidneys for patient survival, fueling the segment's growth.
Furthermore, according to the National Kidney Foundation data updated in 2022, globally, more than 2 million people currently receive treatment with dialysis or a kidney transplant for survival. Additionally, as per the source mentioned above, more than 80% of renal failure patients are found in developed countries with widespread access to healthcare and sizable elderly populations. This shows a high burden of kidney failure worldwide. Thus, this is expected to increase the demand for artificial kidneys for patient survival. Thereby, driving the segment growth.
Therefore, owing to the aforementioned factors, the segment is expected to witness growth over the forecast period.
North America is Expected to Dominate the Artificial Organs and Bionics Market
Among the other regions, North America is anticipated to witness growth during the study period. Factors such as increasing serious accidents requiring amputations such as limbs, fingers, and hands, among others, are major contributors to the market growth in the region.
According to the article 'Living Well After Amputation: Lessons in Innovation, Peer Support, and Health Policy' published in December 2021, aging, diabetes, and vascular disease are all predicted to cause an increase in the number of amputations in the United States. Additionally, as per the source mentioned above, 2.1 million people lost a limb in 2021, and 185,000 people have their limbs amputated annually in the country. This is further expected to increase the demand for artificial organs and bionics. Thereby, driving the market growth in the region.
Furthermore, according to data updated by the Canadian Institute for Health Information in December 2021, the living donor rate in 2020 was 12.9 donors per million population in Canada, which decreased by 21% from 2019 and is the lowest rate in the last 10 years. In addition, the source mentioned above also stated that a total of 41,670 Canadians (excluding Quebec) were living with ESKD in 2020 which increased from previous years. This increasing burden of ESKD and decreasing number of organ donors in Canada is driving the demand for artificial organs. Hence, driving the overall growth of the studied market in the region.
Therefore, owing to the factors mentioned above, North America is anticipated to dominate the market over the forecast period.
