Market Size of Mexico Artificial Organs and Bionic Implants Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 2.00 % |
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?
Mexico Artificial Organs & Bionic Implants Market Analysis
The Mexico artificial organs and bionic implants market is expected to register a CAGR of 2% during the forecast period.
The COVID-19 pandemic has impacted the growth of the market. The initial phase of the pandemic decreased the number of organ transplants and surgeries performed in the country. The lockdown measures and the restrictions imposed by the government have resulted in the shutdown of hospitals and surgical centers to avoid the spread of coronavirus among the population. For instance, from an article published in the AJT Journal in August 2021, it has been observed that organ donation and transplantation procedures were greatly reduced in Mexico. In addition, as per the same source, as of June 2021, around 5,831 patients were on the waiting list for a cornea transplant, around 16,890 for a kidney, 48 for a heart, and 323 for a liver transplant. Thus, the reduced transplant procedures impacted the market growth during the pandemic. However, with resumed services and transplantation procedures, the market is expected to witness significant growth over the forecast period.
Certain factors that are propelling the market growth are the increased incidence of disabilities, and organ failures, along with the scarcity of donor organs, the high incidence of road accidents leading to amputations, as well as technological advancements in artificial organs and bionics.
The rising number of chronic diseases among the population is increasing due to the lifestyle issues, such as unhealthy dietary habits, smoking, alcohol consumption, and lack of exercise, which can lead to organ dysfunction, which is the key factor driving the market growth. For instance, as per an article published in AASLD, in January 2022, it has been found that the incidence rate of non-alcoholic fatty liver disease (NAFLD) is highest in Mexican adults. Thus, the high incidence of liver disease among the population is expected to increase the demand for artificial organ transplants, which is anticipated to fuel market growth over the forecast period.
Additionally, smoking and obesity in the Mexican population are found to be the most prevalent heart disease risk factors which are also contributing to the growth of the market over the forecast period. For instance, according to 2022 statistics published by World Obesity Federation, it has been observed that 31.5% of men and 40.2% of women living with obesity in Mexico in 2020. Thus, the obese population in the country increases the risk of developing other chronic diseases and results in organ damage/failure which raises the demand for organ transplants or artificial livers that act as a support system for patients with acute or chronic liver failure. This is anticipated to fuel the market growth over the forecast period.
Furthermore, as per the 2022 data published by OECD, around 21,424 persons were hospitalized due to road accidents in Mexico, in 2020. In addition, as per the same source, 61,421 cases of injury crashes were reported in 2020, in Mexico. Thus, the high number of motor accidents in the country raises the demand for bionics such as orthopedic bionics which in turn is anticipated to fuel the market growth over the forecast period.
However, the expensive procedures and risk of computability issues and malfunctions are likely to impede the market growth over the forecast period.
Mexico 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. Artificial organs are made by a human and are implemented in human bodies with living tissue. They can able to perform the original function of human body parts. Bionics refers to the replacement or improvement of body parts by mechanical kinds. The Mexican artificial organs and bionic implants market is segmented by Type (Artificial Organs (Artificial Heart, Artificial Kidney, Cochlear Implants, Other Organ Types) and Bionics (Ear Bionics, Orthopedic Bionic, Cardiac Bionics, and Others). The report offers the value (in USD million) for the above segments.
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Mexico Artificial Organs and Bionic Implants Market Size Summary
The Mexican artificial organs and bionic implants market is poised for growth, driven by an increasing incidence of chronic diseases and organ failures, alongside technological advancements in the field. The market experienced a temporary setback due to the COVID-19 pandemic, which led to a reduction in organ transplants and surgeries as hospitals and surgical centers were closed to curb the virus's spread. However, with the resumption of services, the market is expected to expand. Factors such as the high prevalence of lifestyle-related diseases, including obesity and diabetes, are contributing to the demand for artificial organs, particularly artificial kidneys and cardiac bionics. The rising number of road accidents also fuels the need for orthopedic bionics, further propelling market growth.
The market is moderately competitive, with key players like ABIOMED, Berlin Heart, and Medtronic leading the charge. These companies are actively enhancing their product offerings through strategic acquisitions and partnerships. For instance, Össur's acquisition of Naked Prosthetics aims to strengthen its upper limb product line, while Medtronic's collaboration with DaVita focuses on improving kidney care solutions. Despite the promising growth prospects, challenges such as the high cost of procedures and potential compatibility issues remain. Nonetheless, the increasing demand for organ transplants and bionic implants, driven by the rising prevalence of chronic conditions, is expected to sustain the market's expansion over the forecast period.
Mexico Artificial Organs and Bionic Implants 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 Increased Incidence of Disabilities, Organ Failures, and Scarcity of Donor Organs
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1.2.2 High Incidence of Road Accidents Leading to Amputations
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1.2.3 Technological Advancements in the Artificial Organ and Bionics
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1.3 Market Restraints
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1.3.1 Expensive Procedures and Risk of Compatibility Issues and Malfunctions
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1.4 Porter's Five Force 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 Kidney
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2.1.1.3 Cochlear Implants
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2.1.1.4 Other Organ Types
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2.1.2 Bionics
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2.1.2.1 Ear Bionics
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2.1.2.2 Orthopedic Bionic
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2.1.2.3 Cardiac Bionics
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2.1.2.4 Other Bionics
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Mexico Artificial Organs and Bionic Implants Market Size FAQs
What is the current Mexico Artificial Organs and Bionic Implants Market size?
The Mexico Artificial Organs and Bionic Implants Market is projected to register a CAGR of 2% during the forecast period (2024-2029)
Who are the key players in Mexico Artificial Organs and Bionic Implants Market?
ABIOMED, Berlin Heart, Medtronic, JARVIK HEART, INC. and Össur are the major companies operating in the Mexico Artificial Organs and Bionic Implants Market.