Market Size of North America Artificial Organs And Bionic Implants Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 1.16 Billion |
Market Size (2029) | USD 1.65 Billion |
CAGR (2024 - 2029) | 7.20 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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North America Artificial Organs and Bionic Implants Market Analysis
The North America Artificial Organs And Bionic Implants Market size is estimated at USD 1.16 billion in 2024, and is expected to reach USD 1.65 billion by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).
- The COVID-19 pandemic had a significant impact on the market as the pandemic was often associated with heart and kidney failures. For instance, according to an article published by Scientific Reports in November 2022, a study was conducted in the United States that showed that COVID-19 impacts patients' organ systems, and it often results in organ failure, thereby increasing transplant waiting lists. Thus, the increased number of organ failures significantly impacted the market growth. However, as the pandemic has subsided currently, the studied market is expected to have stable growth during the forecast period of the study.
- Factors such as the increased incidence of disabilities and organ failures, the high incidence of road accidents leading to amputations, and technological advancements in artificial organs and bionics are expected to boost market growth.
- The increasing number of organ failures in the region is a major factor driving market growth. For instance, according to an article published by the Heart and Stroke Foundation of Canada in February 2022, it is estimated in Canada, there were 750,000 people living with heart failure in 2022, and 100,000 people are diagnosed with this incurable condition each year. The source also stated that heart failure touches one in three Canadians, either because they have it themselves or because it affects a family member or close friend. Thus, the high burden of heart failure rate in the country is expected to boost the market growth, as artificial hearts are often used for heart failure patients.
- Furthermore, the rising road traffic accident cases are also expected to boost market growth. For instance, according to the data published by Ontario Provincial Police in 2021, there were an estimated 60,544 road crash cases in Ontario, Canada, 2021, which increased by 8% when compared to the previous year. The source also stated that there were 7,215 collisions involving commercial motor vehicles in 2021, which increased by 17% compared to the previous year. There was a 26% increase in commercial motor vehicle collisions. Thus, the high incidence of road traffic incidents in the country is also expected to boost the usage of artificial organs and bionic implants during the forecast period of the study.
- Thus, due to the aforementioned factors, such as the rising prevalence of heart and kidney failures and the increasing number of road traffic accident cases, the studied market is expected to experience growth. However, the expensive procedures and the risk of compatibility issues and malfunctions are expected to hinder market growth.
North America Artificial Organs and Bionic Implants Industry Segmentation
Artificial organs are mechanical devices that can temporarily or permanently substitute for a body organ. Artificial Organs 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 North America artificial organs and bionic implants market is segmented by type (artificial organs (artificial heart, artificial kidney, artificial lungs, cochlear implants, and other organ types) and bionics (vision bionics, ear bionics, orthopedic bionic, and cardiac bionics)) and geography (United States, Canada, and Mexico).
The report offers the value (in USD) for the above segments.
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North America Artificial Organs And Bionic Implants Market Size Summary
The North America artificial organs and bionic implants market is poised for significant growth, driven by the increasing prevalence of organ failures and advancements in medical technology. The market is experiencing a surge in demand due to the rising incidence of heart and kidney failures, as well as the growing number of road traffic accidents leading to amputations. These factors, coupled with technological innovations in artificial organs and bionics, are expected to propel the market forward. The COVID-19 pandemic has also played a role in shaping the market dynamics, as it was associated with increased organ failures, thereby boosting the demand for transplants and artificial organs. As the pandemic's impact diminishes, the market is anticipated to stabilize and continue its upward trajectory.
In the United States, the market is further bolstered by the high prevalence of chronic kidney disease and heart failure, alongside increasing healthcare expenditure and developments by major market players. The rising elderly population and the prevalence of diabetes, a leading cause of kidney failure, are also contributing to the market's expansion. The competitive landscape is characterized by the presence of several key players, including Abiomed Inc., Baxter International, and Medtronic Inc., who are actively involved in advancing the development of artificial organs and bionic implants. Initiatives such as the Kidney Innovation Accelerator in the United States highlight the ongoing efforts to innovate and improve artificial organ technologies, ensuring the market's growth potential in the coming years.
North America 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 and Organ Failures
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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
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1.3.2 Risk of Compatibility Issues 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 - in USD)
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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 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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2.2 Geography
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2.2.1 United States
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2.2.2 Canada
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2.2.3 Mexico
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North America Artificial Organs And Bionic Implants Market Size FAQs
How big is the North America Artificial Organs And Bionic Implants Market?
The North America Artificial Organs And Bionic Implants Market size is expected to reach USD 1.16 billion in 2024 and grow at a CAGR of 7.20% to reach USD 1.65 billion by 2029.
What is the current North America Artificial Organs And Bionic Implants Market size?
In 2024, the North America Artificial Organs And Bionic Implants Market size is expected to reach USD 1.16 billion.