Bionics or bionical creativity engineering is the method of designing modern technology and engineering systems through the application of biological methods. This branch of engineering studies the systems found in nature for inspirational designs. In medical terminology, bionics is the mechanical enhancement or replacement of the body parts and organs of living organisms. Electronic replacement of organs or installation of artificial organs is gaining great momentum in terms of adoption and advancement. As a result, artificial organs market is expected to make healthy growth. The industry is expected to witness strong growth with revolutionary technologies in information technology and healthcare as well.
Scope of Market Research in Artificial Organs Industry
Global artificial organs market is categorized on the basis of the technology, products, fixation method and geography. North America, Europe, Asia Pacific and rest of the world are the four major segments in the global industry. On the basis of technologies, the industry is categorized into electronic and mechanical replacement. These organs are available in two methods of fixations, which include externally wearable and implantable parts. Based on the types of products, the industry is divided into the following segments:
- Vision Bionics: Bionic eyes
- Ear Bionics: Bone anchored hearing aids and cochlear implants
- Neural Bionics: Vagus nerve stimulator, deep brain stimulator and spinal cord stimulator
- Heart Bionics: Pacemakers, ventricular assist device, total artificial heart and artificial heart valves
- Orthopedic Bionics: Bionic legs, hands, fingers, electrical bone growth stimulators and exoskeleton
Driving Factors and Forecasting Reports
According to the market research reports, heart bionics is the largest market segment in terms of revenue and demand. Large global population and increasing instances of different cardiovascular diseases are anticipated to be the strongest driving factor for this region. Socioeconomic growth in emerging markets comes as a sigh of relief for the global artificial organs market.
Rising demand and capacity of healthcare expenditure in emerging markets like BRICS countries, Latin America, Asia Pacific, Middle East and Africa are creating bountiful opportunities for the market in these regions. Several other vital factors for the steady growth of the bionics market include improved technologies, aging population, organ failure instances and healthcare concerns from different governments.
Considering all these factors, experts estimate the global artificial organs market to grow at a CAGR of over 7% from 2012 to 2017. During this timeframe, the market will grow from $12.67 billion in 2012 and reach $17.82 billion by the end of 2017. Geographically, North America is expected to continue driving the global market. However, developing regions like Asia Pacific and Latin America will witness impressive growth.