Medical Bionics is a multidisciplinary field of research combining biology and electronics to develop implantable devices designed to provide long-term safe and effective sensory or motor function following damage to nerve or muscle tissue. Importantly, there are many devices currently undergoing development, fuelling expectation that this field will undergo major expansion over the next decade. These devices include retinal prostheses to provide visual cues for the blind; Functional Electrical Stimulation (FES) to assist paraplegics stand and walk; DBS to treat severe depression and related psychiatric disorders; vestibular prostheses to assist patients with severe balance disorders; and recording/feedback devices such as brain computer interfaces and peripheral nerve recording arrays to control computer assisted devices including artificial limbs. For many decades, the substitution or enhancement of damaged human tissue with artificial devices and systems has been a critical aspect of health care.
An estimated 2 million patients worldwide are affected by kidney failure and the number of patients diagnosed with the disease continues to increase at a rate of 5-7% per year. The highest prevalence of kidney failure is currently observed in Taiwan, Japan, Mexico, the United States, and Belgium. And while extensive data on worldwide mortality rates is lacking, a 2007 report shows that U.S. mortality risk was 15% higher than in Europe and 33% higher than in Japan on comparable treatment modalities.
Based on technology, the market is fragmented into mechanical and electronic. The electronic segment generated revenue of USD 4,112.4 million in 2020. The market is expected to grow at a CAGR of 17.41% during the forecast period to reach a market valuation of USD 12,524.5 million by 2027 owing to the technological advancement and rising adoption of these devices.
Based on the product, the market is fragmented into kidney, pancreas, cochlear implants, exoskeletons, bionic limbs, brain bionics, and vision bionics. The cochlear implants segment dominated the market and generated revenue of USD 2,048.8 million in 2020. However, wearable artificial kidney is anticipated to grow at highest CAGR during the forecast period and reach USD 6,253.5 million by 2027F.
For a better understanding of the market penetration of the Wearable Artificial Organs market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. North America constitutes a major market for the Wearable Artificial Organs industry and generated revenue of USD 2,703.1 million in 2020 owing to the increasing dialysis in ESKD patients, presence of high disposable income, and increase in funding for R&D activities associated with Wearable Artificial Organs. Nearly 750,000 patients per year in the United States and an estimated 2 million patients worldwide are affected by kidney failure.
Some of the major players operating in the market include Abbott Laboratories, Cochlear Ltd., Cyberdyne, Demant A/S, Ekso Bionics, MED-EL, Medtronic, ReWalk Robotics, Second Sight Medical Products, Sonova. Several M&A’s along with partnerships have been undertaken by these players to develop Wearable Artificial Organs.
The global Wearable Artificial Organs market was valued at USD 5,897.4 million in 2020 and is projected to expand significantly with a CAGR of 16.94% from 2021F to 2027F. The global Wearable Artificial Organs market is expected to witness a boost on account of increasing frequency of organ failures and waiting time for the organ transplants and the growing number of geriatric population prone to kidney failure.Medical Bionics is a multidisciplinary field of research combining biology and electronics to develop implantable devices designed to provide long-term safe and effective sensory or motor function following damage to nerve or muscle tissue. Importantly, there are many devices currently undergoing development, fueling the expectation that this field will undergo major expansion over the next decade. These devices consist of retinal prostheses for providing visual cues for the blind; Functional Electrical Stimulation (FES) to assist paraplegics to stand and walk; DBS to treat severe depression and related psychiatric disorders; vestibular prostheses to assist patients with severe balance disorders, and recording/feedback devices such as brain-computer interfaces and peripheral nerve recording arrays to control computer-assisted devices including artificial limbs.
For many decades, the substitution or enhancement of damaged human tissue with artificial devices and systems has been a critical aspect of health care. An estimated 2 million patients worldwide are affected by kidney failure and the number of patients diagnosed with the disease continues to increase at a rate of 5-7% per year. Taiwan, Japan, Mexico, the United States, and Belgium currently have the highest prevalence of kidney failure. And while extensive data on worldwide mortality rates is lacking, a 2007 report shows that U.S. mortality risk was 15% higher than in Europe and 33% higher than in Japan on comparable treatment modalities. The best and most cost-effective treatment option for end-stage organ failure remains the donation and transplantation of organs. Organ scarcity, religion, under-represented ethnic groups, consent problems, lack of comprehension, and general ethical issues, however, present difficult obstacles to organ donation, reflecting the difficulty of graft recruitment and allocation. As they wait for a donated kidney to become available, most patients with kidney disease require dialysis. For a kidney transplant, the average time a person spends on the waiting list is 2 and a half to 3 years, but it may be shorter or longer than this.
Abbott Laboratories, Cochlear Ltd., Cyberdyne, Demant A/S, Ekso Bionics, MED-EL, Medtronic, ReWalk Robotics, Second Sight Medical Products, Sonova are some of the prominent players operating in the global Wearable Artificial Organs market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst technology, electronic segment holds the major share”
Based on the technology type, the market is fragmented into mechanical and electronic. The electronic segment dominated the market with a share of 69.7% in 2020 and is expected to maintain its dominance during the forecast period owing to the technological advancement and rising adoption of these devices.
“Amongst product, the kidney is anticipated to grow at the highest CAGR during the analyzed period”
Further based on the product, the market is mainly bifurcated into kidney, pancreas, cochlear implants, exoskeleton, bionic limbs, brain bionics, vision bionics. In 2020, cochlear implants accounted for a maximum market revenue share of 34.7% and is expected to remain dominant during the analyzed period. However, the kidney segment is anticipated to grow at the highest CAGR over the forecast period and reach a market evaluation of US$ 6,253.5 million. In 2017, Global Burden of Disease Chronic Kidney Disease Collaboration reported in The Lancet that the prevalence of chronic kidney disease (CKD) was 9.1% across 195 countries, including 5.0% stages 1-2, 3.9% stage 3, 0.16% stage 4, 0.07% stage 5, 0.041% dialysis, and 0.011% kidney transplantation.
“North America signifies one of the largest markets of Wearable Artificial Organs Market”
For a better understanding of the market dynamics of the Wearable Artificial Organs market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World has been conducted. North America dominated the market and generated revenue of US$ 2,703.1 million in 2020 owing to the increasing dialysis in ESKD patients, presence of high disposable income, and increase in funding for R&D activities associated with Wearable Artificial Organs. Nearly 750,000 patients per year in the United States and an estimated 2 million patients worldwide are affected by kidney failure.
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Table of Contents
1 MARKET INTRODUCTION
1.1 Market Definitions
1.2 Objective of the Study
1.3 Limitation
1.4 Stake Holders
1.5 Currency Used in Report
1.6 Scope of the Global Wearable Artificial Organs Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1 Research Methodology for the Global Wearable Artificial Organs Market
2.1.1 Main Objective of the Global Wearable Artificial Organs Market
3 INDUSTRY PERFORMANCE
4 EXECUTIVE SUMMARY
5 FEW TOP START-UPS UNDER WEARABLE ARTIFICIAL ORGANS SECTOR
6 WEARABLE ARTIFICIAL ORGANS AMID COVID-19
7 GLOBAL WEARABLE ARTIFICIAL ORGANS MARKET REVENUE (USD BN), 2019-2027F
8 MARKET INSIGHTS BY TECHNOLOGY
8.1 Mechanical
8.2 Electronic
9 MARKET INSIGHTS BY PRODUCT
9.1 Kidney
9.2 Pancreas
9.3 Cochlear Implants
9.4 Exoskeleton
9.5 Bionic Limbs
9.6 Brain Bionics
9.7 Vision Bionics
10 MARKET INSIGHTS BY REGION
10.1 North America Wearable Artificial Organs Market
10.1.1 United States
10.1.2 Canada
10.1.3 Rest of North America
10.2 Europe Wearable Artificial Organs Market
10.2.1 United Kingdom
10.2.2 France
10.2.3 Germany
10.2.4 Spain
10.2.5 Italy
10.2.6 Rest of Europe
10.3 Asia Pacific Wearable Artificial Organs Market
10.3.1 China
10.3.2 India
10.3.3 Japan
10.3.4 Rest of Asia Pacific
10.4 Rest of the World Wearable Artificial Organs Market
11 WEARABLE ARTIFICIAL ORGANS MARKET DYNAMICS
11.1 Market Drivers
11.2 Market Challenges
11.3 Impact Analysis
12 WEARABLE ARTIFICIAL ORGANS MARKET OPPORTUNITIES
13 WEARABLE ARTIFICIAL ORGANS MARKET TRENDS
14 LEGAL & REGULATORY FRAMEWORK
15 DEMAND AND SUPPLY SIDE ANALYSIS
15.1 Demand Side Analysis
15.2 Supply Side Analysis
15.2.1 Top Product Launches
15.2.2 Top Business Partnerships
15.2.3 Top Business Expansions and Investments
16 VALUE CHAIN ANALYSIS
17 COMPETITIVE SCENARIO
17.1 Porter’s Five forces analysis
17.1.1 Bargaining power of Supplier
17.1.2 Bargaining power of Buyer
17.1.3 Industry Rivalry
17.1.4 Availability of Substitute
17.1.5 Threat of new Entrants
….CONTINUED
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Medical Device in this field from last past few decades, technology has worked closely with medicine for advancements in the field of pharmaceuticals and the medical field in general to save millions of lives.
Bluetooth-enable smart inhalers, robotic surgery, wireless brain sensors, 3-D printers, artificial organs and health wearable are some of the medical devices that have taken the medical world by storm.
