Artificial Organs and Bionic Implants Market Expected to Reach $92.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Artificial Organs and Bionic Implants Market," The artificial organs and bionic implants market was valued at $44.4 billion in 2022, and is estimated to reach $92.1 billion by 2032, growing at a CAGR of 7.7% from 2023 to 2032. 

Artificial organs and bionic implants are devices designed to replace or enhance the function of natural organs or body parts. They are often used to restore or improve the quality of life for individuals with medical conditions or injuries. Artificial organs are man-made devices that mimic the function of natural organs in the body. They are used when a person's natural organ is not functioning properly or has been damaged. Artificial organs can be partially or completely implanted in the body, or they can be used externally. Bionic implants refer to electronic devices that are surgically implanted into the body to enhance or restore certain functions. They combine biological and artificial components. Bionic implants often interface with the nervous system or muscles to provide control and feedback.

An alarming rise in the prevalence of cardiac diseases, arthritis, and gout as well as an increase in a number of road accidents and injuries boost the demand for artificial organs such as the artificial knee, leg, hip, hand, and elbow and drives the growth of artificial organs market share. For instance, according to the National Centre for Biotechnology Information (NCBI), in 2020, about 1.5 million people in the U.S. were living with rheumatoid arthritis. As per the same source, in 2022, 294,000 children in the U.S. were suffering from juvenile idiopathic arthritis. By 2025, 67 million Americans are expected to be diagnosed with arthritis.

Moreover, an increase in initiatives taken by various organizations for reducing the burden of diseases and a rise in funding to conduct R&D activities for the development of novel artificial organs and bionic implants drive the growth of the artificial organs and bionic implants market. For instance, in September 2021, Malala Fund and hearing health not-for-profit Cochlear Foundation partnered to raise awareness about the barriers keeping millions of children and young people with hearing loss from accessing quality education. According to the World Health Organization, in 2021, 34 million children around the world live with disabling hearing loss. Without equal access to quality education and early access to hearing healthcare and support, these children may not realize their full potential. Thus, the demand for artificial organs and bionic implants is expected to increase.

In addition, the rise in a number of clinical trials of artificial organs and bionic implants is the key factor that drives the growth of the artificial organs market share in developing countries such as India and China. 

Moreover, artificial organs market trends include a rise in R&D investments; a significant increase in capital income in developed countries; and the adoption of developmental strategies such as product launch, collaboration, merger, acquisition, and agreement by key players to stay competitive in the market foster the growth of the artificial organs and bionic implants market. For instance, in November 2022, Cochlear Limited received U.S. Food and Drug Administration (FDA) approval for the Cochlear Nucleus 8 Sound Processor. The Nucleus 8 Sound Processor is now the smallest and lightest behind-the-ear cochlear implant sound processor available in the industry. Moreover, it is the world’s first cochlear implant sound processor ready to provide direct audio connectivity to everyday consumer electronics using the next-generation LE Audio technology from Bluetooth.

On the basis of type, the other segment is expected to witness the highest CAGR during the forecast period, owing to the high adoption of artificial hearts rise in cases of heart disease, and the rise in research and development activities regarding bionic eye and brain implants. 

On the basis of technology, the electronic segment dominated the artificial organs industry in 2022 and is expected to witness the highest CAGR during the forecast period, owing to the high adoption of electronic bionic implants and rise in demand for electronic bionic implants, and a surge in clinical trials of the electronic bionic implant.

On the basis of end-user, the ambulatory surgical center's segment is expected to witness the highest CAGR during the forecast period in the artificial organs market, owing to an increase in the number of ambulatory surgical centers in developed countries and an increase in awareness regarding ambulatory surgical centers in developing countries such as China, and India.

Asia-Pacific is expected to witness the highest CAGR during the forecast period in artificial organs market size, owing to a surge in geriatric populations that are more prone to diseases, and rise in awareness regarding bionic implants, unmet medical demands, an increase in population, a surge in healthcare expenditure, and increase in number of road accidents & injuries.

KEY FINDINGS OF THE STUDY

• On the basis of type, the others segment held the largest share in the artificial organs market analysis in 2022.
• On the basis of technology, the electronic segment is expected to witness the highest CAGR during the artificial organs market forecast period.
• On the basis of end-user, the hospitals' segment held the largest share in the artificial organs market size in 2022.
• On the basis of region, Asia-Pacific is expected to witness the highest CAGR during the forecast period in artificial organs industry.