Continuous technological innovations coupled with high investments in healthcare are two key factors that fuel the global artificial organ and bionics market. Artificial organs refer to devices that are developed to replace natural organs in the human body. The need for organ transplant arises when a certain natural organ has either stopped working or doesn’t function properly. Artificial organs and artificial body parts are made from substances known as biomaterials.
Man made hazards and high frequency of accidents may propel the global artificial organ and bionics market during the forecast period (2014 to 2020). Artificial liver, artificial limbs, artificial pancreas, artificial heart, and artificial kidneys are examples of artificial organs that function exactly like natural organs when implanted in the human body. The application of electronics & mechanics in the field of medicine has led to newer innovations in developing artificial organs.
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The worldwide artificial organ and bionics market is categorized on the basis of products, technologies, and regions. Based on products, the segments are artificial pancreas, artificial liver, artificial lungs, artificial heart, and artificial kidney. Medical bionics products are further subdivided into cardiac bionics, brain bionics, vision bionics, heart bionics, limb bionics, and exoskeleton bionics. Due to high prevalence of heart disorders worldwide, the segment for heart bionics holds the largest share in the overall market. The artificial lungs & kidney segments held considerable industry shares in 2013. These segments may grow substantially during the forecast period because of problems, such as alcohol abuse and consumption of drugs & cigarettes.
On the basis of technologies, the industry is bifurcated into mechanical bionics and electronic bionics. Rapid technological advancements have led to the development of medical bionics that meets the challenges of organ failure. Mechanical bionics is mostly employed in the development of orthopedic body parts.
As per regions, the global artificial organ and bionics market is categorized into Europe, Asia Pacific, North America, and Rest of the World. North America led the industry in 2013. Factors that fuel this region are high investments in research & development and technological advancements. Growing geriatric population, rising cases of organ failure, and high incidence of accidents may contribute to regional growth over the forecast period. However, the Asia Pacific market is poised to grow rapidly over the next couple of years. This industry is driven by steady government support, medical tourism, and surging disposable incomes. Government support has led to improvements in healthcare infrastructures.
Companies in the worldwide artificial organ and bionics market are Second Sight Medical Product Inc.; Medtronic Co. Ltd.; World Heart Corporation; Thoratec Corporation; and Lifenet Health. Besides being monopolistic, the global market is a highly competitive one too.
Researchers have begun examining using 3D printing in the development of artificial organs. Organovo, a U.S. based biotech startup, focuses on 3D printing of human tissues. These are then sculpted in layers to form organs. Nano Dimension, an Israeli 3D printing company in collaboration with Accellta has successfully mixed human stem cells in printing inks. Accellta is an Israel based stem cell technology company. The striking feature of the inkjet methods of Nano Dimension is the speed at which it prints the human tissues. While most 3D printing techniques take hours to perform this task, Nano Dimension’s technology does it in a matter of seconds.