The key factors that are responsible for the growth of the artificial organs and bionics market include rising geriatric population and technological advancements in the artificial organ and bionics market.
Another primary factor is the scarcity of donor organs. The lack of availability of potential organs to transplant has been a major issue. The demand for organ donors is ever-increasing and is very high compared to the actual supply. In 2019, 4,296 organ transplants were performed in Korea, of which 1,611 were donations from the deceased and 2,685 were living donations, as per the International Registry of Organ Donation and Transplantation (IRODaT). The number of patients waiting for a kidney and liver transplant has also increased across the years. This has been a major boost for the artificial organ bionics market, as the patients cannot afford to wait in the queue since the stakes are very high. Bionics and artificial organs are able to cater to the needs of those in need of organ transplantations and replacements. They can replicate the function of damaged organs.
Key Market Trends
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Artificial Kidney Segment is Expected to Show Better Growth in the Forecast Years
Based on Artificial Organ, the market is segmented into Artificial Heart, Artificial Kidney, Artificial Lungs, Cochlear Implants and Other Organ Types. The high growth of the segment is attributed to the large patient population and the rising number of transplant surgeries. According to Korean Society for Transplantation, the average waiting periods of registrants on the waiting list that had not yet received a transplant (as of May 31, 2018) were 1,592 days for a kidney, 1,934 days for a liver, and 1,347 days for a heart in South Korea. Therefore, with the rising chronic diseases, and organ failures, the market is expected to witness significant growth in the forecast period.
Competitive Landscape
The majority of the artificial organs and bionics is being manufactured by the global key players. Market leaders with more funds for research and a better distribution system have established their position in the market. This has helped the market grow.
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