Sarasota, FL, April 07, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Artificial Organ Bank Market by Product Type (Artificial Organ and Bionics) by Technology (Mechanical, Electronics): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 - 2022” . According to the report, the global artificial organ bank market accounted for USD 26.79 Billion in 2016 and is expected to reach USD 45.18 Billion by 2022, growing at a CAGR of around 9.1% between 2017 and 2022.
Artificial organs do not repair the physical damage but are capable of supporting the life and for the prevention of imminent death while waiting for a transplant, cosmetic restoration after an accident and others. The application and study of electronics and mechanics for replacing a limb or mechanically powered part of a functional organ is termed as medical bionics. The global artificial organ bank market has witnessed drastic growth due to rise in the waiting list of patients requiring organ transplantation but there is a critical scarcity of all types of donor organs. Increasing incidences of acute renal failure and renal disorders due to lifestyle habits such as excessive alcohol consumption and growing geriatric population base causing a rise in organ failure rates are expected to boost the artificial organ bank market. High unmet medical needs in neurology disease segment coupled with high-cost treatment procedures are expected to drive the market for brain bionics in coming five years.
Browse through 33 Market Tables and 39 Figures spread through 110 Pages and in-depth TOC on “Global Artificial Organ Bank Market by Type, Size, Share and Forecast 2016 – 2022”.
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The artificial organ bank market is expected to witness significant growth within the forecast period on account of increasing accident incidences which increase the demand for artificial organs and thus accelerated the growth of artificial organs bank market. In addition, increasing geriatric population and rising life expectancy coupled with increasing adoption of artificial organs are also expected to boost this market in coming five years. Furthermore, technological innovations to develop more affordable artificial organs/bionics are also expected to supplement the market growth for artificial organ bank. Moreover, the rise in the waiting list of patients requiring organ transplantation and scarcity of donor organs is also an important driving factor for the growth of this market. Despite, the high cost of artificial organs is expected to hamper the growth of this market.
The artificial organs dominated the product type segment of the global artificial organ bank market in 2016. In this category, heart and kidney are the most developed and widely used artificial organs owing to the increasing number of dialysis, renal failure due to faulty lifestyle. In bionics market, brain bionics accounted for the largest revenue share and is estimated to grow at a CAGR of 11.8% within the forecast period. High unmet medical needs in neurology disease segment coupled with high-cost treatment procedures are expected to drive the market for brain bionics in coming five years. On the basis of technology, artificial organ bank market is categorized into; mechanical bionics and electronic bionics.
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North America is expected to be the largest market and continue to dominate the artificial organ market within the forecast period. The market growth in this region is expected to fuel the rise in population coupled with awareness among the players and the patients. In addition, rapid technological innovations coupled with a huge investment in research and development. Furthermore, increased healthcare expenditures on artificial organs/bionics are also a driving factor for this market in this region in coming five years.
Europe is expected to gain the second largest share of artificial organ bank market within the forecast period. The growth in this region is expected to fuel by due to large consumer base, rising government initiatives for enhancing healthcare.
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Asia-Pacific is expected to show a rapid growth with a CAGR of 10.9% and hold the largest share of this market in the coming five years. The growth in this market is majorly expected to boost by high disposable income and rise in medical tourism. In addition, improvement in healthcare infrastructure is also expected to fuel the growth in this market within the forecast period.
Latin America, artificial organ bank market is estimated to show a healthy growth within the forecast period owing to the lack of organ donors and a large number of people waiting for their organ transplants in this region. Artificial organ bank market of Middle East & Africa is expected to drive the increase in income and rise in awareness in developing countries of this region and the scope of artificial organs in therapeutics.
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Some of the key players include in plant growth market such as Berlin Heart Gmbh, Second Sight Medical Product types, Inc., Boston Scientific Corporation, Biomet Inc., Edwards Lifesciences Corporation, Ekso Bionics, Heartware International, Inc., Jarvik Heart Inc., Lifenet Health, Medtronic Inc., Nano Retina, Inc., Asahi Kasei Kuraray Medical Co. Ltd. among others.
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This report segments the global artificial organ bank market as follows:
Global Artificial Organ Bank Market: Product Type Analysis
- Artificial Organ
- Total artificial heart
- Artificial liver
- Artificial pancreas
- Artificial lungs
- Artificial kidney
- Bionics
- Vision Bionic
- Cardiac Bionic
- Ear Bionic
- Brain Bionic
- Bionic Limbs
Global Artificial Organ Bank Market: Technology Analysis
- Mechanical Bionics
- Electronic Bionics
Global Artificial Organ Bank Market: Regional Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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