Global Wearable Artificial Organs Market Is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
Global Wearable Artificial Organs Market is expected to reach the market valuation of US$ 17,457.2 million by 2027 expanding at a reasonable CAGR of 16.9% during the forecast period (2021-2027) from US$ 5,897.4 million in 2020. 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.
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The various factors driving the Wearable Artificial Organs market include the increasing frequency of organ failures and waiting time for organ transplants and the growing number of the geriatric population prone to kidney failure. Furthermore, the increasing cases of hearing loss is also anticipated to drive the market. Almost 466 million people worldwide have hearing loss, and 34 million of these are children. By 2050, it is estimated that over 900 million people will have debilitating hearing loss. However, the high cost of devices and changes to governmental reimbursement and subsidy regimes are expected to hinder the growth of the Wearable Artificial Organs market.
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The current impact of COVID-19 on global health is enormous, but besides, the worldwide impact on the economy, employees, and companies is going to be considerable. The pandemic has impacted the customers’ businesses, and subsequently, the company’s business as customers delay longer-term technology decisions in adopting the various bionic implants. Many governments and specialist bodies have suggested canceling elective procedures, including cochlear implantation, in response to the COVID 19 crisis. It was recommended that elective surgeries be resumed after the authorities had provided sufficient authorizations and the hospital had adequate facilities in terms of equipment and manpower to initiate elective surgeries without compromising patient safety and treatment. The KEM Hospital-Pune, India has completed only 5 cochlear implant surgeries till October 2020 amid COVID-19.
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Based on technology, the market is fragmented into mechanical and electronic. The electronic segment dominated the market in 2020 and generated total revenue of US$ 4,112.4 million. It is anticipated to maintain its dominance during the forecast period owing to the technological advancement and rising adoption of these devices. Moreover, the same is expected to witness the highest CAGR growth during the forecast period.
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The wearable artificial organs are bifurcated into several products such as 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 by the year 2027.
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Additionally, the report provides detailed initiatives that are being taken in the field of Wearable Artificial Organs. The market is classified into distinct regions 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.
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 develop Wearable Artificial Organs.
Global Wearable Artificial Organs Market Segmentation
Market Insight, by Technology
Market Insight, by Product
- Cochlear Implants
- Bionic Limbs
- Brain Bionics
- Vision Bionics
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Abbott Laboratories
- Cochlear Ltd.
- Demant A/S
- Ekso Bionics
- ReWalk Robotics
- Second Sight Medical Products