APAC Artificial Organs & Bionic Implants Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.59 Billion |
| Market Size (2029) | USD 11.20 Billion |
| CAGR (2024 - 2029) | 8.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Artificial Organs & Bionic Implants Market Analysis
The Asia-Pacific Artificial Organs and Bionic Implants Market size is estimated at USD 7.59 billion in 2024, and is expected to reach USD 11.20 billion by 2029, growing at a CAGR of 8.10% during the forecast period (2024-2029).
The impact of COVID-19 was severe on the studied market owing to the cancellations of elective procedures, including implants of artificial organs, in the Asia Pacific region. However, the market started to gain traction in the last year as transplants and implant procedures resumed in the region. Also, the piling up of elective procedures involving artificial organs and bionics is projected to augment the market during the forecast period.
In addition, the increased incidence of disabilities, the rising number of road accidents, and technological advancements in products leading to enhanced applications are positively affecting the growth of the studied market.
As the number of disabled people grows, so does the demand for bionic implants, which are prosthetics with both mechanical and robotic elements that replace broken body parts such as hands, legs, limbs, and so on.
As per the Road Accidents in India report, the number of traffic accidents in the country has increased from 3,68,828 in 2020 to 4,22,659 in 2021. The region's high rate of road accidents, as well as rising injury and trauma, is driving market growth.Furthermore, the growing geriatric population, which is more prone to organ failure, is expected to drive growth during the forecast period.According to the United Nations ESCAP, the Asia-Pacific population is aging faster than any other region in the world. In the current year, there are 630 million people aged 60 and up, accounting for 60% of the world's elderly.By 2050, their number is projected to increase to 1.3 billion. The increase in the trend of the population will help boost the overall market growth.
Various groups of national universities, hospitals, and companies are engaged in a collaborative research and development program to develop artificial organs, which is also funded by the government authorities and the businesses. For example, as part of the Australian federal government's budget announcement in May 2021, Monash University researchers secured Medical Research Future Fund (MRFF) research funding in areas such as maternal health, rare cancers and diseases, silicosis, and nutrition and well-being in remote communities, with the Artificial Heart Frontiers Program receiving USD 999,570 in 2021 for the development of artificial hearts.BiVACOR is also funding and collaborating on the initiative to develop and market a total artificial heart.Such partnerships and research developments are anticipated to boost market growth during the forecast period.
Therefore, owing to the aforementioned factors, it is anticipated that the studied market will witness growth over the analysis period. However, the expensive procedures and fear of device malfunction and its consequences are likely to impede market growth.
APAC Artificial Organs & Bionic Implants Market Trends
This section covers the major market trends shaping the APAC Artificial Organs & Bionic Implants Market according to our research experts:
Artificial Heart Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The number of people with end-stage heart failure waiting for a heart transplant exceeds the number of available hearts due to the rising burden of cardiovascular disease and congestive heart failure. This has led to an exponential rise in the usage of mechanical circulatory assistance, such as the left ventricular assist device (LVAD) or an artificial heart.
Around 1.2 million Australians have one or more heart or vascular diseases in the current year. In September 2021, a national strategic action plan for Heart Disease and Stroke Prevention was created by the Heart Foundation and the Stroke Foundation with support from the Australian government. Heart disease and stroke research are supported by the Medical Research Future Fund and the National Health and Medical Research Council, which have provided USD 220 million over the next few years for the cardiovascular health mission. Such initiatives are projected to boost the research and development activities to develop artificial hearts for patients with heart failure symptoms.
Additionally, the advancements in technology and increasing product approvals, along with partnerships and acquisitions by key players, are helping in the market's growth. For instance, in November 2021, CH Biomedical received marketing approval from the NMPA for its implantable CH-VAD left ventricular assist system. CH-VAD LVAD is one of the first Left Ventricular Assist Devices (LVAD) with completely independent intellectual property rights approved by NMPA in China, and the first complete magnetic levitation LVAD approved by the National Medical Products Administration (NMPA). Such milestones are projected to augment the commercialization of the new generation LVAD in China, offering heart failure treatment, and thereby boosting the market's growth. During the forecast period, the approvals and launches of artificial hearts are anticipated to boost the utility of such devices in the region.
India is Expected to Hold a Significant Share in Asia-Pacific Artificial Organs & Bionic Implants Market Over The Forecast Period
India is expected to hold a significant market share owing to factors such as the rising incidence of disabilities and the rising number of road accidents, the growing geriatric population, and the rising technological advancements and research projects in the country.
Various healthcare institutions are engaged in research and development programs to develop artificial organs in the country to reduce expenses so that more people can afford them. For instance, in January 2022, the School of Medical Research and Technology (SMRT) of IIT Kanpur launched Hridyantra, a challenge-based program in collaboration with the country's other hospitals to develop an advanced artificial heart called the Left Ventricular Assist Device (LVAD) for patients with end-stage heart failure. Such research initiatives are projected to expedite more research activities to develop potential artificial organs, thereby boosting market growth in the country.
Furthermore, major manufacturers have focused on developing specialized dialysis equipment coupled with growing partnerships and collaboration among market players, which is expected to drive the artificial kidney market. Currently, various home and in-center hemodialysis machines are available in the market. For instance, in June 2021, Max Healthcare's Max@Home service launched home hemodialysis services for patients in collaboration with NephroPlus. Such developments are anticipated to boost the utility of artificial kidneys, thereby propelling market growth in the country during the forecast period.
APAC Artificial Organs & Bionic Implants Industry Overview
The Asia-Pacific Artificial Organs & Bionic Implants market is slightly consolidated due to the presence of a few companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold significant market shares. Some of the key players are Ossur, Boston Scientific Corporation, Otto Bock Holding GmbH & Co. KG, Medtronic plc, Zimmer Biomet, Edwards Lifesciences Corporation, Sonova Holding AG, Abbott (St. Jude Medical, Inc.), and BiVACOR Inc.
APAC Artificial Organs & Bionic Implants Market Leaders
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Ossur
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Boston Scientific Corporation
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Otto Bock Holding GmbH & Co. KG
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Medtronic plc
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Zimmer Biomet
*Disclaimer: Major Players sorted in no particular order
APAC Artificial Organs & Bionic Implants Market News
- September 2022: the Karnataka Institute of Medical Sciences announced to launch of cochlear implant facilities for kids to provide treatment for hearing-impaired patients.
- January 2022: Australia's one of the world-first Bionic Eye Systems was granted a breakthrough device designation by the USFDA.
APAC Artificial Organs & Bionic Implants Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Incidence of Disabilities and Rising Number of Road accidents
4.2.2 Technological Advancements Leading to Enhanced Applications
4.3 Market Restraints
4.3.1 Expensive Procedures and Fear of Device Malfunction and its Consequences
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value- USD million)
5.1 By Product
5.1.1 Artificial Organs
5.1.1.1 Artificial Heart
5.1.1.2 Artificial Kidney
5.1.1.3 Artificial Liver
5.1.1.4 Cochlear Implants
5.1.1.5 Others
5.1.2 Bionics
5.1.2.1 Vision Bionics
5.1.2.2 Ear Bionics
5.1.2.3 Orthopedic Bionic
5.1.2.4 Cardiac Bionics
5.2 Geography
5.2.1 China
5.2.2 Japan
5.2.3 India
5.2.4 Australia
5.2.5 South Korea
5.2.6 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ossur
6.1.2 Boston Scientific Corporation
6.1.3 Otto Bock Holding GmbH & Co. KG
6.1.4 Medtronic plc
6.1.5 Zimmer Biomet
6.1.6 Edwards Lifesciences Corporation
6.1.7 Sonova Holding AG
6.1.8 BiVACOR Inc.
6.1.9 Abbott (St. Jude Medical, Inc.)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
APAC Artificial Organs & Bionic Implants Industry Segmentation
As per the scope of the market, artificial organs and bionics are man-made devices that can be implanted or integrated into humans to either replace a natural organ or provide support for the purpose of restoring a specific function or a group of related functions, helping the patient return to his normal life. The Asia-Pacific Artificial Organs & Bionic Implants Market is Segmented by Product, Artificial Organs (Artificial Heart, Artificial Kidney, Artificial Liver, Cochlear Implants, and Others) and Bionics (Vision Bionics, Ear Bionics, Orthopedic Bionic, and Cardiac Bionics), and Geography (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific). The report offers the value (in USD million) for the above segments.
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APAC Artificial Organs & Bionic Implants Market Research FAQs
How big is the Asia-Pacific Artificial Organs and Bionic Implants Market?
The Asia-Pacific Artificial Organs and Bionic Implants Market size is expected to reach USD 7.59 billion in 2024 and grow at a CAGR of 8.10% to reach USD 11.20 billion by 2029.
What is the current Asia-Pacific Artificial Organs and Bionic Implants Market size?
In 2024, the Asia-Pacific Artificial Organs and Bionic Implants Market size is expected to reach USD 7.59 billion.
Who are the key players in Asia-Pacific Artificial Organs and Bionic Implants Market?
Ossur, Boston Scientific Corporation, Otto Bock Holding GmbH & Co. KG, Medtronic plc and Zimmer Biomet are the major companies operating in the Asia-Pacific Artificial Organs and Bionic Implants Market.
What years does this Asia-Pacific Artificial Organs and Bionic Implants Market cover, and what was the market size in 2023?
In 2023, the Asia-Pacific Artificial Organs and Bionic Implants Market size was estimated at USD 7.02 billion. The report covers the Asia-Pacific Artificial Organs and Bionic Implants Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Artificial Organs and Bionic Implants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Artificial Organs and Bionic Implants Industry Report
Statistics for the 2024 Asia-Pacific Artificial Organs and Bionic Implants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Artificial Organs and Bionic Implants analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
