The North America Artificial Organ And Bionics Market would witness market growth of 9.2% CAGR during the forecast period (2022-2028).
The lack of donors is being addressed by an increase in product releases and rapid FDA approval of these devices. The market for artificial organs and bionics is growing as a result of increased R&D in the area of synthetic human body components. For instance, the early feasibility study of Carmat's artificial heart received approval from the U.S. FDA in February 2020. For those with advanced biventricular heart failure, the device offers an alternative to heart transplantation. Thus, the market is anticipated to have strong growth during the forecast period as a result of rising healthcare spending and quick FDA approval of synthetic human body parts.
The main factors expected to promote the expansion of this market are new and improved technologies, an increase in organ failure due to aging and age-related illnesses, an increase in accidents and injuries resulting in amputations, and an increase in the number of people waiting for organ transplants. Due to the robust prevalence of these factors all over the world, the demand for artificial and bionic organs is increasing. Therefore, the market is estimated to witness significant demand in the coming years.
In the United States, there is a significant prevalence of liver diseases. Any illnesses that can damage the liver of a person are referred as liver diseases. Cirrhosis can develop from liver illness over time. The liver can no longer function normally when more scar tissue takes the place of good liver tissue. Liver failure as well as liver cancer can result from untreated liver illness. According to the Cleveland Clinic, 30 million Americans, or one in ten, have some form of liver illness. Cirrhosis, often known as chronic liver disease, affects about 5.5 million Americans.
Because they are linked to rising obesity rates, some kinds of liver diseases are becoming more prevalent in the United States. Nonalcoholic fatty liver disease, which affects 20 to 30% of individuals, is characterized by excess fat in the liver (NAFD). To better highlight its connection to metabolic syndrome and diseases including diabetes, high blood pressure, high cholesterol, and obesity, this disorder might be termed metabolic-associated fatty liver disease (MAFLD).
The US market dominated the North America Artificial Organ And Bionics Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $12,386.7 million by 2028. The Canada market is experiencing a CAGR of 11.7% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 10.7% during (2022 - 2028).
Based on Product, the market is segmented into Artificial Organs (Kidney, Heart, Lungs, Liver, and Pancreas) and Artificial Bionics (Cochlear Implant, Bionic limbs, Exoskeleton, Vision bionics, and Brain bionics). Based on Technology, the market is segmented into Mechanical and Electronic. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Artificial Organ And Bionics Market is Predict to reach $39.5 Billion by 2028, at a CAGR of 9.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abiomed, Inc., Berlin Heart GmbH, Zimmer Biomet Holdings, Inc., Boston Scientific Corporation, Cochlear Ltd., Ekso Bionics Holdings, Inc., Jarvik Heart, Inc., Medtronic PLC, iWALKFree, Inc., and Edwards Lifesciences Corporation.
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