Allied Market Research published a report, titled, “Vital Organs Support Systems and Medical Bionics Market by Product (Vital organs support systems and Medical Bionics) and End User (Hospitals, Ambulatory Surgical Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025.” The report offers a detailed analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, key segments, and changing market trends. According to the report, the global vital organs support systems and medical bionics market was estimated at $28.16 billion in 2017 and is anticipated to hit $59.41 billion by 2025, garnering a CAGR of 9.9% from 2018 to 2025.
Increase in incidence of cardiac disorders, growth in geriatric population, rise in number of patients suffering from chronic diseases and top-end technological advancements have fueled the growth of the global vital organs support systems and medical bionics market. On the other hand, high cost of treatment and stringent approval process hamper the growth to some extent. Nevertheless, emerging economies in developing countries are expected to create multiple opportunities in the market.
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The medical bionics segment to dominate through 2018–2025
Based on product type, the medical bionics segment contributed to nearly three-fifth of the total market share in 2017 and is anticipated to lead the trail during the study period. Rise in geriatric population, upsurge in number of patients suffering from chronic diseases, increase in number of road accidents & injuries, and surge in government focus on funding R&D initiatives have worked as the major driving factors for the growth of this segment.
The hospitals segment to lead the trail till 2025
Based on end user, the hospitals segment held the largest share, contributing to nearly three-fourths of the total share in 2017. Availability of various support departments such as MRI suites and ICUs as compared to ASCs has driven the growth. Simultaneously, the ambulatory surgical centers segment is expected to showcase the fastest CAGR of 11.5% through 2018–2025.
North America to rule the roost
Based on geography, North America accounted for more than two-fifths of the total market share in 2017 and is expected to dominate throughout the forecast period. Well-established healthcare infrastructure, rise in elderly population, and high adoption rate of technologically advanced devices in the region have spurred the growth. The market across the Asia-Pacific region, on the other hand, is projected to grow at the fastest CAGR of 11.6% during the forecast period.
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Key market players
The key players analyzed in the report include Abbott Laboratories, Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Össur Americas, Inc., Boston Scientific Corporation, Cochlear Ltd., Abiomed, Inc., Second Sight Medical Products, Inc., Edwards Lifesciences Corporation, Jarvik Heart, Inc., Baxter International Inc., SynCardia Systems LLC, and Medtronic Plc. The high-end strategies they adhere to have helped them heighten their status in the market.