Portland, OR, June 17, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Vital Organs Support Systems and Medical Bionics Market contributed $28.17 billion in 2017 and is estimated to garner $59.41 billion by 2025, growing at a CAGR of 9.9% from 2018 to 2025. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
Based on product, the vital organs support system and medical bionics market is categorized into medical bionics and vital organs support systems. The medical bionics segment is further categorized into ear bionics, bionic eye, orthopedic bionics, neural bionics, and cardiac bionics. On the other hand, the vital organs support systems market is further classified into artificial pancreas, artificial liver, artificial heart, artificial lungs, artificial kidney, and artificial urinary bladder.
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The increasing number of patients suffering from chronic diseases and technological advancements in medical devices supplement the growth of vital organs support systems and medical bionics market. Although stringent approval process and high cost of treatment impede the growth of this market, emerging economies are expected to offer significant prospects for the manufacturers in order to provide lucrative opportunities for this market.
On the basis of end-user, the ambulatory surgical centers segment is estimated to project the highest growth during the forecast period. This is due to rise in demand for cost-effective and high-quality alternative to inpatient hospital care for surgical services. Furthermore, the hospitals segment contributed major share in the revenue and is estimated to maintain its lead during the forecast period. Availability of various support departments such as MRI suites and ICUs as compared to ASCs is the main reason behind this development.
On the basis of region, Asia Pacific region is estimated to project the highest growth in the vital organs support systems and medical bionics market during the forecast period. They key factors for this growth include increase in incidence of chronic disorders, increase in R&D expenditure, and government & private sector initiatives to increase awareness regarding artificial organs transplantation.
The report also contains brief information on the key players of the global vital organs support systems and medical bionics market. Some of those are SynCardia Systems LLC, Abiomed, Inc., Second Sight Medical Products, Inc., Abbott Laboratories, Össur Americas, Inc., Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Medtronic Plc., Baxter International Inc., Jarvik Heart, Inc., Boston Scientific Corporation, Edwards Lifesciences Corporation, and Cochlear Ltd.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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