The global bionics market size is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for healthy organs from donors.
The concept of bionics is said to have changed present-day medication and healthcare. In medication, bionics have played a significant role in the replacement or enhancement of specific organs or body parts. Bionic implants are the artificial versions of specific body parts or organs that work in much the same way as original parts. They mimic the original function of a specific body part closely and often outstrip it, making them highly particular from simple prostheses. Increasing organ failure and physical disability due to age-related or congenital disorders and the expanding geriatric population is estimated to drive the market growth.
The COVID-19 pandemic negatively affected the worldwide medical bionics market. During the pandemic, road traffic declined due to travel limitations. Therefore, it decreased the cases of road accidents. Besides, healthcare bodies postponed surgery cases manage the pandemic circumstance. As a result, the demand for medical bionics declined drastically.
Market Trends, Drivers, Restraints, and Opportunities
- The increasing development of non-invasive procedures is expected to boost the bionics market.
- The rise of new innovations in bionic research, increasing number of accidents and injuries causing organ deletion, and lack of organ donors are key drivers for the market growth.
- Growing number of transplants is estimated to accelerate the growth of the market.
- Increasing accident cases leading to amputation can fuel the market growth.
- Increasing rate of the geriatric population can drive the growth of the market.
- Growing awareness of bionics procedures is expected to accelerate the growth of the market.
- Rising demand for surgical procedures that are less painful is expected to fuel the market growth.
- Rapid adoption of technological advancements in the field of medical equipment is one of the major factors driving the market growth.
- High installation cost can restrain the growth of the market.
- The demand for bionics in the emerging countries is increasing owing to rapid growth in medical tourism and growing awareness about artificial organs is estimated to foster the market growth.
Scope of the Report
The report on the bionics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Bionics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Type of Bionics (Vision Bionics and Ear Bionics [Cochlear Implant and Bone-anchored Hearing Aid (BAHA)], Orthopaedics Bionics [Bionic Hand and Bionic Leg], Cardiac Bionics [Heart Valves, Ventricular-assisted Device, Pacemaker, and Others]), Fixations (Implantable Bionics and External Bionics)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Advanced Bionics AG; Medtronic PLC; Edward Lifesciences Corporation; Ossur (Touch Bionics); and Ekso Bionics.
Bionics Market Segment Insights
Ear bionics segment is expected to grow at a rapid pace
Based on type of bionics, the market is divided into vision bionics, ear bionics, and orthopedic bionics, cardiac bionics. The ear bionics segment is further classified as a cochlear implant and bone-anchored hearing aid (BAHA). The orthopedic bionics segment is further segmented into bionic hand and bionic leg. The cardiac bionics segment is further segmented into heart valves, ventricular-assisted device, pacemaker, and others. Increasing prevalence of auditory conditions and hearing disorders causing deafness & hearing loss are estimated to drive the market segment growth. This is estimated to expand the market segment growth during the forecast period due to the rising occurrence of hearing loss includes demographic change, expand life expectancy, occupational, and recreational noise.
Implantable bionics segment is projected to expand at a considerable CAGR
In terms of fixation, the bionics market is divided into implantable bionics and external bionics. The implantable bionics segment to account for a key share of the market due to an increase in awareness about the beauty and physical appearance. Moreover, rising number of organ-failure patient base and the increasing number of patients are opting for organ transplants across the world.
North America is anticipated to constitute a large market share
In terms of regions, the global market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to account for a large market share due to rising prevalence of chronic diseases and expanding demand for non-invasive surgical procedures. The market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to rapid development in healthcare infrastructure.
Segments Covered in the Report
Type of Bionics
- Vision Bionics
- Ear Bionics
- Cochlear Implant
- Bone-anchored Hearing Aid (BAHA)
- Orthopedics Bionics
- Cardiac Bionics
- Heart Valves
- Ventricular-assisted Device
- Implantable Bionics
- External Bionics
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Advanced Bionics AG
- Medtronic PLC
- Edward Lifesciences Corporation
- Ossur (Touch Bionics)
- Ekso Bionics
Key players competing in the bionics market are Advanced Bionics AG ; Medtronic PLC; Edward Lifesciences Corporation; Ossur (Touch Bionics) and Ekso Bionics.