Global Bionic Devices Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028
“Global Bionic Devices Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global bionic devices market report has been segmented on the basis of bionic, fixation, and region
Global Bionic Devices Market: Overview
Bionic devices are medical implants that are used by the person who has lost the biological function owing to nerve damage. These devices use electrical signals that stimulate the nerve cells that are present post-surgery/amputation. In these devices for the function of electrical stimulation implantable electrodes are used which enables the moment of muscle in the patients that has nerve damage. These devices also support the function of limb movement, sphincter, and erectile control.
Global Bionic Devices Market: Dynamics
Major factor expected to drive growth of the global bionic devices market are rising prevalence’s of chronic diseases in developed and developing countries and the increasing number of outpatients in hospitals related to disabilities and organ failure.
Increasing incidences of road accidents across the globe resulting in growing amputation surgeries is another factor expected to boost growth of the global market. According to the World Health Organization, every year the lives of approximately 1.35 Mn people are cut short as a result of a road traffic crash. Between 20 and 50 Mn, more people suffer non-fatal injuries, with many incurring a disability as a result of their injury.
In addition, increasing government spending on the healthcare sector and growing awareness and acceptance among people related to bionic devices are some other factors expected to support growth of the target market.
Moreover, continuous technological advancements in healthcare devices and the development of synthetic material that supports easy functionality without any failure is another factor expected to support market growth to a certain extent.
However, fear of device malfunction is resulting in limiting the adoption of the bionic devices which is a major factor expected to hamper growth of the global market
Increasing investment by major players for technological advancements, coupled with the advent of 3D technology, nanotechnology, and artificial intelligence development of more durable and realism of bionic implants is expected to create new revenue opportunities for players operating in the target market over the forecast period.
Global Bionic Devices Market: Segment
Among the fixation segments, the external bionics segment is expected to dominate in the target market over the forecast period.
Global Bionic Devices Market: Region
The market in North America is expected to dominate in the global market and is expected to continue its dominance over the forecast period. This can be attributed to well-developed healthcare facilities, favorable reimbursement policies, and the presence of major players operating in the countries in this region. In addition, growing merger and acquisition activities between regional and international players in order to increase their customer base and enhance their product portfolio is expected to further support growth of the target market in this region.
The market in Asia Pacific is expected to witness faster growth, owing to increasing incidences of accidents and the presence of prominent players operating in emerging economies in this region.
Global Bionic Devices Market Segmentation
Segmentation by bionics
- Vision Bionics
- Ear Bionics
- Cochlear Implant
- Bone-anchored Hearing Aid (BAHA)
- Orthopedic Bionic
- Bionic Hand
- Bionic Leg
- Cardiac Bionics
- Heart Valves
- Ventricular-assisted Device
- Other Cardiac Bionics
Segmentation by fixation
- Implantable Bionics
- External Bionics
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- ABIOMED, Inc.
- Touch Bionics Inc.
- Baxter AG
- Cochlear Limited
- Cyberonics Inc.
- Edward Lifesciences Corporation
- Ekso Bionics Holdings, Inc.
- Becton, Dickinson and Company
- Medtronic PLC
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