Bionics Market Size to Reach USD 18.28 billion 2025 | Emergen Research

The bionics market is projected to reach USD 18.28 billion by 2025 from an estimated USD 7.11 billion in 2020, at a CAGR of 21.4% during the forecast period, according to a latest study by Emergen Research. The rising prevalence of chronic diseases and the increasing number of accidents are the major factors driving the growth of the bionics market. Additionally, the increasing number of government initiatives to promote the use of bionic devices is also fueling market growth. However, the high cost of bionic devices is restraining market growth to some extent.

In addition, the increasing number of product approvals and launches, the growing adoption of bionic devices, and the favorable reimbursement scenario in developed countries are expected to contribute to market growth during the forecast period. However, factors such as the high cost of bionic devices and complications associated with their implantation are restraining market growth to a certain extent.

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Bionics are artificial devices that replace or support a person's biological structure or function. Also known as biomedical implants, these devices are made from titanium, stainless steel, ceramic or polymers and are designed to interact with the human body. Some common types of bionics devices include artificial hips and knees, pacemakers, heart valves, cochlear implants and retinal implants.

As per the data published by the World Health Organization in October 2021, approximately 2.2 billion people across the globe suffer from some form of hearing loss. In line with this, several companies are focused on providing bionic solutions for such individuals. For instance, in September 2020, Cochlear Limited received FDA approval for its Nucleus 7 sound Processor System- an implantable device designed to provide people with hearing loss access to clear and natural sound. Such initiatives are expected to create a positive impact on the growth of the bionics market in the coming years.

Rising product approval and technological advancement are further projected to support the bionics market growth in future. For instance, in 2020, Edwards Lifesciences Corporation, a leading player in the bionics market, received FDA approval for its next-generation implantable cardioverter defibrillator (S-ICD) system. Moreover, in 2019, Cochlear Limited acquired Advanced Bionics from Sonova. The move was aimed at expanding product portfolio and geographic reach of Cochlear.

Some Key Highlights From the Report

• Due to their affordability, cochlear implants are highly favored. For instance, in Europe, the availability of cheap bionic devices has resulted in their widespread adoption. This is evident from the significant increase in the number of cochlear implants performed every year. In addition, due to their miniaturization, these devices are now more discrete and cosmetically appealing than ever before. As a result, they are becoming increasingly popular among people of all ages, especially children.

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• The cochlear implants segment accounted for the largest share of the market. This segment is expected to grow at the highest CAGR during the forecast period. The increasing number of product approvals and launches, the growing number of deaf population, and the favorable reimbursement scenario in developed countries are some of the major factors driving growth in this market segment.
• The visual impairment segment accounted for the largest share of the market. This segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the growing number of product approvals and launches for this indication, the favorable reimbursement scenario in developed countries, and the increasing awareness about visual impairment and its treatments.
• The hospitals and clinics segment accounted for the largest share of the market. This segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed to factors such as the increasing number of hospitals and clinics, the growing number of amputations and chronic diseases, and the favorable reimbursement scenario in developed countries.
• North America accounted for the largest share of the market. This large share can be attributed to factors such as the increasing prevalence of chronic diseases, the growing number of amputations, and the favorable reimbursement scenario in this region.
• Asia Pacific is expected to register the highest CAGR during the forecast period. This high growth can be attributed to the growing number of hospitals and clinics, the favorable reimbursement scenario, and the increasing awareness about bionic devices in this region.

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Competitive Landscape:

The prominent players participating in this industry include:

• Medtronic
• Abbott
• Biomet, Inc.
• Zimmer Biomet
• Iwalk, Inc.
• ABIOMED, INC
• Berlin Heart Gmbh
• Ekso Bionics Boston Scientific Corporation
• Edward Lifesciences Corporation
• Jarvik Heart, Inc.
• Heartware International, Inc.
• SynCardia Systems, LLC

Market Segmentation:

By Product Type,

• Ear Bionics
  • Cochlear Implants
  • Auditory Brainstem Implants
  • Bone Anchored Hearing Systems
• Vision Bionics
• Orthopedic Bionics
  • Upper limb
  • Lower limb
  • Exoskeleton
  • Electrical Bone Growth Stimulators
• Cardiac Bionics
  • Total Artificial Heart
  • Pacemaker
  • Ventricular Assist Device
    • Biventricular Assist Device (BIVAD)
    • Left Ventricular Assist Device (LVAD)
    • Right Ventricular Assist Device (RVAD)
  • Artificial Heart Valves
• Neural/Brain Bionics
  • Internal Neurostimulators
    • Deep Brain Stimulators (DBS)
    • Spinal Cord Stimulators (SCS)
    • Vagus Nerve Stimulators (VNS)
    • Sacral Nerve Stimulators (SNS)
    • Others

By Method of Fixation

• External Bionics
• Implantable Bionics

The global bionics market is geographically segmented into the following regions:

• Regional Outlook (Revenue, USD Million; 2022-2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. UK
    3. France
    4. Italy
    5. Spain
    6. Sweden
    7. BENELUX
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Israel
    5. Rest of Middle East & Africa

 

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