Bionics Market Trend- Rapid Advancements in Bionics Technology
Increasing incidence of disabilities and organ failures, rising cases of road accidents and trauma cases, and increasing prevalence of chronic conditions leading to amputation are some key factors expected to drive global Bionics market growth.
Bionics also called biologically inspired engineering is application of biological systems found in nature for studying and designing engineering systems and modern technology. Bionics aids in development of artificial organs and body parts. Bionic implants are widely gaining traction owing to increasing prevalence of age-related disorders and irreversible physical injuries, and rising availability of advanced bioimplants for various organs. Factors such as increasing awareness about the benefits of organ transplants and rising investments by private and public organizations for research and development activities are expected to drive global market revenue growth during the forecast period.
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However, high costs of bionics devices, lack of favorable reimbursement scenarios, and insufficient funds in many developing and underdeveloped economies are some key factors that can hamper overall market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Ear Bionics Segment to Account for Significantly Larger Revenue Share:
The ear bionics segment is expected to account for significantly larger revenue share between 2020 and 2028 owing to increasing incidence of hearing disorders, rising geriatric population, increasing number of ear surgeries, and high demand for advanced cochlear implants, auditory brainstem implants, and anchored hearing systems.
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Implantable Bionics Segment To Register Rapid Revenue CAGR:
The implantable bionics segment is expected to register rapid revenue CAGR over the forecast period owing to factors such as increasing number of road accidents and traumatic amputations, growing preference for bioimplants, rising healthcare expenditure, and growing preference for bioimplants over external bionics.
North America to Lead In Terms of Revenue Share:
North America is expected to dominate other regional markets in terms of revenue share during the forecast period owing to rising prevalence of road accidents and physical injuries, increasing incidence of amputation due to chronic conditions, rapid advancements in bionic technology, and presence of well-developed healthcare infrastructure. In addition, rising availability of bionic products for various organs, high per capita income, and increasing investments in developing advanced products are expected to fuel North America market growth during the forecast period.
Major Companies in the Market Include:
- Medtronic Plc
- Abbott Laboratories
- 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
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For the purpose of this report, Emergen Research has segmented the global bionics market based on product type, method of fixation, technology, and region:
Product Type Outlook ((Revenue, USD Billion; 2017–2027)
- Ear Bionics
- Cochlear Implants
- Auditory Brainstem Implants
- Bone Anchored Hearing Systems
- Vision Bionics
- Orthopedic Bionics
- Upper limb
- Lower limb
- Electrical Bone Growth Stimulators
- Cardiac Bionics
- Total Artificial Heart
- 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)
Method of Fixation Outlook (Revenue, USD Billion; 2017–2027)
- External Bionics
- Implantable Bionics
Technology Outlook (Revenue, USD Billion; 2017–2027)
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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