The global brain bionics market size was significantly large in 2020, and is expected to continue to register a rapidly inclining revenue CAGR between 2021 and 2030.
The global brain bionics market size was significantly large in 2020, and is expected to continue to register a rapidly inclining revenue CAGR between 2021 and 2030. Key factors responsible for driving market revenue growth are the increasing number of patients in developing countries and rising awareness regarding the usage of brain bionics among people in healthcare organizations.
Bionics is the study of biological systems. It aims to create artificial systems that can perform the same tasks. Bionic implants are mechanical or electrical devices that can mimic the behavior of live creatures or portions of living organisms. Bionics aim to improve or replace portions or organs of the body using artificial implants in the healthcare sector. Brain bionics, on the other hand, is also known as neural implants. They are intelligent systems that can be linked directly to the human brain. They are often affixed to the cortex or implanted on the brain surface. In other words, brain bionics refers to an artificial brain that can simulate human brain functions.
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Drivers:
The consumption of alcohol and rising prevalence of various chronic diseases, such as hypertension, diabetes, and cancer are some of the primary factors responsible for surging the number of organ failure cases across the globe. This has further resulted in the increasing demand for organ implants, which in turn, is set to drive the brain bionics market growth in the near future.
Moreover, only a small percentage of patients get the chance to avail organ transplant surgeries as the number of patients is greater, compared to the number of organ donors. Hence, the demand keeps on increasing at a fast pace constantly. Success rates of these surgeries have surged rapidly, owing to increasing technological developments, availability of skilled healthcare professionals, and emergence of novel techniques & medical equipment. These factors are expected to bolster the brain bionics market growth in the upcoming years.
Restraints:
It is impossible to know which section of the nerve corresponds to which feeling during the implantation operation. Hence, the success of brain bionic implantation is not assured. As a chip is used during brain bionic implantation procedures, the patient does not have the choice over what is remembered or whether the chip records everything. People could take advantage of their brain bionic abilities, and things could get out of control as the ability to forget is a key element of human mental health. It is as vital as the ability to recall.
The second-most significant constraint is the high cost of bionics. Not every patient can afford them. Furthermore, developing new bionics and conducting research activities might be costly, thereby resulting in a hindrance to the brain bionics market growth.
Geographical Overview:
Based on regional analysis, North America is expected to remain in the leading position in the market for brain bionics during the forecast period. This is attributable to the rising affordability rate and higher number of artificial organ transplants in the region. At the same time, governments of various developed countries in this region are investing huge sums for the advancement of healthcare and biotechnology sectors. Besides, rising healthcare expenditure would also propel the brain bionics market growth in North America. Asia Pacific, on the other hand, is anticipated to remain in the second position in terms of CAGR during the forecast period. Increasing cases of organ failures and rising prevalence of various chronic illnesses in India and China are anticipated to boost the brain bionics market in Asia Pacific.
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Competitive Landscape:
Key companies in the global market include Abiomed Inc., Activelink, Advanced Bionics, Alterg, Axosuits, Bae Systems, Bionx Medical Technologies, B-Temia, Bana Teknoloji, Bionik Laboratories, Bioservo Technologies, Carmat, Cleveland Fes Center, COAPT, Cochlear, and Cyberdyne.
Report Coverage
Report scope:
For the purpose of this report, Reports and Data has segmented global brain bionics market on the basis of type, application, and region:
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Type Outlook (Revenue, USD Billion; 2019-2030)
- Deep Brain Simulators
- Spinal Cord Simulators
- Vagus Nerves Simulators
Application Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals
- Clinics
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Israel
- South Africa
- Rest of MEA
COVID 19 Impact Analysis
- The global brain bionics market report offers information and expansive coverage of the current scenario in the market, including impact and changes resulting from the COVID-19 pandemic and emergence of variants of the virus.
- The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.
- Both negative and positive impacts of the COVID-19 pandemic have been analyzed and details provided in the report.
- COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.
- Complete country-wide lockdowns and partial lockdowns had major impact on demand-side and supply-side on the manufacturing sector.
- Sudden and drastic downturn in economic activity caused a slowdown in production and also resulted in employment loss to a major extent.
- Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties.
- The initial impact of the second wave hit small businesses and retailers the hardest owing to liquidity crunches and stretched working capital.
- Healthcare infrastructure also bore major brunt of the results as systemic issues resulted in inability to accommodate patients and shortage of crucial supplies and medical equipment.
- Companies continue to maintain stringent safety regulations and social distancing norms, and the restrictions on number of workers and personnel allowed to work on work floors and office and factory settings etc., at any given time continues to cause ripple effects across various industries and sectors.
- Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains.
- Companies are making robust and urgent attempts to get accustomed to restrictions and need to deploy more stringent safety measures for workforce and personnel and to manage operations in a ‘new normal’ currently.
- Revenues have been impacted significantly across sectors and industries, and across all major and developing economies, and companies continue to deploy various strategies and focus on managing core tasks as the challenge continues on a global scale.
- Experts are yet to ascertain whether the situation and challenges will clear up or continue indefinitely, but emergence of new variants and potential outbreaks are expected to remain on the horizon for a few more years.
Some points on how the report benefits stakeholders:
- The reports include historical (2019–2020) and forecast (2021–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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