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.
Market Dynamics:
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
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
Method of Fixation Outlook (Revenue, USD Billion; 2017–2027)
External Bionics
Implantable Bionics
Technology Outlook (Revenue, USD Billion; 2017–2027)
Mechanical
Electronic
Regional Outlook (Revenue, USD Billion; 2017–2027)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
BENELUX
Italy
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.
South Africa
Turkey
Rest of MEA
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