Renub Research has recently released a report named “Bionic Devices Market, Global Forecast 2023-2027, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” providing a detailed industry analysis that includes market share insights. In addition, the report covers research on competitors and regions and current advancements in the Bionic Devices Market. The Bionic Devices Industry shall experience a CAGR of nearly 9.9% from 2022 to 2028. Bionic devices mimic or supplement missing or damaged body parts, restoring physical ability and mobility for people with disabilities, injuries, or diseases. They range from simple aids to complex devices, using advanced technologies like robotics, AI, and biofeedback to provide natural movements and feedback.
There is an increasing prevalence of chronic diseases and disabilities, such as arthritis, diabetes, and amputations, which require bionic devices to aid in mobility and daily living activities, adding to the growth in the bionic devices market. As per the World Health Organization (WHO), non-communicable diseases (NCDs) or chronic diseases are responsible for the deaths of 41 million people annually, accounting for 74% of all global deaths. Furthermore, 17 million people die from NCDs before the age of 70 each year. The organization also states that road traffic crashes result in the highest fatalities among children and young adults aged 5-29 years, with around 1.3 million deaths occurring annually.
Additionally, technological advancements have made it viable to develop more advanced and sophisticated bionic devices that are more efficient, comfortable, and functional. Moreover, the rising demand for prosthetics and orthotics, particularly in developing countries with large populations, is further driving the growth of the bionic devices market. Finally, there is an increasing focus on research and development of new bionic technologies, which shall provide further growth opportunities.
Cochlear Implants device segment is projected to hold the largest share of the Bionic Devices Market
The dominant market share of the cochlear implant device segment can be due to the increasing prevalence of hearing loss. Disabling hearing loss affects 430 million people worldwide, as per the World Health Organization (WHO), with over 1.5 billion people (nearly 20% of the global population) experiencing some form of hearing loss. People with hearing loss can benefit from assistive devices like cochlear implants and hearing aids. The segment’s growth is also driven by the introduction of minimally invasive procedures, technological advancements, and favorable funding and reimbursements.
Treatment Type – Bionic Device Market breakup from 4 viewpoints:
- Cochlear implants
- Bionic Cardiology
- Ventricular Assist Device
Wearable or portable devices market is anticipated to experience significant growth
Advancements in technology have led to the growth of smaller, lightweight, and more powerful wearable devices in the bionic devices market. The rising prevalence of chronic diseases and disabilities has also increased the demand for assistive devices. Mobile health (mHealth) and telemedicine have created new opportunities for remote monitoring and care delivery. Personalized medicine has resulted in customized wearable devices that meet individual needs. Additionally, favorable government initiatives and investments in healthcare infrastructure and technology have further supported the growth of the bionic devices market.
Fixation – Bionic Device Market breakup from 2 viewpoints
- Wearable/Extremely Worn
Bionic devices market shall experience significant growth in the segment of mechanical devices
The cost-effectiveness of mechanical devices compared to other bionic devices drives their adoption in developing countries. Also, the simplicity and durability of mechanical devices make them easier to maintain and repair, which further contributes to their popularity. Finally, favorable government and reimbursement policies for mechanical devices support market growth.
Technology – Bionic Device Market breakup from 2 viewpoints
Based on end-users, the hospital segment holds the largest share of the bionic devices market
Hospitals have advanced technologies and skilled healthcare professionals that can provide high-quality care and perform complex surgeries for patients needing bionic devices. Additionally, hospitals are a significant source of demand for bionic devices due to the prevalence of chronic conditions and disabilities among patients seeking medical treatment. They also have access to resources such as funding and reimbursement opportunities that can support the adoption of bionic devices.
End-user – Bionic Devices Market breakup from 3 viewpoints
During the forecast period, a high growth rate is anticipated for the Asia-Pacific bionic devices market
The Asia-Pacific region’s sizeable aging population increases the prevalence of chronic diseases and disabilities, driving demand for bionic devices. Traumatic injuries and accidents are also on the rise, further boosting demand. Increasing healthcare expenditure and government initiatives to update infrastructure and access to medical technologies have also supported market growth. Significant players, skilled healthcare professionals, and advanced research facilities have also contributed to developing and adopting innovative bionic devices.
Region – Bionic Devices Market breakup from 4 Regions:
- North America
- Middle-East & Africa
The bionic devices market is characterized by intense competition, with numerous companies such as Abbott Laboratories, Abiomed, Edward Lifesciences Corp., Rewalk Robotics Ltd, Boston Scientific Corp, Baxter International Inc., Cochlear Ltd, Medtronic Plc, WilliamDemant Holdings A/S vying for market share.
All key players have been covered from 4 viewpoints:
- Merger / Acquisition
- Financial Insight
- Abbott Laboratories
- Edward Lifesciences Corp.
- Rewalk Robotics Ltd
- Boston Scientific Corp
- Baxter International Inc.
- Cochlear Ltd, Medtronic Plc
- Medtronic Plc
- William Demant Holdings A/S