Global Medical Bionic Implant Market - 2022-2029

Global Medical Bionic Implant Market - 2022-2029

Market Overview

Medical Bionic Implant Market size was valued US$ 23,736 million in 2021 and is estimated to reach US$ 41,589 million by 2029, growing at a CAGR of 8.7% during the forecast period (2022-2029).

Bionics incorporates biology with electronics. It implants the special types of instruments or prosthetics that have been inserted into the human body to replicate the original organ function. Medical Bionics replaces or improves different parts of the body with automated adaptations. Advanced bionic implants have advantages over traditional prostheses, such as less tiredness, discomfort, and control in real-time. Medical bionic implants are assorted from the counterfeit organ as they mimic unique capacity completely or even show improvement over it.

Market Dynamics

The rising demand drives the market growth, increasing road accidents, growing geriatric population, rising number of chronic diseases among individuals, organ failure, increasing injuries and accidents, and occupational disabilities that demand medical bionic improve the problem.

Growing advancements in medical technologies and rising prevalence of chronic diseases are expected to drive market growth.

Growing advancements in medical technologies are fueling the medical bionic implant market. Growing public awareness about various diseases, advancements in medical bionic implant and artificial organ procedures, and the need for screenings conducted for early diagnosis and treatment of various diseases are also expected to favor the medical bionic implant market.

Moreover, people worldwide suffer from vascular diseases, including diabetes and peripheral arterial diseases, which increase the chances of amputations. In the U.S., there are about two million people who are living with limb loss. As per data from the National Center for Health Statistics, 185,000 amputations are conducted in the U.S. every year, and roughly 2 million people in the country are currently living with a lost limb. Rapid advancements in the medical bionic implants and market have led to new and improved robotics technology. Medical device makers are looking at emerging economies mainly because of their large populations and continued demand for bionic replacements.

Besides, a greater number of amputations coupled with improved capabilities of high-tech biomaterial-based implants contribute to the growth of the medical bionic implants and exoskeletons market. These factors are driving the growth of the medical bionic implant market.

The development of bionic arms shall stimulate market growth. In February 2020, the next milestone in the development of bionic arm prostheses with a major contribution from the Medical University of Vienna, in collaboration with the Massachusetts Institute of Technology (Center for Extreme Bionics) and the Department of electrical engineering at the University of Gothenburg, Oskar Aszmann's team in the clinical laboratory for bionic limb reconstruction at Meduni Vienna's department of surgery has developed the world's first fully-integrated bionic arm prosthesis that is ready to use. For the first time, this system is self-contained, and everything takes place directly in the arm. The battery inserts directly into the prosthesis and can easily be removed in the evening for recharging.

With quick technological advancement, rapid technological advancements in the medical field, the ever-increasing demand for medical bionics implants and artificial organs, the global medical bionic implant market is anticipated to develop during the forecast period vigorously.

Moreover, the concept of bionics is applied in other fields, such as the defense to build exoskeletons, which soldiers can wear. These exoskeleton suits or bionic suits help them carry heavy loads and improve their mobility on the battlefield. Bionic devices are being developed with various features such as printed prostheses with anatomically correct shapes along with cosmetic details and smartphone-controlled commands.

High cost of treatment and malfunction of device are expected to hamper the market growth.

The market is hindered by factors such as high cost of treatment, expensive devices, malfunction of devices, limited surgical expertise, and uncertain reimbursement scenarios in different regions are restraining the market's growth.

Industry Analysis

The global medical bionic implant market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, supply chain analysis, pricing analysis.

Segment Analysis

Heart bionics segment is expected to hold the largest market share in global medical bionic implant market

Medical bionic implant market is segmented based on vision bionics, heart bionics, orthopedic bionics, ear bionics, brain bionics, etc. Among these, heart bionics held the largest market share due to the high prevalence of cardiovascular disorders. Ear bionics are expected to gain substantial market share during the forecast period. These devices are preferred more by the patients owing to the ease and comfort they provide than drugs.

Orthopedic bionics an artificial replacement or substitute of bones in different parts of the body. The typical orthopedic prosthetic devices are for the hip, knee, elbow, ankle, and leg. According to Stanford Children’s Health 2020, there were an estimated 3.5 million sports injuries occurred; this significant number is expected to act as a driver to the market growth. Brain bionics are involved in inserting an implant inside a person’s head to specifically target faulty brain activity associated with making a person stay “stuck” in their depression.

Further, the market is also classified based on technology as Implantable and Externally Worn. The Implantable segment accounts for the highest market share due to the rising usage. These materials are used pacemakers, RFID tags, neurostimulators, and various other implants with wireless communication functions. The robust and rigid nature of ferrous metals leaves them nearly unaffected by extreme elements. However, their magnetic properties mean exposure to other magnetic fields must be minimized.

The Externally Worn segment is expected to have positive market growth due to the rising demand for body image compared to nontechnology users. Where appropriate, these data can be used to identify potential concerns, address strategies to mitigate them and inform people with diabetes when considering adopting external technologies.

Geographical Analysis

North America region holds the largest market share in the global medical bionic implant market

The medical bionic implant market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa based on the region. Among all of the regions, North America dominated the medical bionic implant market due to the demand for technologically advanced products coupled with strong R&D initiatives by the government and high patient awareness levels. Moreover, many research laboratories, biotechnology, and medical devices manufacturing companies in North America are projected to contribute to its growth. Also, the favorable healthcare compensation plans and high demand for organ transplantation are expected to propel the market's growth in North America.

The Asia Pacific is expected to have a significant market share due to the rising to a large consumer base, rising government initiatives for enhancing healthcare, and high disposable income. Rapidly developing India and China regions and growing patient awareness levels in this region are the major factors contributing to this region's growth. In several countries, national governments and regulatory bodies take collaborative measures to ensure a constant demand for the medical bionic implants market. The World Bank states that countries in the Asia-Pacific region have witnessed a marked rise in FDI. Emerging markets such as Malaysia, Indonesia, and India have recorded much higher economic growth rates than developed nations. This is expected to drive higher investment across the healthcare sector in all of these countries, boosting the global medical bionic implant market.

Competitive Landscape

Several local and international players are present in the market. The technological advancement, new product launches, availability of cost-effective solutions intensify the market competition. Orthofix International N.V., Touch Bionics Inc., Second Sight Medical Products, Inc., Ekso Bionics, St. Jude Medical, Inc., Lifenet Health Inc., and Otto Bock Inc. are the leading market players with significant market share.

Companies focus on developing and upgrading existing machinery to increase annual productivity and optimize processing operational flow. For instance, In 2019, Cochlear announced world’s 1st active osseo-integrated steady state implant, Osia. It utilizes digital piezoelectric stimulation that bypass the damaged areas of hearing system by which sound vibrations directly reaches to cochlea.

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for biomarkers and their expansion across the globe. For instance, in June 2020, Orthofix Medical Inc., a global medical device company focused on musculoskeletal healing products, announced the U.S. Food and Drug Administration clearance and the first patient implants FIREBIRD SI Fusion System. Designed to compress and stabilize the sacroiliac joint (also called the SI joint) during fusion, the FIREBIRD SI Fusion System is the first 3D printed titanium bone screw to launch in the U.S. for treating SI joint. The FIREBIRD SI Fusion System is designed with a porous mid-shaft region that allows the bone to grow into its surface – creating a bond between the implant and the patient’s bone at the SI joint.

Key Companies to Watch

Ekso Bionics Holdings Inc.:

Overview: Ekso Bionics is a bionic devices company that develops powered exoskeleton bionic devices that can be impoverished as wearable robots to increase the endurance, mobility and strength of people with paralysis and suffering from mobility issues after stroke or serious injury. It was founded in 2005 and is headquartered in California, United States.

Product Type Portfolio:

Ekso EVO: It is an assistive upper body exoskeleton that is endurance boosting and lightens the pressure of monotonous work. It is built on EksoVest technology.

Key Developments: In Jun 2020, Ekso Bionics holdings announced approval for its EksoNR by U.S.FDA to use on traumatic brain injury patients.

The global medical bionic implant market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.