Global Medical Bionics Market - 2024-2031

Global Medical Bionics Market - 2024-2031

The global Medical bionics market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.

Global medical bionics are prosthetics or devices designed specifically for implantation in the human body to mimic the functioning of the original organ. The most important aspect of such implants is that they function as if they were normal organs, with no interruptions.

Artificial organs and bionic implants used in the medical field these devices are designed to replace or enhance the functionality of damaged or non-functioning organs in the human body. They are typically made of biocompatible materials and can be implanted permanently or temporarily, depending on the specific medical condition. The market includes a wide range of artificial organs, such as artificial hearts, cochlear implants, pacemakers, prosthetic limbs, and artificial pancreas, among others.

Market Dynamics: Drivers

Increased Incidence of Disabilities and Organ Failures

The demand for the global medical bionics market is driven by multiple factors. One of the key factors driving the market is the rising number of people with impairments and organ failures. For instance, in August 2023, the World Health Organisation released data indicating that almost 2.2 billion individuals globally suffered from blindness or vision impairment, of which at least 1 billion had untreated or avoidable illnesses.

Among this 1 billion people, the main conditions causing distance vision impairment or blindness are cataracts (94 million), refractive error (88.4 million), age-related macular degeneration (8 million), glaucoma (7.7 million), diabetic retinopathy (3.9 million) (1). The main condition causing near vision impairment is presbyopia (826 million).

The lack of suitable organs for transplantation has been a significant problem. The need for organ donors is growing and is significantly greater than the available supply. Those who require organ replacements or transplants can have their requirements met via bionics. It can mimic the way injured organs work. The copy is nearly identical. The bionics sector and artificial organs have benefited greatly from this degree of organ shortage.

In addition, this industry's growing technological advancements and rising product approval rates are also expected to drive market expansion. For instance, in March 2022, Zimmer Biomet Holdings, Inc. released WalkAI, an evolving AI design that recognizes patients who are expected to have a lesser gait speed outcome ninety days after hip or knee surgical intervention. WalkAI augments ZBEdge, a suite of integrated smart, robotic technologies digitally designed to offer transformative data-powered clinical insights to boost patient outcomes, with strong predictive analytic capabilities.

Restraints

Factors such as the high cost of devices & treatment, stringent regulatory approval process, product recalls, limited availability of surgical professionals, and the fear of device malfunction and its consequences, are expected to hamper the market.

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Segment Analysis

The global medical bionics market is segmented based on product, fixation, technology, end-user, and region.

The cochlear implants segment accounted for approximately 56.3% of the global medical bionics market share

The cochlear implants segment is expected to hold the largest market share over the forecast period. To replace injured cochlear parts, the cochlear implant transmits electrical impulses to the brain, converts sound into electrical signals, and helps people hear again. As hearing bionics, it is used by those with mild to severe hearing loss.

Moreover, the launch of technologically improved items by the major industry players facilitates the market's expansion. For instance, in January 2022, Cochlear Limited got the United States Food and Drug Administration (U.S. FDA) approval to treat unilateral hearing loss (UHL) or single-sided deafness (SSD) using Cochlear Nucleus Implants.

Also, in March 2024, Swiss cochlear implant technology company Advanced Bionics (AB) announced the US Food and Drug Administration (FDA) approval and expansion of its Marvel CI product offerings. The expansion includes remote programming through the patient’s smartphone using the AB Remote Support app, making hearing care more accessible for cochlear implant (CI) patients.

Geographical Analysis

North America accounted for approximately 47.4% of the global medical bionics market share

North America region is expected to hold the largest market share over the forecast period owing to the increased incidence of chronic diseases and the growing desire for minimally invasive surgical procedures.

Moreover, in this region, well-developed healthcare infrastructure, government initiatives, awareness programs, and the presence of major players help to drive this market growth. For instance, in July 2022, Prosthetics startup Unlimited Tomorrow launched TrueLimb, its next-generation bionic arm. The hands have independent finger joints and six adaptive grips, which conform to objects the wearer comes in contact with and subtle vibrations.

Also, in October 2022, Advanced Bionics launched the emotional patient ‘THE MOMENT’ campaign and it illustrates how life with a cochlear implant can help people with hearing loss connect with their loved ones.

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted the global medical bionics market. For people experiencing organ failure and limitations of any kind, the pandemic created additional difficulties. Many hospitals were limited to non-elective surgeries and procedures because of social distancing, instead, to get over the restrictions placed on market expansion, they were providing patients with disabilities with video conferences.

The research study by Harper L. Wilson et al. in September 2021, claims that during the COVID-19 pandemic, adult cochlear implant users and those residing in rural areas faced more challenges, such as access to healthcare and pandemic preparedness. However, continued immunizations and a drop in COVID-19 are expected to cause the market under investigation to reach its maximum potential over the projection period.

During pandemic time, in the U.S., the disabled population has been particularly heavily hit by the COVID-19 pandemic. People with eyesight and hearing impairments, as well as other disadvantaged populations in the region, are particularly struggling as a result of the coronavirus lockdown. To address the needs of individuals with disabilities relating to the COVID-19 pandemic, the Disability Inclusion Fund (DIF) in 2020 announced the establishment of a USD 200,000 quick-reaction fund in several countries, including the United States.

Market Segmentation

By Product
• Vision Bionics
• Ear Bionics
Cochlear Implant
Bone-anchored Hearing Aid (BAHA)
• Orthopedic Bionics
Bionic Hand
Bionic Leg
• Cardiac Bionics
Heart Valves
Ventricular-assisted Device
Pacemaker
Others
• Neural Bionics
• Others

By Fixation
• Implantable Bionics
• External Bionics

By Technology
• Mechanical
• Electronic

By End-User
• Hospitals and Clinics
• Ambulatory Surgical Centers
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the medical bionics market include Medtronic, Abbott, PIXIUM VISION, Open Bionics, Advanced Bionics AG and affiliates, Bionic Prosthetics & Orthotics Group LLC, Cochlear Limited, Ekso Bionics, Mobius Bionics, and Ottobock among others.

Key Developments

 In January 2024, Ekso Bionics Holdings, Inc. an industry leader in exoskeleton technology for medical and industrial use, announced the launch of GaitCoach its next-generation gait therapy software for EksoNR. This new software simplifies the use of robotics to improve user trust in technology, providing impactful, dynamic feedback, and offering specific guidance acting as an extra set of clinical eyes.

 In October 2023, French player Pixium Vision announced it was looking for a buyer to support the company's financial needs. The company is developing bionic implants for the eyes.

 In December 2022, VanEck launched the first-ever exchange-traded fund (ETF) in Europe that exclusively targets companies involved in bionic engineering within the healthcare industry. The primary holdings of the ETF include Dexcom, a business involved in the manufacturing of glucose monitoring implants, Stryker, a producer of orthopedic and neurotechnology implants, and Edwards Lifesciences, a specialist in artificial heart valves.

 In February 2022, Ceryx Medical launched a Cysoni bionic device for respiratory sinus arrhythmia. It is noted that the Cysoni device replicates RSA, triggering heartbeats based on respiratory function.

Why Purchase the Report??
• To visualize the global medical bionics market segmentation based on product, fixation, technology, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of global medical bionics market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in excel consisting of key products of all the major players.

The global medical bionics market report would provide approximately 70 tables, 71 figures, and 181 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies