Bionic Devices Market, Global Forecast 2023-2027, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis

Bionic Devices Market, Global Forecast 2023-2027, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis

Global Bionic Devices Market will grow and reach US$ 8.68 Billion by 2027 according to Renub Research. Bionic devices are implants used in place of the natural function of the body part that is lost due to nerve damage. An electronic or mechatronic part is used to replace or supplement the functionality of the damaged body part. The first bionic device types were pacemakers, but they have been expanded over time to incorporate cardiac pacemakers and urinary and diaphragm pacing devices.

Also, implantable electrodes have been used for functional electrical stimulation, enclosing a span of devices that enables the movement of muscles in individuals with nerve damage, such as people with paraplegia. Presently, the bionic eye is being developed by various companies worldwide to supply a user device to help sight-impaired individuals. According to our research findings, Worldwide Bionic Devices Market size was US$ 5.41 Billion in 2022.

Global Bionic Devices Market will grow at a CAGR of 9.92% during the forecast period 2022-2027:

The growing number of chronic conditions, increasing prevalence of hearing loss, the massive population of individuals with heart disease worldwide, the emergence of new medical facilities, and growth in expenses related to healthcare are some of the significant contributors to the development of the global bionic devices market. However, the high cost of bionic implant devices and the unsure reimbursement framework in various parts of the globe are the factors that are expected to restrain the market.

Cochlear Implant Device will lead in Treatment type

Based on treatment type, the global bionic devices market is divided into; Cochlear Implants, Exoskeletons, Bionic Cardiology, and Ventricular Assist Devices. Cochlear Implants device has the maximum market share due to rise in hearing loss. People with hearing loss can benefit from assistive devices, including cochlear implants, hearing aids, and others. The introduction of minimally invasive procedures, technological improvements, and favorable funding and reimbursements is fueling the growth of this industry.

Also, the growing elderly population is expected to propel the market's growth. The global population above 60 was at 1 billion in 2020 and is forecasted to reach 1.4 billion by 2050, according to World Health Organisation (WHO). Moreover, as a person's hearing ability lessens with age, the rise in the world's older population is expected to add to the market's growth.

By Fixation: Implantable devices have holds Maximum Market Share

By fixation, the global bionic device market is categorized into; Implantable and wearable/excessively worn. Implantable devices have dominated the market for the past few years. The reason for this dominance is a rapid increase in the geriatric population, rising awareness, technological improvements, and increased funding and investments.

The wearable/excessively worn device revenue is expected to rise at a lucrative rate due to the rising growth prospects of the wearable devices market. In addition, other factors, such as customer liking towards technologically advanced products, and the acceptance of wearables in various application areas, have also aided the growth of the market.

Mechanical Technology will lead the market share

Based on technology, the global bionic devices market is categorized into; electronics and mechanical devices. The mechanical bionic devices market share is expected to register significant growth in the market. The change can be attributed to the longevity it provides compared to other devices. In addition, the favorable reimbursement policies and the rise in FDA approvals are other factors contributing to the market's growth.

The electronic bionic devices market dominates the market share. However, most developing countries still use prosthetics, such as artificial hands, arms, and legs, for disabled people. This is mainly due to the high logistical and financial barriers of the individuals residing in these countries.

Increased number of road accidents causing a need of Bionic body parts will help Hospital sector to rise in Forecast Period

The end-user segment is divided into; clinics, hospitals, and others. The hospital segment has the highest market share due to the presence of skilled healthcare professionals, better facilities, and better and updated medical equipment.

Asia Pacific Region will grow in Future due to rise in Medical Tourism

The report classifies regions into; North-America, Europe, Asia-Pacific, and the Rest of the World. North America has the highest market due to the high prevalence of chronic diseases, rising healthcare expenditure, and acceptance of bionic devices. The region has also had the presence of various prominent market players, like Medtronic, Abbott, etc.

The Asia-Pacific market is forecasted to grow at a specific rate due to the increasing prevalence of disabilities, increasing demand for bionic implants, and rise in trauma and accidents, which propels the growth of the growth. According to UNPF (the United Nations Population Fund) 2019, 1 in 4 people in Asia Pacific will be over 60 years old by 2050. The geriatric population in Asian will triple between 2010 and 2050, reaching nearly 1.3 billion people. This increase in the population trend will help boost the overall market growth.

Key Players in Bionic Devices Market

The global bionic devices market is very competitive in nature and is filled with companies like; Abbott Laboratories, Abiomed, Edward Lifesciences Corp., Rewalk Robotics Ltd, Boston Scientific Corp, Baxter International Inc., Cochlear Ltd, Medtronic Plc and William Demant Holdings A/S.

 In July 2022, Startup Unlimited Tomorrow launched TrueLimb, a next-generation bionic arm. The hands have independent finger joints, 6 adaptive grips that conform to objects the wearer comes in contact with, and subtle vibrations.

 In February 2022, Cysoni bionic device was launched by Ceryx Medical for respiratory sinus arrhythmia. The Cysoni device replicates RSA, triggering heartbeats based on respiratory function.

Renub Research report titled “Bionic Devices Market Global Forecast by Treatment Type (Cochlear Implants, Exoskeletons, Bionic Cardiology, and Ventricular Assist Device), Fixation (Implantable, Extremely Worn/Wearable), Technology (Electronica, and Mechanical), End-User (hospitals, clinics, and others), Regions (North America, Europe, Asia-Pacific, and Middle East & Africa), Companies (Abbott Laboratories, Abiomed, Edward Lifesciences Corp, Rewalk Robotics Ltd., Boston Scientific Corp, Baxter International Inc., Cochlear Ltd., Medtronic Plc., and William Demant Holding A/S)” studies the global bionic devices Industry.

Treatment Type – Bionic Device Market breakup from 4 viewpoints:

1. Cochlear implants
2. Exoskeletons
3. Bionic Cardiology
4. Ventricular Assist Device

Fixation – Bionic Device Market breakup from 2 viewpoints

1. Implantable
2. Wearable/Extremely Worn

Technology – Bionic Device Market breakup from 2 viewpoints

1. Electronics
2. Mechanical

End-user – Bionic Devices Market breakup from 3 viewpoints

1. Hospitals
2. Clinics
3. Others

Region – Bionic Devices Market breakup from 4 Regions:

1. North America
2. Europe
3. Asia-Pacific
4. Middle-East & Africa

All key players have been covered from 4 viewpoints:

1. Overview
2. Strategy
3. Merger / Acquisition
4. Financial Insight

Company Analysis:

1. Abbott Laboratories
2. Abiomed
3. Edward Lifesciences Corp.
4. Rewalk Robotics Ltd
5. Boston Scientific Corp
6. Baxter International Inc.
7. Cochlear Ltd, Medtronic Plc
8. Medtronic Plc
9. William Demant Holdings A/S