Bionic Devices Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Bionic Devices Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Bionic Devices Market is forecasted to be priced at around US$ 9.37 Billion by 2030, according to Renub Research. The demand for bionic devices has surged in modern times because of their transformative effect on the quality of existence. These innovations, including prosthetic limbs and cochlear implants, help bridge the space between disability and capacity. Advancements in technology, such as biofeedback systems and neural interfaces, are increasingly popular for their seamless integration with the human body. As society embraces inclusivity and accessibility, bionic devices are not just tools but symbols of empowerment, propelling their sizable adoption and recognition.

Bionic Devices Market is predicted to advance at a CAGR of 8.44% between 2024 and 2030

The market is witnessing a substantial increase propelled by the escalating prevalence of continual illnesses and disabilities internationally. Conditions, which include diabetes, cardiovascular ailments, and age-related disabilities, are driving the need for modern solutions to replace functionality and develop quality of life. Bionic devices offer a promising road for individuals facing mobility, sensory, or organ-related challenges. Further, road traffic wounds are the foremost cause of death by damage globally. According to the World Health Organisation, about 1.19 million humans die each year because of street traffic crashes, and it costs most countries 3% of their gross domestic product. This boom in road accidents has led to misplaced limbs, and bionic devices now give humans a second chance at life, resulting in steady market growth.

Technological improvements and extensive research and improvement efforts are critical drivers for expanding the development of the global bionic devices market. Breakthroughs in materials, technological know-how, robotics, and bioengineering have created more and better state-of-the-art bionic devices that carefully mimic natural human features. From neural interfaces for seamless brain-machine communication to advanced sensors enhancing observation mechanisms, innovation is unlocking new possibilities. This relentless pursuit of development enhances device performance and expands the range of applications, driving a market boom and fostering an inclusive future.

North America currently holds a dominant function in the bionic devices market. The area is profiting from expanded demand for non-invasive surgical methods and an upward push in chronic sicknesses, supporting growth. Rehabilitation and functional recovery have become increasingly important in healthcare, and bionic devices are critical in helping people with disabilities regain or enhance their physical abilities. Integrating bionic devices into rehabilitation packages has shown promising outcomes, significantly improving mobility, sensory belief, and usual capability. This developing emphasis on rehabilitation and functional healing is vital to adopting and utilizing bionic devices. So, the global bionic devices market was US$ 5.32 Billion in 2023.

Auditory Bionic/Cochlear implants might drive the bionic devices market

By products, the global bionic devices market is fragmented into Auditory Bionic/Cochlear Implants, Heart Transplant, Orthopedic Bionics, and Neural Bionics. Auditory bionic/cochlear implants are poised to be one of the steering factors in the global bionic devices market. This is due to their profound effect on improving hearing competencies. With a rising incidence of hearing impairments worldwide, these implants provide an existence-changing response by immediately stimulating the auditory nerve. Technological improvements have progressed implant layout, capability, and compatibility, leading to better adoption costs. Further, increasing consciousness and attractiveness of such implants among scientific professionals and sufferers bolsters their function as frontrunners in the bionic devices market.

Implantable fixation is one of the increasing segments of the bionic devices market

By fixation, the global bionic devices market is segmented into Implantable and Wearable/Externally Worn. Implantable fixation emerges as one of the recognized segments in the market due to its crucial position in numerous medical strategies. These devices, along with bone anchors and screws, offer secure attachment points for prosthetics, implants, and orthopedic constructs, making sure stability and sturdiness. As the aging population grows and demand for joint replacements and orthopedic surgeries increases, implantable fixation will become indispensable. Technological advancements improving biocompatibility, durability, and customization similarly power its reputation, positioning it as a cornerstone in the bionic devices market.

Mechanical technology plays a crucial role in the worldwide market of bionic devices

By technology, the global bionic devices market is categorized into Electronics and Mechanical. Mechanical technology is among the critical segments in the global bionic devices market. This is thanks to its versatility and vast applicability throughout numerous clinical fields. Mechanical gadgets offer tangible answers for mobility impairment and rehabilitation, from prosthetic limbs to exoskeletons. Advancements such as lightweight materials, advanced joints, and responsive control structures enhance capability and personal experience. With a growing older population and an increasing occurrence of disabilities, mechanical bionic devices have become crucial tools that ensure independence and improve the quality of life. This drives their significance in the bionic devices market.

Hospitals and clinics might lead the bionic devices market

By end-users, the global bionic devices market is classified into Hospitals & Clinics, Ambulatory Surgical Centers, and Healthcare Facilities. Hospitals and clinics are anticipated to be one of the dominant sections in the bionic devices market. This is because of their pivotal function as healthcare carrier providers and points of access for patients. These establishments function as hubs for prognosis, treatment, and rehabilitation, propelling the demand for bionic devices throughout numerous scientific specialties. With a focus on turning into comprehensive care, hospitals and clinics invest in trendy technology and partner with device producers to provide modern-day solutions to patients. This symbiotic relationship positions them as dominant players in the bionic devices market, facilitating massive adoption and accessibility.

United States leads the bionic devices market and is expected to maintain its dominance in the forecast period

By countries, the global bionic devices market is divided into North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey), Asia Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, New Zealand), Latin America (Brazil, Mexico, Argentina), Middle East & Africa (South Africa, Saudi Arabia, and the United Arab Emirates). The United States holds the highest market percentage of bionic devices. This is because of its robust healthcare infrastructure, excessive healthcare spending, fostering innovation, and adopting superior scientific technology. The presence of leading bionic tool manufacturers, research institutions, and skilled healthcare professionals further solidifies its role. Also, favorable reimbursement regulations and substantial patient masses drive market growth. With a lifestyle of innovation and entrepreneurship, the United States keeps the lead in developing and commercializing contemporary bionic devices, maintaining its dominance globally.

Key Players

Abbott Laboratories, Abiomed, Edward Lifesciences Corp., Rewalk Robotics Ltd., Boston Scientific Corp, Baxter International Inc., Cochlear Ltd., Medtronic Plc, William Demant Holdings A/S, and EKSO Bionics Holdings Inc. are the major companies in the global bionic devices market.

In July 2023 - Abbott announced that the AVEIR dual chamber (DR) leadless pacemaker system had been affirmed by the United States Food and Drug Administration (FDA). This innovative system is the first of its kind, offering a dual chamber leadless pacing solution to help patients suffering from abnormal or slow heart rhythms.

Renub Research report titled “Global Bionic Devices Market By Product (Auditory Bionic/Cochlear Implants, Heart Transplant, Orthopedic Bionics, and Neural Bionics), Fixation (Implantable and Wearable/Externally Worn), Technology (Electronics and Mechanical), End-Users (Hospitals & Clinics, Ambulatory Surgical Centers, and Healthcare Facilities), Countries (North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey), Asia Pacific (China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, New Zealand), Latin America (Brazil, Mexico, Argentina), Middle East & Africa (Saudi Arabia, and the United Arab Emirates, South Africa)) Company Analysis (Abbott Laboratories, Abiomed, Edward Lifesciences Corp., Rewalk Robotics Ltd., Boston Scientific Corp, Baxter International Inc., Cochlear Ltd., Medtronic Plc, William Demant Holdings A/S, and EKSO Bionics Holdings Inc.)” provides a complete study of the Global Bionic Devices Industry.

Product – Bionic Devices Market breakup in 4 viewpoints:

1. Auditory Bionic/Cochlear Implants
2. Heart Transplant
3. Orthopedic Bionics
4. Neural Bionics

Fixation – Bionic Devices Market breakup in 2 viewpoints:

1. Implantable
2. Wearable/Externally Worn

Technology – Bionic Devices Market breakup in 2 viewpoints:

1. Electronics
2. Mechanical

End-User – Bionic Devices Market breakup in 3 viewpoints:

1. Hospitals & Clinics
2. Ambulatory Surgical Centers
3. Healthcare Facilities

Countries – Bionic Devices Market breakup of 25 Countries:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey

3. Asia Pacific

3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand

4. Latin America

4.1 Brazil
4.2 Mexico
4.3 Argentina

5. Middle East & Africa

5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa

All the Key players have been covered from 3 Viewpoints:

• Overview
• Recent Developments
• Revenue Analysis

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.
8. Medtronic Plc,
9. William Demant Holdings A/S
10. EKSO Bionics Holdings Inc.