Bionic Devices Market Report
Bionic Devices Market, By Biomaterial (Vision Bionics, Ear Bionics [Cochlear Implant, Bone-anchored Hearing Aid (BAHA)], Orthopedic Bionic [Bionic Hand, Bionic Leg], Cardiac Bionics [Heart Valves, Ventricular-assisted Device, Pacemaker, Others]), By Fixation (Implantable Bionics, External Bionics), By Material (Tungsten, Silicon, Platinum-iridium, Stainless steel, Biologics) and Region - COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global bionic devices market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
Bionic Devices Market, By Biomaterial (Vision Bionics, Ear Bionics [Cochlear Implant, Bone-anchored Hearing Aid (BAHA)], Orthopedic Bionic [Bionic Hand, Bionic Leg], Cardiac Bionics [Heart Valves, Ventricular-assisted Device, Pacemaker, Others]), By Fixation (Implantable Bionics, External Bionics), By Material ...
Impact of COVID-19 on Bionic Devices Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Bionic Devices Market is estimated to grow from USD 16.8 billion in 2020 to USD 26.8 billion by 2026 at a healthy CAGR of 8.2% during the forecast period.
Bionics are artificial devices which will be implanted or integrated into human bodies to either replace a natural organ or offer support to revive a particular function, or a gaggle of related functions, helping the patient to return to his normal life. These devices are implants that replace biological functions lost because of nerve damage. They use electrical signals to stimulate the remaining nerve cells following disease or injury.
Key players operating in the bionic devices market are-
Rising incidence of disabilities and organ failures, high incidence of road accidents, and technological advancements, leading to amputations, which boosts the product demand. Another key factor is the scarcity of donor organs. The lack of availability of potential organs to transplant has been a key issue. The demand for organ donors is growing and is very high compared to the actual supply. Bionics can serve the needs of those in need of organ transplantations and replacements. It can replicate the function of damaged organs. The replication is almost the same. This level of scarcity of organs has offered significant growth opportunities to the market players.
Based on material, the market has been classified into tungsten, silicon, platinum-iridium, stainless steel, and biologics. The tungsten segment accounted for a substantial market share in 2020. This is mainly ascribed to its high density, radiopacity, tensile strength, and yield point. The resistance to corrosion in body fluids has surged the demand for tungsten implants, which further bolsters the segment growth in the coming years.
The market in North America accounted for the largest share in 2020 and is projected to continue its dominance during the review period. This is mainly attributed to the surge in prevalence of accident cases, rise in the number of approval for novel bionic devices, the large presence of advanced healthcare infrastructure, growing demand for non-invasive surgical procedures, as well as presence of major market participants. In addition, the surge in R&D activities in the healthcare sector and enhancement of healthcare infrastructure, and presence of major players operating in the region, which further proliferates the regional growth.
The COVID-19 outbreak negatively affected the growth of the bionic devices market. The pandemic caused added challenges for patients who are having some form of disabilities and organ failures. Due to social distancing, many hospitals have been restricted to non-elective procedures and surgeries, and they were instead offering patients video conferencing with disabilities to overcome the limitations of the market growth. In addition, there are limitations associated with treatments, which restricted the growth of the market.
Here is the list of the group of customers that the bionic devices market hopes to have the greatest opportunity to convert-
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The bionic devices market is expected to witness an impressive growth of 8.2% CAGR in the coming years.
Pixium Vision (France), Open Bionics (UK), Bionics Scientific Technologies (P) Ltd (India), Advanced Bionics AG (Switzerland), Bionic Prosthetics and Orthotics (India), Cochlear Limited (Australia), Edward Lifesciences Corporation (US), Ekso Bionics (US), Medtronic PLC (Ireland), and Mobius Bionics (US) are among the key players in the bionic devices market.
The bionic devices market size is expected to reach USD 26.8 billion in the foreseeable future.
The tungsten segment accounted for a substantial share in the bionic devices market in 2020.
North America is expected to remain dominant in the bionic devices market in the coming years.
Bionic Devices distributors, Bionic Devices suppliers, Bionic Devices manufacturers, Hospitals, Government bodies are the target audience in the bionic devices market.