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Bionic Devices Market Growth Analysis | 2022-2028
Bionic Devices Market Size, Share, Trends, Forecast, & Growth Analysis - 2022-2028
The bionic devices market was estimated at USD 5.35 billion in 2021 and is likely to grow at a CAGR of 8.24% during 2022-2028 to reach USD 9.33 billion in 2028.
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What are bionics?
Bionics are artificial devices that 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.
COVID-19 Impact
The COVID-19 outbreak negatively affected the growth of the bionic devices market. The pandemic caused added challenges for patients who have 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 restrict the growth of the market.
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Bionic Devices Market Report Highlights |
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Market Size in 2021 |
USD 5.35 billion |
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Market Size in 2028 |
USD 9.33 billion |
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Market Growth (2022-2028) |
8.24% CAGR |
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Base Year of Study |
2021 |
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Trend Period |
2017-2020 |
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Forecast Period |
2022-2028 |
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.
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Key players operating in the market are-
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 2021. 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 2021 and is projected to continue its dominance during the review period. This is mainly attributed to the surge in the prevalence of accident cases, the rise in the number of approvals for novel bionic devices, the large presence of advanced healthcare infrastructure, the 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 enhancement of healthcare infrastructure, and the presence of major players operating in the region, further proliferates the regional growth.
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Critical Questions Answered in the Report
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The bionic devices market is segmented in the following ways.
By Biomaterial Type
By Fixation Type
By Material Type
By Region
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For calculating the market size, our analysts follow either a Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
We leverage a multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentations, white papers, and articles to gather the data.
More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
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Key questions this report answers |
Relevant contents in the report |
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How big is the sales opportunity? |
In-depth Analysis of the Bionic Devices Market |
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How lucrative is the future? |
Market forecast and trend data and emerging trends |
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Which regions offer the best sales opportunities? |
Global, regional, and country-level historical data and forecasts |
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Which are the most attractive market segments? |
Market Segment Analysis and Forecast |
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What are the top players and their market positioning? |
Competitive landscape analysis, Market share analysis |
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How complex is the business environment? |
Porter’s five forces analysis, PEST analysis, Life cycle analysis |
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What are the factors affecting the market? |
Drivers & challenges |
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Will I get the information on my specific requirements? |
10% free customization |
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.
Bionics are artificial devices that 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.
The bionic devices market was estimated at USD 5.35 billion in 2021.
The bionic devices market is likely to reach USD 9.33 billion in 2028.
The bionic devices market is likely to grow at a CAGR of 8.24% during 2022-2028.
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 market.
The tungsten segment accounted for a substantial share of the market in 2021.
North America is expected to remain dominant in the market in the coming years.
Bionic Devices distributors, Bionic Devices suppliers, Bionic Devices manufacturers, Hospitals, and Government bodies are the target audience in the market.
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