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    Bionic Devices Market Report

    Bionic Devices Market Report
    Report code - SR1568 Delivery - 2 Weeks
    Bionic Devices Market Size, Share, Trend, Forecast, & Competitive Analysis: 2022-2028
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    Market Insights

    The Bionic Devices Market is estimated to grow from USD 5.35 billion in 2021 to USD 9.33 billion by 2028 at a healthy CAGR of 8.24% during the forecast period of 2022-2028.

    Bionic Devices Market Size

    What are bionics?

    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.

    Market Dynamics

    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.

    COVID-19 Impact on Bionic Devices Market

    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.

    Bionic Devices Market Snapshot

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    Key Players

    Key players operating in the bionic devices market are-

    • 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)
    • Mobius Bionics (US).

    Target Audience

    Here is the list of the group of customers that the bionic devices market hopes to have the greatest opportunity to convert-

    • Bionic Devices distributors
    • Bionic Devices suppliers
    • Bionic Devices manufacturers
    • Hospitals
    • Government bodies

    Segment Analysis

    Material Trends

    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.

    Regional Trends

    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 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.

    Market Segmentation

    Report Feature

    Market Segmentation

    4

    Regions Covered

    5

    Countries/Subregions Covered

    16

    Figures & Tables

    >90

    Company Profile

    10

     

    The market is segmented in the following ways:

    By Biomaterial Type

    • 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 Type

    • Implantable Bionics
    • External Bionics

    By Material Type

    • Tungsten
    • Silicon
    • Platinum-iridium
    • Stainless steel
    • Biologics

    By Region

    • North America
    • Europe
    • Asia-pacific
    • Middle East & Africa
    • South America

    Research Methodology

    For calculating the market size, our analysts follow either 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 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 multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, 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.

    Report Features

    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.

    The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    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 at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The bionic devices market is expected to witness an impressive growth of 8.24% 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 9.33 billion in 2028.

    The tungsten segment accounted for a substantial share in the bionic devices market in 2021.

    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.