Bionic Devices Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026
Report ID: GMI4609
Bionic Devices Market size is projected to experience significant growth from 2020 to 2026. Bionic devices are artificially constructed devices used for replacing missing or failing body parts. The functionality of these devices is similar to natural movement of body parts. The bionic devices are used for regeneration, repair or replacement of damaged tissue cells that are affected by disease or an injury. These devices are beneficial to restore the functionality of various organs such as eye, limbs and heart among others.
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Growing prevalence of organ transplantation will pose to be a major factor impacting bionic devices market growth. As per the National Kidney Foundation estimates, by 2016, around 121,678 patients were waiting for organ transplant in the U.S. The incidences of organ failure are observed in geriatric patients due to hypermetabolism and infections. These bionic devices provide stability and control over organs and improve patient’s natural movement. Increasing prevalence of organ transplantation coupled with expanding applications of bionic devices will positively impact the market growth in the forthcoming years.
The technological advancements in bionic devices will boost the market size in the forthcoming years. The introduction of mind-controlled bionic limbs has made replication of normal tissue and functionality easier. These prostheses integrate with body tissue and nervous system resulting in improvement in response to commands of the central nervous system. Various devices such as myoelectric limbs, osseointegration, and external prosthetic limbs among others have improved the quality of patient’s life. Moreover, continuous innovations and spending on R&D will offer robust growth opportunities to bionic devices business. However, the high cost of devices, fear of malfunction and lack of skilled professionals may hamper the industry growth during the forecast period.
On the basis of product type, the market is segmented as ear bionic devices, orthopedic bionic devices, cardiac devices, brain devices, eye bionic devices, and others. Ear bionic devices segment will witness substantial growth during the forecast years due to its ability to restore and improve the functions of the ear. The segment is further bifurcated into middle ear implant, cochlear implant, electro-acoustic stimulation implant, and auditory brainstem implant. These implants serve to improve and restore hearing loss by converting sound into nerve impulses. Furthermore, the ongoing research studies will further enhance the segment growth over the forthcoming period.
Based on material, the bionic devices market is segmented as tungsten, silicon, platinum-iridium, stainless steel, and biologics. The tungsten segment will witness rapid growth owing to its high density, tensile strength, radiopacity and yield point. The resistance to corrosion in body fluids has increased the demand for tungsten implants, thereby driving the demand for bionic devices in the upcoming years.
The fixation segment is divided into implantable bionics and external bionics. The implantable devices will foresee lucrative growth in the future. The implantable bionic devices offer improved functionality of the patients resulting in extended life. The increased adoption of implantable devices is due to its mechanical stability, low toxicity, and chemical inertness. Additionally, these devices adapt to complex biochemistry of the body, thereby rendering a positive impact on its demand.
End-user of the bionic devices include hospitals & clinics, research & academic institutes, and others. Increasing number of organ transplants for effective treatment of organ failure and chronic disease & disorders in hospital settings will impact the segmental growth. Availability of advanced technologies and provision of holistic care will be conducive to segmental growth. Moreover, the presence of skilled medical professionals in hospitals will augment the segmental growth.
The U.S. bionic devices market accounted for significant revenue share in 2019 and is estimated to show substantial growth over the forecast period. Increasing need of organ transplants owing to rising incidences of diseases and disorders in the country will accelerate the market growth. Moreover, the strong foothold of key market players in the country, focusing on development of advanced devices will stimulate the U.S. bionic device market during the forthcoming years.
Key players such as Ekso Bionics, Mobius Bionics, Nano Retina, Open Bionics, and Össur are involved in the global bionic devices market share. These players are adopting product development strategies for business expansion. For instance, in August 2019, Ekso Bionics launched a neurorehabilitation suit, the EksoNR. The suit is designed for patients to recover from stroke and helps them with natural movement. This product launch has helped the company to expand its product portfolio and increase customer base.
Bionic Devices Market, By Product Type, 2015 - 2026 (USD Million)
- Ear bionic devices
- Middle ear implant (MEI)
- Cochlear implant (CI)
- Electro-acoustic stimulation (EAS) implant
- Auditory brainstem implant (ABI)
- Orthopedic bionic devices
- Trans radial
- Trans humeral
- Cardiac devices
- Total artificial heart
- Caged ball
- Biological (bioprosthetic/tissue)
- Tissue-engineered valves
- Ventricular assist devices (VADs)
- Brain devices
- Spinal cord stimulator
- Eye bionic devices
Bionic Devices Market, By Material, 2015 - 2026 (USD Million)
- Stainless steel
By Fixation, 2015 - 2026 (USD Million)
- Implantable bionics
- External bionics
By End-use, 2015 - 2026 (USD Million)
- Hospitals & clinics
- Research & academic institutes
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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