Renub Research has recently released a report named ” Bionic Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” providing a detailed industry analysis that includes market share insights. In addition, the report covers research on competitors and regions and current advancements in the Bionic Devices Market.
The Bionic Devices Industry shall experience a CAGR of nearly 9.9%. Bionic devices are implanted substitutes for biological functions that have been lost due to nerve injury. They employ electrical impulses to excite nerve cells that have survived sickness or damage. The bionic eye is now being developed across the globe to help visually impaired individuals regain their sight. Bionic devices, which were originally employed for cardiac reasons, have developed to include urine and diaphragm pacing devices. Implantable electrodes offer functional electrical stimulation, allowing patients with nerve injury, such as paraplegics, to restore muscular mobility. These devices aid in limb mobility, sphincter control, and erectile function. The cochlear implant and the bionic eye are two well-known bionic devices. There are additional bionic devices such as actively stimulated nerve guides for treating nerve injuries and stimulated wound healing electrodes.
The FDA in the United States is in charge of regulating and approving medical devices, including bionic prosthetics. It rigorously supervises the whole process, from development through market approval and adverse event reporting after approval. Because of their wide categorization and implantability, these devices are classified as Class I, II, and III. All Class II and Class III devices must pass rigorous testing and provide technical documentation. Commercial usage needs premarket notification (510k), premarket approval (PMA), or investigational device exemption (IDE) depending on the device type. The FDA’s regulatory procedure for these approvals is often seen as onerous, time-consuming, and strict.
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In 2022, the global bionic devices market was valued at US$5.41 Billion.
The bionic devices market is developing as the incidence of chronic illnesses and impairments such as arthritis, diabetes, and amputations increases, necessitating mobility assistance for daily living tasks. Non-communicable diseases (NCDs) account for 74% of worldwide mortality, according to the World Health Organization (WHO), with 17 million deaths happening before the age of 70. Road traffic accidents are also a major hazard, killing around 1.3 million children and young people aged 5 to 29 each year.
Technological advancements have resulted in the creation of more complex and efficient bionic devices that provide increased comfort and usefulness. Rising demand for prosthetics and orthotics, particularly in densely populated emerging nations, is fuelling market expansion. Furthermore, the increased emphasis on research and development of new bionic technologies creates new chances for growth.
The Cochlear Implants device category is expected to account for the majority of the bionic devices market.
The cochlear implant device category has a dominant market position, which may be linked to the growing incidence of hearing loss globally. According to the World Health Organization, over 430 million people have debilitating hearing loss, and almost 1.5 billion people (nearly 20% of the world population) have some sort of hearing impairment. The use of assistive devices such as cochlear implants and hearing aids has become critical in assisting persons with hearing loss.
This segment’s development is being driven not just by the increased prevalence of hearing loss, but also by a number of other causes. Technology advancements have resulted in the creation of less intrusive therapies, making the devices more accessible to a greater audience. Furthermore, better technological characteristics such as greater sound quality and connection have made cochlear implants more desirable to those who suffer hearing loss.
Treatment Type – Bionic Device Market breakup from 4 viewpoints:
- Cochlear implants
- Bionic Cardiology
- Ventricular Assist Device
There is an expected substantial growth in the market for wearable or portable devices.
With technology improvements, the wearable, powerful, and compact bionic devices industry has expanded. The need for assistive equipment has grown as chronic illnesses and impairments are increasingly common. Telemedicine and mobile health (mHealth) have made remote monitoring and the provision of healthcare possible. Additionally, the creation of customised wearable technology that meets individual demands is a result of personalized medicine. Additionally, favourable government efforts and expenditures in medical technology and infrastructure have boosted the demand for bionic devices.
Fixation – Bionic Device Market breakup from 2 viewpoints
- Wearable/Extremely Worn
The market for mechanical devices including bionic devices will see tremendous expansion.
Mechanical devices in the area of bionics are gaining considerable popularity in underdeveloped nations owing to their cost-effectiveness compared to other bionic options. The cost of these mechanical solutions makes them more accessible to a broader audience, particularly in places with limited healthcare resources and budgetary restrictions. As a consequence, they have become a popular alternative for persons seeking assistive gadgets to boost their mobility and daily life tasks. The simplicity and longevity of mechanical devices contribute to their attractiveness, making them simpler to maintain and repair.
Moreover, favorable government regulations and reimbursement systems have played a vital role in promoting the expansion of mechanical devices in the market. Recognizing the relevance of these devices in empowering those with disabilities, governments in numerous countries have created laws that incentivise their use. This involves granting subsidies or financial support to minimize the strain on persons seeking mechanical equipment.
Technology – Bionic Device Market breakup from 2 viewpoints
The hospital sector leads the bionic device market in terms of end-users, retaining the biggest share.
Hospitals play a vital role in the bionic device industry, driven by their modern technology and trained healthcare workers. With their experience and state-of-the-art facilities, hospitals can give top-notch treatment and undertake difficult procedures for patients needing bionic devices. This guarantees that persons with diverse medical requirements get the best possible care and assistance.
Moreover, hospitals are in the forefront of addressing chronic illnesses and impairments, making them a substantial source of demand for bionic devices. As more patients seek medical aid to enhance their mobility and daily living activities, the need for these revolutionary gadgets continues to climb.
End-user – Bionic Devices Market breakup from 3 viewpoints
The Asia-Pacific bionic devices market is likely to see a considerable growth rate during the forecast period.
The Asia-Pacific region’s huge aging population increases the frequency of chronic illnesses and impairments, fuelling demand for bionic devices. Traumatic injuries and accidents are also on the increase, further raising demand. Increasing healthcare spending and government attempts to upgrade infrastructure and access to medical technology have further aided industry expansion. Significant players, qualified healthcare experts, and modern research facilities have also contributed to creating and implementing novel bionic devices.
Region – Bionic Devices Market breakup from 4 Regions:
- North America
- Middle-East & Africa
Abbott Laboratories, Abiomed, Edward Lifesciences Corp., Rewalk Robotics Ltd, Boston Scientific Corp, Baxter International Inc., Cochlear Ltd, Medtronic Plc, and William Demant Holdings A/S are among the companies vying for market share in the bionic devices market.
All key players have been covered from 4 viewpoints:
- Merger / Acquisition
- Financial Insight
- Abbott Laboratories
- Edward Lifesciences Corp.
- Rewalk Robotics Ltd
- Boston Scientific Corp
- Baxter International Inc.
- Cochlear Ltd, Medtronic Plc
- Medtronic Plc
- William Demant Holdings A/S
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