Key factors supporting the global bionics market revenue growth are increase in global geriatric population, increasing incidences of age-related disorders, rising cases of road accidents and irreversible physical injuries that lead to organ failure or organ deletion, and increasing volumes of organ transplantation procedures.
Emergen Research has published its latest report titled “Bionics Market, By Product Type (Ear Bionics, Vision Bionics, Orthopedic Bionics, Cardiac Bionics, Neural/Brain Bionics), By Method of Fixation (External Bionics, Implantable Bionics), By Technology (Mechanical, Electronic), and By Region, Forecast to 2028”
Market Dynamics:
Key factors supporting the global bionics market revenue growth are increase in global geriatric population, increasing incidences of age-related disorders, rising cases of road accidents and irreversible physical injuries that lead to organ failure or organ deletion, and increasing volumes of organ transplantation procedures. Bionics, also known as biologically inspired engineering, refers to the application of several biological methods to the study and design of modern engineering systems.
The concept of bionics is rapidly transforming the healthcare industry, and development of leading-edge bionic technologies is contributing to the global market revenue growth significantly. Bionic implants are electromechanical in nature and imitate the functions of specific body parts that need to be replaced. Increasing awareness of the benefits of organ transplant, continuous advancements in 3D bioprinting technology, growing use of advanced bionic implants, and increasing investments by government and private organizations in biotechnological research & development activities are among the other important factors expected to drive the global bionics market revenue growth over the next few years.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Ear Bionics Segment Accounted for Largest Revenue Share in 2020:
Based on product type, the global bionics market is segmented into Ear Bionics, Vision Bionics, Orthopedic Bionics, Cardiac Bionics, and Neural/Brain Bionics. The ear bionics segment held the largest revenue share in the global market in 2020. Major factors driving revenue growth of this segment are rapidly growing geriatric population, increasing incidences of hearing disorders leading to hearing loss/deafness, rising volumes of ear surgeries, and growing use of advanced cochlear implants, bone-anchored hearing systems, and auditory brainstem implants.
Implantable Bionics Segment to Account for Fastest Revenue CAGR:
Based on method of fixation, the global bionics market is segmented into External Bionics and Implantable Bionics. The implantable bionics segment is expected to register the fastest revenue CAGR in the global market over the forecast period. Key factors contributing to revenue growth of this segment include rising cases of severe road accidents and physical injuries, rapid adoption of advanced bionic devices, growing demand for implantable bio-implants owing to various advantages over external bionics, and rising healthcare expenditure.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America bionics market accounted for the highest revenue share contribution in the global market in 2020. Growing geriatric population, increasing occurrences of road accidents and irreversible physical injuries, emergence of highly advanced bionic technologies, and rising demand for high-end, advanced bionic devices are key drivers for the North America market revenue growth. Market growth is further boosted by factors such as rise in healthcare expenditure, growing per capita income, and presence of avant-garde healthcare infrastructure in the region.
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Major Companies in the Global Bionics Market Include:
- Medtronic Plc
- Abbott Laboratories
- Biomet, Inc.
- Zimmer Biomet
- Iwalk, Inc.
- ABIOMED, INC
- Berlin Heart Gmbh
- Ekso Bionics Boston Scientific Corporation
- Edward Lifesciences Corporation
- Jarvik Heart, Inc.
- Heartware International, Inc.
- SynCardia Systems, LLC
For the purpose of this report, Emergen Research has segmented the global bionics market based on product type, method of fixation, technology, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Ear Bionics
- Cochlear Implants
- Auditory Brainstem Implants
- Bone Anchored Hearing Systems
- Vision Bionics
- Orthopedic Bionics
- Upper limb
- Lower limb
- Exoskeleton
- Electrical Bone Growth Stimulators
- Cardiac Bionics
- Total Artificial Heart
- Pacemaker
- Ventricular Assist Device
- Biventricular Assist Device (BIVAD)
- Left Ventricular Assist Device (LVAD)
- Right Ventricular Assist Device (RVAD)
- Artificial Heart Valves
- Neural/Brain Bionics
- Internal Neurostimulators
- Deep Brain Stimulators (DBS)
- Spinal Cord Stimulators (SCS)
- Vagus Nerve Stimulators (VNS)
- Sacral Nerve Stimulators (SNS)
- Others
- Internal Neurostimulators
Method of Fixation Outlook (Revenue, USD Billion; 2018-2028)
- External Bionics
- Implantable Bionics
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Mechanical
- Electronic
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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