|Status : Published||Published On : Aug, 2021||Report Code : VRHC1221||Industry : Healthcare||Available Format :||Page : 204|
The global medical bionics market was valued at USD 21.1 billion in 2020 and is expected to reach USD 36.7 billion by 2027, growing at a CAGR of 8.2% during 2021-2027. The global medical bionics market is growing at a significant rate, due to the mounting number of injuries and accidents leading to amputation and technological innovation. Different products such as heart, ear, eye, orthopedic, brain, and others contributed to the medical bionics market size. The market has witnessed a high demand for orthopedic in the coming years due to the escalating number of upper and lower limb amputations.
Insight by Product
On the basis of product, the market is subdivided into the heart, ear, eye, orthopedic, brain/neural, and others. Of all products, the orthopedic segment is expected to grow at the fastest rate in the market due to the escalating number of upper and lower limb amputations. In addition, the heart segment accounted for the foremost share in the global medical bionic market owing to the escalation occurrence of cardiovascular diseases. The heart segment is further sub-segmented into a ventricular assist device, total artificial heart, artificial heart valve, and pacemaker.
Moreover, the brain/neural segment is further subdivided into spinal cord stimulators, transcutaneous electrical nerve stimulation, vagus nerve stimulators, deep brain stimulators, sacral nerve stimulators, and others. The spinal cord stimulators sub-segment accounted for the major share in the brain/neural market. The ear segment is further subdivided into cochlear implants, auditory brainstem implants, and bone-anchored hearing systems.
In addition, the orthopedic segment is further subdivided into the upper limb, exoskeleton, and lower limb. The lower limb is further subdivided into the bionic foot and bionic knee.
Mounting government emphasis on funding research and development initiatives and technologically innovative medical bionics are the trends in the medical bionics market.
The mounting of the number of injuries and accidents leading to amputation, the escalating the number of the population adopting organ transplant, and expanding the geriatric population leading to organ failure are the primary growth drivers for the medical bionics market.
The mounting of the occurrence of chronic diseases, technological innovation, and escalating healthcare expenditure are also facilitating the growth of the medical bionics market.
Lack of skilled professionals, the elevated cost of devices and procedure, strict approval process, unfavorable reimbursement scenario, and disapproval related to artificial organ transplants are the major challenges for the growth of the medical bionics market.
Geographically, North America is the largest medical bionics market as in the region the occurrence of chronic disease is mounting. In addition, expanding the geriatric population, escalating government emphasis on funding and R&D initiatives, and mounting the number of injuries and accidents leading to amputation are also up surging growth of the North American medical bionics market.
Asia-Pacific is observed to witness the fastest growth in the market, due to expanding the geriatric population and mounting the occurrence of road accidents. In addition, increasing healthcare spending and mounting the occurrence of chronic diseases such as diabetes and cardiovascular diseases are also creating a positive impact on the medical bionics market growth in the region.
Key players in the medical bionics market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In January 2020, Abbott Laboratories received expanded clearance from the FDA for the Infinity Deep Brain Stimulation (DBS) system, which allows targeted stimulation of the brain associated with Parkinson’s disease symptoms.
In addition, in January 2020, Medtronic plc, received FDA clearance for Micra AV, for the treatment of patients with AV block. Medtronic, Plc., Cochlear, Ltd., Abbott Laboratories, Boston Scientific Corporation, Second Sight Medical Products, Inc., Edwards Lifesciences Corporation, Advanced Bionics, LivaNova PLC, Orthofix International N.V., and LifeNet Health are the key players offering medical bionics.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research