The global medical bionics market was valued at USD 21.1 billion in 2022 and is expected to grow at a CAGR of 8.1% during the forecast period. Healthcare organizations are creating awareness regarding the usage of medical bionics owing to mounting cases of eye problems and limb loss and mounting healthcare spending in developing countries are the major opportunities for the growth of the medical bionics market.
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.
Implantable category accounted the largest share in the medical bionics market in 2019
On the basis of fixation type, the market is subdivided into implantable and non-implantable. Of all the fixation types, the implantable accounted foremost share in the medical bionics market due to the expanding number of organ failure population and a mounting number of patients electing for organ transplantation.
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.
Some of the key players operating in the global medical bionics market are 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.
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The report provides the market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue (USD Billion). The report segments the global medical bionics market on the basis of product, fixation type, and region.
Global Medical Bionics Market Coverage
Product Insight and Forecast 2018-2030
Fixation Type Insight and Forecast 2018-2030
Medical Bionics Market by Region
Rest of the World (RoW)