Bionic Devices Market Forecasts to 2028 - Global Analysis By Product (Ear Bionics, Cardiac Bionics), Fixation (Externally Worn, Implantable), End User, and By Geography

According to Stratistics MRC, the Global Bionic Devices Market is accounted for $5.08 billion in 2021 and is expected to reach $9.96 billion by 2028 growing at a CAGR of 10.1% during the forecast period. Bionics are artificial devices that can be implanted or integrated into humans to either replace a natural organ or provide support to restore a specific function, or a group of related functions, helping the patient to return to his normal life.

The increasing number of transplants, coupled with the rising number of people waiting for donors and large global population with heart diseases are providing ample opportunities for the artificial organ and bionics market. According to the Human Resource and Services Administration (HRSA), in 2021, 41,354 organ transplants were performed in the United States, an increase of 5.9 percent over 2020 and the first time the annual total exceeded 40,000, according to preliminary data from the Organ Procurement and Transplantation Network.

Market Dynamics:

Driver:

Growing incidence of chronic conditions

The rising prevalence of chronic conditions that promote amputations is likely to expand the requirement for bionic devices. Several chronic conditions are liable for amputation. Patients suffering from diabetes are exposed to multiple times higher risk of undergoing amputation and are responsible for the significant economic strain on healthcare systems. Trauma is another chronic condition that is related to the rising incidence of amputation for the lower extremity. The rate of these chronic conditions is directly relative to the rise in the number of amputations. Because of the high prevalence of chronic conditions, the number of amputations is constantly surging.

Restraint:

High cost

Bionic devices are costly because of the highly expensive devices and techniques. Recent advances in robotic prosthetic hands have been a little short of extraordinary, but have remained out of the price range of many who need them. This is due to many factors, but the primary one is that different components of bionic devices are traditionally manufactured in different facilities, by different companies.

Opportunity:

Technological Advancements

The field of medical bionics has witnessed several technological advancements in recent years. The cochlear implants available in the current situation have speech recognition in difficult listening circumstances, which help to separate speech in noisy and reverberant situations, grasp sound from television or telephone, and identify a sound from distance. Furthermore, hearing aids feature acoustic scene classifiers, which assist hearing aids to classify and recognize any sound based on background noise, speech in quiet or in noise, music, wind, and several other parameters.

Threat:

Limitation of metal electrodes

Bionic devices regularly utilize metal electrodes to stimulate the nerve cells. While these electrodes have been sufficient for the past few decades and in devices that are implanted for only a few years, these metal electrodes are currently turning into a limitation. As the miniaturization of electronics continues to allow us to reduce the size of implants and offer patients devices with more functionality, there is a need to create smaller, more densely packed electrodes. At these sub-micron sizes, metal electrodes cannot be securely utilized for multiple decades, as is currently expected by cochlear implant patients who receive devices as children.

The implantable segment is expected to be the largest during the forecast period

The implantable segment is estimated to have a lucrative growth owing to the increasing cases of severe road accidents and physical injuries, rapid adoption of advanced bionic devices, and growing demand for implantable bio-implants because of various advantages over external bionics, and rising healthcare expenditure.

The ear bionics segment is expected to have the highest CAGR during the forecast period

The ear bionics segment is anticipated to witness the fastest CAGR growth during the forecast period due to the rapidly growing geriatric population, rising volumes of ear surgeries, increasing incidences of hearing disorders, and growing use of advanced cochlear implants, bone-anchored hearing systems, and auditory brainstem implants.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to the growing geriatric population, increasing occurrences of road accidents and irreversible physical injuries, and the emergence of highly advanced bionic technologies. Market growth is further boosted by factors such as a rise in healthcare expenditure, growing per capita income, and the presence of avant-garde healthcare infrastructure in the region.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to emerging economies like Japan, China, and India. These countries have a large population base with a high incidence of chronic diseases. An increase in the number of chronic diseases that lead to organ failure is expected to boost artificial organ and bionics device growth.

Key players in the market

Some of the key players profiled in the Bionic Devices Market include Touch bionics (Ossur Corporate), Syncardia, Medtronic, Scheck & Siress, ReWalk Robotics, Open Bionics, MED-EL Medical Electronics, Ekso Bionics, Demant A/S, Cochlear Ltd, Boston Scientific, Abbott, Sonova and Widex.

Key Developments:

In October 2020, Medtronic Private Limited launched the Azure pacemaker with BlueSync technology that can communicate directly with patients' smartphones and tablets. It offers improved longevity, so patients potentially need fewer device replacements and allows patients to have MRI scans in either 1.5 or 3 Tesla (T) machines.

In March 2020, Widex launched the Moment hearing device. The Widex Moment has the 'classic' Widex signal pathway, which is paired with a second ultra-fast signal pathway that adds extra gearing to the platform.

Products Covered:

• Vision Bionics
• Ear Bionics
• Orthopedic Bionic
• Cardiac Bionics
• Neural Bionics

Fixations Covered:

• Wearable/ Externally Worn
• Implantable

Materials Covered:

• Tungsten
• Stainless Steel
• Platinum-Iridium
• Biologics
• Silicon

Technologies Covered:

• Manual
• Robotic

End Users Covered:

• Research & Academic Institutes
• Hospitals & Clinics

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances