The Global Bionic Devices Market size is estimated to reach USD 46.7 billion by 2028, growing at a CAGR of 14.9% during the forecast period from 2021 to 2028. The growth in this market can be attributed primarily to an increase in investments by governments and private organizations for research and development activities on bionics projects such as exoskeletons, cardiac ventricular assist device (VAD), cochlear implants, etc., coupled with the rising geriatric population base globally.
Bionic devices are electronic prosthetic devices that enhance human capabilities and functions. These include cochlear implants, exoskeletons, cardiac bionics, ventricular assist device, etc. Bionic devices are implanted into humans or animals as replacements for missing body parts that have lost their physiological functions due to accidents or diseases. They use advanced technology such as sensors and actuators which are controlled by a computer with artificial intelligence to make up for the functions of a damaged organ.
On the basis of Type, the market is segmented into Cochlear Implants, Exoskeletons, Cardiac Bionics, and Ventricular Assist Device.
Cochlear Implants are a type of bionic device which are implanted in the inner ear to help people with hearing loss. Cochlear implants work by sending sound waves from a microphone, directly into the cochlea (the auditory portion of the inner ear). These are devices that can be inserted into a person’s inner ear in order to restore their hearing. The implant sends sound signals to the nerves of the auditory system, which then translate these sounds into an electrical signal and send it to your brain. Cochlear implants cannot improve speech understanding or get rid of tinnitus (a disorder characterized by ringing noise).
Exoskeletons are a type of bionic device that can be worn by people to assist in the rehabilitation of their motor functions. These devices help muscles do work they wouldn't normally have the strength to perform, and also reduce stress on joints. There is some evidence suggesting potential benefits for patients with Parkinson's Disease and those who have suffered from strokes or heart attacks, but these studies need to be replicated before any conclusions can be made.
Cardiac Bionics is used in bionic technology to repair or replace parts of the heart. Cardiac Bionics is a branch within cardiac surgery that uses artificial valves, pumps, and other devices to help improve or maintain blood flow through the body. These are often implanted inside patients' hearts during open-heart surgery.
There are two different types of cardiac bionics: mechanical and biological. Mechanical devices use parts that are made from metal, plastics, or other synthetic materials to replace the function of a faulty heart valve or coronary artery bypass graft (CABG). Biological systems use cells taken from human tissue in the laboratory to grow new valves for insertion into patients' hearts.
A Ventricular assist device is a medical device that helps pump blood from the left ventricle to other areas of the body. It works in a manner similar to an artificial heart, but does not replace it; rather, this type of bionic device can be used as an alternative for people who need help with their circulation. These devices are typically implanted into patients and then externally connected via tubes or wires attached to various parts of their bodies so they can remain mobile during treatment.
On the basis of Application, the market is segmented into Hospitals, Clinics, and Others. A major application of Bionic Devices is in the healthcare sector. The use of these devices has been on a steady rise owing to their ability to improve rehabilitation, reduce hospitalization and shorten recovery time post-surgery. Hospitals are using them with high frequency for pre-surgical assessment as well as during surgery or treatment sessions. They have also found utility in diagnosis by providing an early detection mechanism for many diseases before they would otherwise be detected through traditional methods such as imaging techniques like MRI or CT scan. Moreover, hospitals can aid surgeries by precisely guiding medical instruments and surgical tools according to the patient's data captured from wearables like smartwatches and fitness trackers.
On the basis of Region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2017, the North American region accounted for a significant share in the global bionic devices market as it is one of the leading markets for cardiac intervention products with growing demand from patients suffering from heart diseases.
The European market has also experienced significant growth in the past few years due to the rise in the aging population. The Asia Pacific and the Rest of the World comprising India, China, Japan, and other Asian countries can be considered as emerging markets with high potential for future growth over the forecast period.
Up Market Research published a new report titled “Bionic Devices Market research report which is segmented by Types (Cochlear Implants, Exoskeletons, Cardiac Bionics, Ventricular Assist Device), By Applications (Hospital, Clinic, Others), By Players/Companies Abiomed, Activelink, Advanced Bionics, Alterg, Axosuits, Bae Systems, Bionx Medical Technologies, B-Temia, Bana Teknoloji, Bionik Laboratories, Bioservo Technologies, Carmat, Cleveland Fes Center, COAPT, Cochlear, Cyberdyne”.
|Report Attributes||Report Details|
|Report Title||Bionic Devices Market Research Report|
|By Type||Cochlear Implants, Exoskeletons, Cardiac Bionics, Ventricular Assist Device|
|By Application||Hospital, Clinic, Others|
|By Companies||Abiomed, Activelink, Advanced Bionics, Alterg, Axosuits, Bae Systems, Bionx Medical Technologies, B-Temia, Bana Teknoloji, Bionik Laboratories, Bioservo Technologies, Carmat, Cleveland Fes Center, COAPT, Cochlear, Cyberdyne|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||203|
|Number of Tables & Figures||143|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Cochlear Implants, Exoskeletons, Cardiac Bionics, Ventricular Assist Device and By Application Hospital, Clinic, Others.
Some of the companies that are profiled in this report are:
Bionic Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Bionic Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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