Medical Bionic Implants Market
Number of pages: 100 | Report Format: PDF | Published date: September 07, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
USD 4.97 billion |
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Revenue forecast in 2030 |
USD 9.94 billion |
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Growth Rate |
CAGR of 8.0% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Product, Method of Fixation, End User, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global medical bionic implants market was pegged at US$ 4.97 billion in 2021 and is expected to witness a CAGR of 8.0% during the forecast period.
Market Fundamentals
Medical bionic implants are a special category of devices built with the aid of biological techniques and systems present in nature. The best-known example is the cochlear implant, a device for the deaf that is placed in the human body. Medical bionic implants perform similar functions to natural human organs. In reality, bionics combines biology and electronics. Medical bionic implants are more useful than robotic counterparts. Medical bionic implants are capable of performing the original function exactly or even better than it. When an organ of a person is injured illness or accident, medical bionic implants are used for organ transplantation. Because there are far fewer organ donors than there is need, transplanted organs may not be accepted if a donor is discovered.
Market Dynamics
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The market for medical bionic implants is primarily driven by the global ageing population and the accelerating pace of technological advancement. The primary factor driving the market's expansion is the growing preference for bionics over prosthetics due to benefits including faster and better patient recovery. Additionally, it is anticipated that an increase in accidents, organ failures, and age-related conditions such cataracts, hearing loss, arthritis, and cardiovascular illnesses will fuel market expansion. The development of bionic devices like the bio-lung, wearable artificial kidneys, and artificial pancreas by the producers of medical bionic implants is anticipated to further expand the market. However, the development of the market is anticipated to be hindered by the high cost of the treatments and devices and the strict approval process for these devices.
Market Ecosystem
The global medical bionic implants market has been analyzed from four perspectives by product, method of fixation, end user, and region.
Medical Bionic Implants Market by Product
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Based on product, the global medical bionic implants market has been segmented into vision bionics/bionic eye, brain bionics, heart bionics/artificial heart, orthopedic bionics and ear bionics. The vision bionic include bionic eye whereas ear bionic include cochlear implant and bone anchored hearing aid (Baha). The orhopedic bionics is sub segmented into bionic limb, bionic hand, bionic leg, bionic finger, exoskeleton and electrical bone growth simulators. The heart bionics is also sub segmented into pacemakers, total artificial heart, ventricular heart valves, artificial heart valves whereas brain bionics include deep brain stimulator, vagus nerve stimulator and spinal cord stimulator. The heart bionics showed a lucrative growth during the forecast period owing to the increasing prevalence of cardiovascular illnesses. However, ear bionics or cochlear implants are anticipated to significantly increase their market share. Due to the comfort and ease they offer; these implants are more frequently favoured by patients.
Medical Bionic Implants Market by Method of Fixation
Based on method of fixation, the global medical bionic implants market has been segmented into implantable bionics and external bionics. The market for implantable bionics is anticipated to rise rapidly during the forecast period due to their long-term advantages over externally worn devices.
Medical Bionic Implants Market by End User
Based on end user, the global medical bionic implants market has been segmented into research laboratories, hospitals & clinics, and others. The hospitals and clinics segment is the one having the largest market share due to the increasing number of surgeries performed in hospitals and clinics, which in turn increases demand for medical implants, this is accelerating the expansion of the bionics implants market.
Medical Bionic Implants Market by Region
Based on the region, the global medical bionic implants market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. Geographically, the most developed region is in North America. This region's high patient awareness levels, strong government R&D initiatives, and demand for technologically sophisticated products are anticipated to positively impact the growth of the global bionic implant market. Furthermore, the Asia Pacific region is anticipated to grow substantially during the projection period. The two countries that are rapidly developing in this area are India and China, along with the region's rising patient awareness levels.
Competitive Landscape
Some of the prominent market players in the global medical bionic implants market include
Strategic development
Some of the prominent market players in the global medical bionic implants market include N.V., Biomet, Inc., Orthofix International N.V., Medtronic, Inc., Abbott Laboratories.
Some of the key trends identified in the global medical bionic implants market include strategic initiatives like vertical integration, research collaboration, new product development.
Medical bionic implants are a special category of devices built with the aid of biological techniques and systems present in nature.
The heart bionics showed a lucrative growth during the forecast period
The development of the market is anticipated to be hindered by the high cost of the treatments and devices and the strict approval process for these devices.
*Insights on financial performance is subject to availability of information in public domain