DUBLIN–(BUSINESS WIRE)–The “Bionic Devices Market, Global Forecast 2023-2027, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
Global Bionic Devices Market will grow and reach US$ 8.68 Billion by 2027 according to the publisher.
Edward Lifesciences Corp.
Rewalk Robotics Ltd
Boston Scientific Corp
Baxter International Inc.
Cochlear Ltd, Medtronic Plc
William Demant Holdings A/S
Bionic devices are implants used in place of the natural function of the body part that is lost due to nerve damage.
An electronic or mechatronic part is used to replace or supplement the functionality of the damaged body part. The first bionic device types were pacemakers, but they have been expanded over time to incorporate cardiac pacemakers and urinary and diaphragm pacing devices.
Also, implantable electrodes have been used for functional electrical stimulation, enclosing a span of devices that enables the movement of muscles in individuals with nerve damage, such as people with paraplegia.
Presently, the bionic eye is being developed by various companies worldwide to supply a user device to help sight-impaired individuals. According to our research findings, Worldwide Bionic Devices Market size was US$ 5.41 Billion in 2022.
Global Bionic Devices Market will grow at a CAGR of 9.92% during the forecast period 2022-2027:
The growing number of chronic conditions, increasing prevalence of hearing loss, the massive population of individuals with heart disease worldwide, the emergence of new medical facilities, and growth in expenses related to healthcare are some of the significant contributors to the development of the global bionic devices market.
However, the high cost of bionic implant devices and the unsure reimbursement framework in various parts of the globe are the factors that are expected to restrain the market.
Cochlear Implant Device will lead in Treatment type
Based on treatment type, the global bionic devices market is divided into; Cochlear Implants, Exoskeletons, Bionic Cardiology, and Ventricular Assist Devices. Cochlear Implants device has the maximum market share due to rise in hearing loss. People with hearing loss can benefit from assistive devices, including cochlear implants, hearing aids, and others.
The introduction of minimally invasive procedures, technological improvements, and favorable funding and reimbursements is fueling the growth of this industry.
Also, the growing elderly population is expected to propel the market’s growth. The global population above 60 was at 1 billion in 2020 and is forecasted to reach 1.4 billion by 2050, according to World Health Organisation (WHO). Moreover, as a person’s hearing ability lessens with age, the rise in the world’s older population is expected to add to the market’s growth.
By Fixation: Implantable devices have holds Maximum Market Share
By fixation, the global bionic device market is categorized into; Implantable and wearable/excessively worn. Implantable devices have dominated the market for the past few years. The reason for this dominance is a rapid increase in the geriatric population, rising awareness, technological improvements, and increased funding and investments.
The wearable/excessively worn device revenue is expected to rise at a lucrative rate due to the rising growth prospects of the wearable devices market. In addition, other factors, such as customer liking towards technologically advanced products, and the acceptance of wearables in various application areas, have also aided the growth of the market.
Mechanical Technology will lead the market share
Based on technology, the global bionic devices market is categorized into; electronics and mechanical devices. The mechanical bionic devices market share is expected to register significant growth in the market. The change can be attributed to the longevity it provides compared to other devices. In addition, the favorable reimbursement policies and the rise in FDA approvals are other factors contributing to the market’s growth.
The electronic bionic devices market dominates the market share. However, most developing countries still use prosthetics, such as artificial hands, arms, and legs, for disabled people. This is mainly due to the high logistical and financial barriers of the individuals residing in these countries.
Increased number of road accidents causing a need of Bionic body parts will help Hospital sector to rise in Forecast Period
The end-user segment is divided into; clinics, hospitals, and others. The hospital segment has the highest market share due to the presence of skilled healthcare professionals, better facilities, and better and updated medical equipment.
Asia Pacific Region will grow in Future due to rise in Medical Tourism
The report classifies regions into; North-America, Europe, Asia-Pacific, and the Rest of the World. North America has the highest market due to the high prevalence of chronic diseases, rising healthcare expenditure, and acceptance of bionic devices. The region has also had the presence of various prominent market players, like Medtronic, Abbott, etc.
Key Topics Covered:
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
5. Global Bionic Devices Market
6. Market Share – Global Bionic Devices Market
7. Treatment Type – Global Bionic Devices Market
8. Fixation – Global Bionic Devices Market
9. Technology – Global Bionic Devices Market
10. End User – Global Bionic Devices Market
11. Region – Global Bionic Devices Market
12. Key Players
For more information about this report visit https://www.researchandmarkets.com/r/flfxbc-devices?w=4
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