Bionic Devices Market - By Product (Auditory Bionics/Cochlear Implants, Heart Transplant, Orthopedic Bionics, Neural Bionics), By Fixation (Implantable, Wearable/ Externally Worn), By End-use & Forecast, 2023 – 2032
Report ID: GMI4609
|
Published Date: November 2023
|
Report Format: PDF
Download Free PDF
Buy Now
$4,123 $4,850
15% off
$4,840 $6,050
20% off
$5,845 $8,350
30% off
Buy now
Premium Report Details
Base Year: 2022
Companies covered: 13
Tables & Figures: 226
Countries covered: 15
Pages: 170
Download Free PDF

Bionic Devices Market
Get a free sample of this reportGet a free sample of this report Bionic Devices Market
Is your requirement urgent? Please give us your business email for a speedy delivery!
Bionic Devices Market Size
Bionic Devices Market size was valued at around USD 5.3 billion in 2022 and is estimated to register a CAGR of over 8.7% between 2023 and 2032. The rising incidence of chronic conditions leading to amputation, growing incidence of hearing loss, and increasing advancements in product technology are some of the prime variables driving the market development.
For instance, as per a recent study published by Science Direct, in 2022, the global incidence of diabetes-related minor and major amputations was 139.97 and 94.82 annual events per 100,000 people with diabetes, respectively. Bionics devices, encompassing advanced robotic prosthetics and orthotics, emerge as critical solutions, offering enhanced mobility and functionality to amputees. As a result, the adoption of bionic devices among healthcare providers and the population of individuals experiencing limb loss has experienced a substantial surge, that is poised to drive the growth of the market.
Bionic devices refer to artificial systems designed to mimic or augment the capabilities of living organisms. Bionic devices are often created to enhance or replicate functions of the human body, ranging from sensory perception to motor skills. These devices aim to restore or augment normal physiological functions, providing individuals with improved mobility, sensory experiences, or other capabilities.
Reimbursement policies vary widely across countries and regions, creating challenges for manufacturers and healthcare providers in terms of market access and adoption of bionic technologies. In regions where reimbursement policies are unclear, inconsistent, or limited, it may impede the widespread adoption of bionic devices, affecting both manufacturers and end-users. Bionic devices often involve substantial upfront costs for development, production, and customization, making them relatively expensive. Without clear and favourable reimbursement structures, patients may face financial barriers to accessing these innovative technologies, thereby declining the demand and growth of the business.
COVID-19 Impact
The onset of the COVID-19 pandemic was an unprecedented event impacting public health and led to an incremental surge in the number of hospitalizations. The subsequent travel restrictions and supply chain challenges led to substantial disruptions in availability & access to a wide range of healthcare services and surgical procedures. The COVID-19 pandemic also had a detrimental impact on the medical ecosystem, pushing widespread reallocation of healthcare personnel. However, despite the obstacles presented by the pandemic, the implantation of bionic devices remained an indispensable procedure for individuals facing life-threatening heart conditions. Hospitals and healthcare providers made necessary adjustments to ensure the continuity of these crucial procedures while implementing appropriate safety measures.
Bionic Devices Market Trends
Technological advancements in the bionic devices industry have significantly transformed the landscape of managing various conditions in recent years. The introduction of advanced bionic devices and their integration into the treatment of patients with disabilities is poised to drive an accelerated product adoption.
Bionic Devices Market Analysis
Based on product, the market is segmented into auditory bionics/cochlear implants, heart transplant, orthopedic bionics, and neural bionics. The neural bionics segment was valued at around USD 3.5 billion in revenue in 2022 and is expected to foresee a healthy growth trend over the analysis timeline. The increasing adoption of neural bionic devices can be attributed to ongoing innovations in neural interface technologies, brain-machine interfaces, and neurostimulation devices. These advancements enable more precise control and communication between bionic devices and the nervous system.
Based on fixation, the bionic devices market is segmented as implantable and wearable/externally worn. The implantable segment held a dominant market share and was valued at USD 3.4 billion in 2022. This is primarily attributable to various factors such as diverse applications, improved functionality, and enhanced quality of life among others.
Based on end-use, the bionic devices market is segmented into hospitals & clinics, ambulatory surgical centers, and healthcare facilities. The hospitals & clinics segment held a significant share in 2022 and is projected to reach more than USD 7.1 billion by the end of 2032. The increased utilization of bionic devices in hospital settings, which offer swift and reliable outcomes, is predicted to drive patient preference for these healthcare facilities.
The U.S. dominated the North American bionic devices market with a significant market share in 2022 and is anticipated to expand at a notable pace to reach more than USD 4.7 billion by 2032.
Bionic Devices Market Share
The bionic devices industry is oligopolistic in nature, with companies competing to offer superior bionic devices in this business space. Prominent players such as Medtronic plc, Boston Scientific Corporation, and Abbott hold a significant share in this market. These companies are diligently directing their efforts towards continuous type innovation to gain substantial market share.
Some of the eminent market participants operating in the bionic devices industry include:
Bionic Devices Industry News:
Bionic devices market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD (million) from 2018 to 2032 for the following segments:
Click here to Buy Section of this Report
By Product, 2018 - 2032 (USD Million)
By Fixation, 2018 - 2032 (USD Million)
By End-use, 2018 - 2032 (USD Million)
The above information is provided for the following regions and countries: