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

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.
 

• Innovations in materials science, including the adoption of lightweight yet durable alloys, coupled with sophisticated myoelectric sensors, have propelled the development of prosthetic limbs that offer a more natural and intuitive user experience.
   
• In addition, the introduction of wearable exoskeletons which include a combination of advanced sensors, actuators, and artificial intelligence algorithms allows for enhanced human strength and endurance, with applications ranging from rehabilitation to assisting individuals with mobility impairments in performing daily activities. Such advancements contribute to more effective treatment, as the device can dynamically respond to the changing needs of the patient.
   

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.
 

• The neural bionics segment is further classified into deep brain stimulators (DBS), spinal cord stimulators (SCS) and others. These devices have demonstrated significant efficacy in treating the growing prevalence of neurological conditions around the world such as paralysis, parkinson's disease, and chronic pain. DBS is particularly effective in addressing motor symptoms of Parkinson's disease, including tremors, rigidity, and bradykinesia. By delivering electrical impulses to specific regions, it helps regulate the abnormal patterns of neuronal activity.
   
• Moreover, robust investment in research and development activities focused on neural bionics has accelerated the introduction of cutting-edge technologies and devices. This coupled with increased awareness among both patients and healthcare providers about the benefits of these brain implants contributes to a higher adoption rate.
   

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.
 

• Implantable bionic devices are surgically implanted into the body to replace or enhance physiological functions and address a wide range of medical conditions. These devices find applications across various medical domains, including neurology, cardiology, orthopedics, and more. This versatility allows them to cater to a broad spectrum of patient needs, contributing to widespread adoption.
   
• Moreover, implantable bionic devices often offer enhanced functionality compared to external alternatives. By being integrated into the body, these devices can provide more precise and natural responses. These devices offer greater convenience to patients by eliminating the need for external components or constant adjustments. Once implanted, they can function discreetly, minimizing disruptions to the user's daily life.
   

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.
 

• Hospitals & clinics, being the epicenter of diagnostic, therapeutic, and management services for chronic conditions, are instrumental in driving the adoption and utilization of bionic devices. The preference for hospital & clinics-based care in the treatment of chronic disorders, coupled with the availability of specialized units such as orthopedics department, neurology department, and prosthetics department within these institutions, significantly impacts the demand for advanced bionic devices.
   
• Moreover, the presence of trained healthcare professionals, cutting-edge healthcare infrastructure, and the comprehensive nature of care provided in hospitals align seamlessly with the complex requirements of various medical procedures. This, coupled with the increasing prevalence of amputation due to chronic conditions, is likely to lead to a surge in patient visits to hospitals.
   

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.
 

• This dominant market share in the market can be attributed to various factors such as the presence of key industry players, increasing incidence of hearing loss, technological advancements, and the growing geriatric population among others.
   
• For instance, according to the Centers for Disease Prevention and Control (CDC) statistics, in 2023, about 15.5% of American adults 18 years and over, or 40 million people, have trouble hearing.
   
• Moreover, the growing awareness of the significance of early intervention in chronic disease has prompted individuals to actively pursue bionic solutions, such as advanced neural bionic devices. In addition, the deployment of orthopedic bionic devices, including prosthetics and orthotics, has experienced a notable upswing, particularly in the field of preventive healthcare. Therefore, developing healthcare infrastructure, government initiatives and growing awareness, etc. are facilitating the industry expansion in the region.
   

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:

• Medtronic plc
• Sonova
• Cochlear Ltd
• MED-EL Medical Electronics
• Ossur corporate
• Ekso Bionics
• ReWalk Robotics
• Scheck & Siress
• Open Bionics
• Abbott
• Boston Scientific
• Syncardia
   

Bionic Devices Industry News:

• In December 2022, Abbott announced the U.S. Food and Drug Administration (FDA) approval of the company's Eterna spinal cord stimulation (SCS) system – the smallest implantable, rechargeable spinal cord stimulator available on the market for the treatment of chronic pain. Eterna SCS utilizes Abbott's proprietary low-dose BurstDR stimulation, proven to reduce pain 23% more than traditional waveform technology approaches. This approval may help the company increase their market share and generate enhanced revenue.
   
• In February 2019, Medtronic plc announced the U.S. launch of Deep Brain Stimulation (DBS) for medically refractory epilepsy. DBS therapy for epilepsy delivers controlled electrical pulses to a target in the brain called the anterior nucleus of the thalamus (ANT), which is part of a network involved in seizures. This product launch helped the company enhance its neuromodulation product portfolio and generate increased business revenue.
   

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:

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By Product, 2018 - 2032 (USD Million)

• Auditory bionics/cochlear implants
• Heart transplant
• Orthopedic bionics
  • Bionic hand
  • Bionic leg & socket
  • Exoskeleton
• Neural bionics
  • Deep brain stimulator
  • Spinal cord stimulator
  • Other neural bionics

By Fixation, 2018 - 2032 (USD Million)

• Implantable
• Wearable/ externally worn

By End-use, 2018 - 2032 (USD Million)

• Hospitals & clinics
• Ambulatory surgical centers
• Healthcare facilities

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• RoW