Bionic Devices Market worth over $7.9 bn by 2027

Bionic Devices Market size is set to exceed USD 7.9 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Growing disposable income and rising healthcare expenditure in developing economies are anticipated to provide robust opportunities for the bionic devices market. Surging disposable incomes in countries including Malaysia, Indonesia, and Vietnam are set to facilitate bionic devices adoption. Moreover, a significant rise in healthcare expenditure in emerging economies to prove beneficial for the market growth.
 

Technological advancements in bionic devices will stimulate the market expansion

Recent advancements in bio-prosthesis technology, surgical innovations, and improvised rehabilitation have led to the emergence of novel bionic devices. These advancements are redefining motor functionality restoration, promoting hearing ability among hearing impairment patients, and driving neural stimulation. The emergence of these high-end medical devices that integrates advanced modalities including artificial intelligence (AI), virtual reality (VR) is poised to promote the product demand.
 

Advancements in the fields of myoelectric sensors, osseointegration, and targeted muscle reinnervation (TMR) have led to the development of multi-functional orthopedic bionics. The development of advanced myoelectric prostheses enables the translation of electromyographic (EMG) signals from an activated muscle. These devices provide direct control-sequential function, further facilitating the user experience. The integration of pattern recognition modality has facilitated intuitive and adaptable control of the bio-prosthesis. Similarly, the development of a bionic exoskeleton called Ekso by 3D Systems and EksoBionics is assisting patients to overcome paralysis. This exoskeleton is utilized in rehabilitation centers to assist people that have lost motor functionality due to stroke, injury, or cerebral palsy. Furthermore, the significant advent has been reported in the cardiac and neural fields.
 

Increasing amputation rates and product approvals to augment the market progression

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The orthopedic bionics segment in the bionic devices market was valued at around USD 100 million in 2020 led by the growing amputation rates and novel product launches by prominent companies. In order to cater to the rising rates of amputation, prominent market players are investing in the development and commercialization of novel orthopedic bionic devices.
 

Browse key industry insights spread across 150 pages with 168 market data tables & 13 figures & charts from the report, “Bionic Devices Market Size By Product (Auditory Bionics/Cochlear Implants, Heart Transplant, Orthopedic Bionics {Bionic Hand, Bionic Leg and Socket, Exoskeleton}, Neural Bionics {Deep Brain Stimulator, Spinal Cord Stimulator}), By Fixation (Implantable, Wearable/Externally Worn), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/bionic-devices-market
 

Affordability and minimally invasive nature of wearable bionics will drive product acceptance

The wearable segment held 36% of the market share and crossed USD 1.70 billion in 2020 impelled by the numerous advantages including temporary treatment, better cost-effectivity, and connectivity. Wearable bionic devices offer better cost-effectivity than implantable bionics that are priced at the higher end. High affordability helps the wearable devices to promote their usage, especially in emerging markets and, thereby generates robust industry growth opportunities. A rising preference for minimally invasive therapeutics is further predicted to facilitate segment growth.
 

Rising incidence of diabetes in UK to fuel the market value

UK bionic devices market captured 17% of revenue share in 2020 on account of the increasing prevalence of chronic conditions including diabetes, rising incidence of amputation surgeries, and significant healthcare spending. Non-traumatic major lower-extremity amputations (LEA) primarily arise owing to diabetes mellitus. Other chronic disorders fueling the condition include coronary heart disease, peripheral arterial disease, and cerebrovascular disease among others.
 

Players are focusing on adopting strategic approach to expand business operations

Some of the major companies operating in the market are Sonova, Demant, Cochlear Ltd., MED-EL Medical Electronics, Touch Bionics (Ossur), Ekso Bionics, Scheck & Siress, Medtronic, Abbott, Boston Scientific, and Syncardia. These leaders are engaged in strategic collaborations, partnerships and agreements to gain competitive advantage over their competitors.