Technological advancement is one factor that majorly drives the growth of medical bionics market. Newer development in the heart treatment field feature technologically advanced tissue heart valves useful in heart valve repair and replacement. Further, with the advent of tissue valves used in tissue aortic valve replacement, the quality of life for patients suffering from aortic regurgitation has improved.
Medical Bionics Market Report, published by Allied Market Research, forecasts that the global market was valued at $15,348 million in 2016, and is expected to garner $29,160 million by 2023, registering a CAGR of 9.6% during the forecast period 2017 – 2023. Cardiac bionics segment held more than one-third share of the total market in 2016.
Bionics are the implantable devices, which imitates the function of a natural organ. Advent of technologically advanced systems such as cochlear implants and rise in incidence of chronic disease majorly drive the market growth. In addition, rise in geriatric population and increased focus of government funding on R&D initiatives are anticipated to further drive the demand for medical bionics globally. However, high cost of the device and stringent regulatory approval procedures restrict the market growth.
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Cardiac bionics are expected to dominate the market throughout the analysis period, owing to the increase in the incidence of cardiac disorders, such as heart failure and structural heart defects. On the other hand, bionic eye segment is expected to grow at the highest CAGR of 13.9% during the forecast period.
Key findings of Medical Bionics Market:
- Bionic eye segment is projected to grow at a CAGR of 13.9% during the forecast period.
- Implantable bionics accounted for more than four-fifths share of the global medical bionics market.
- Exoskeleton segment is expected to register the highest CAGR of 21.0% during the analysis period owing to the increasing number of amputees.
- France and Germany jointly contributed for nearly one-fourth of the European medical bionics market in 2015.
- Japan is the major shareholder, accounting for almost one-third of the Asia-Pacific medical bionics market in 2015.
Asia-Pacific is projected to grow at the highest CAGR of 11.4% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (such as India and China) to overcome the unmet medical needs. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for market growth.
The major companies profiled in the report include Abbott, Boston Scientific Corporation, Cochlear Ltd., LivaNova PLC, Medtronic plc, Orthofix Holdings, Inc., ssur Corporate, Retina Implant AG, Sonova, SECOND SIGHT, SynCardia Systems, LLC, and William Demant Holding A/S.