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.
Rise in geriatric population, increase in government focus on funding R&D initiatives, and upsurge in number of patients suffering from chronic diseases are expected to drive the Medical Bionics Market growth. It 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.
Rise in Incidence of Chronic Disease
As per the estimates of the annual report (2014) published by the American Heart Association in Heart Ware International, Inc., approximately 5.5 million individuals are affected by heart failure in the U.S. Moreover, approximately 670,000 new cases of heart failure are diagnosed each year in the U.S. Similarly, in Canada there is a rise in the prevalence of chronic diseases due to unhealthy lifestyle and aging population. In 2007, 1.3 million Canadians were reported to be diagnosed with heart diseases, around 1.6 million were reported to be living with the effects of stroke (Source: Public Health Agency of Canada).
Growth in Asia-Pacific Region
This region offers lucrative opportunities in this market owing to presence of large pool of patients suffering from chronic disorders such as cardiac disorders, neural disorders and hearing and vision loss. In 2011, the Australian Institute of Health & Welfare estimated that at least 300,000 Australians have suffered from chronic heart failure and 30,000 new cases are identified every year. Hence, high incidence of cardiac disorders makes it an attractive market for cardiac bionics. In addition, high prevalence of eye-related diseases in Japan makes it an attractive market for eye bionics in the country.
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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.