Rise in global geriatric population, increasing incidences of organ failure and physical disability owing to congenital disorders and age-related problems, and increasing cases of road accidents or mishaps and irreversible physical damage are some of the major factors expected to boost market revenue growth
Market Dynamics:
The global bionics market revenue growth is significantly supported by factors such as increasing cases of road accidents and severe or irreversible physical injuries leading to organ failure, organ deletion, or physical disability. Rising global geriatric population, increasing incidences of age-related disorders or congenital problems, increasing volumes of organ transplants, and emergence of cutting-edge bionic technologies and solutions are other key factors contributing to the global market revenue growth.
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The concept of bionics has revolutionized the healthcare space, playing a vital role in the replacement or enhancement of damaged parts of the body. Bionic implants are electromechanical in nature and emulate the functions of specific body parts they are replacing. Other factors such as growing awareness of organ transplantation, advances in 3D bioprinting, technological advances in bionic implants, and rapid evolution of the healthcare infrastructure are further expected to bolster the revenue growth of the global bionics market over the next few years.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Ear Bionics Segment Accounted for Largest Revenue Share in 2019:
Based on product type, the ear bionics segment accounted for the largest revenue share in the global bionics market in 2019. Surge in geriatric population worldwide, rising incidences of hearing disorders leading to deafness or hearing loss, increasing volumes of ear surgeries, and growing demand for highly advanced cochlear implants, auditory brainstem implants, and bone anchored hearing systems are among the major factors driving revenue growth of this segment.
Implantable Bionics Segment to Account for Fastest Revenue CAGR:
Based on method of fixation, the implantable bionics segment is expected to register the fastest revenue growth rate in the global bionics market over the forecast period. Increasing incidences of major road accidents and physical injuries, rising preference for implantable bio-implants due to many advantages over external bionics, development of cutting-edge bionic devices, and increased healthcare expenditures of people are key contributors to the growth of this segment.
North America Accounted for Largest Revenue Share in 2019:
Among regional markets, the North America bionics market dominated other regional markets in terms of revenue share in the global market in 2019. Rise in geriatric population, rising prevalence of age-related disorders, increasing occurrence of road accidents and severe injuries, and rapid adoption of highly advanced bionic technologies & solutions are the key factors expected to drive revenue growth of the North America bionics market. Growing healthcare expenditures, high income levels of individuals, increasing preference for high-end, advanced bionic devices, and presence of state-of-the-art healthcare infrastructure in the region further boost the regional market growth.
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Major Companies in the Global Bionics Market Include:
- Medtronic Plc
- Abbott Laboratories
- Biomet, Inc.
- Zimmer Biomet
- Iwalk, Inc.
- ABIOMED, INC
- Berlin Heart Gmbh
- Ekso Bionics Boston Scientific Corporation
- Edward Lifesciences Corporation
- Jarvik Heart, Inc.
- Heartware International, Inc.
- SynCardia Systems, LLC
For the purpose of this report, Emergen Research has segmented the global bionics market based on product type, method of fixation, technology, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Ear Bionics
- Cochlear Implants
- Auditory Brainstem Implants
- Bone Anchored Hearing Systems
- Vision Bionics
- Orthopedic Bionics
- Upper limb
- Lower limb
- Exoskeleton
- Electrical Bone Growth Stimulators
- Cardiac Bionics
- Total Artificial Heart
- Pacemaker
- Ventricular Assist Device
- Biventricular Assist Device (BIVAD)
- Left Ventricular Assist Device (LVAD)
- Right Ventricular Assist Device (RVAD)
- Artificial Heart Valves
- Neural/Brain Bionics
- Internal Neurostimulators
- Deep Brain Stimulators (DBS)
- Spinal Cord Stimulators (SCS)
- Vagus Nerve Stimulators (VNS)
- Sacral Nerve Stimulators (SNS)
- Others
- Internal Neurostimulators
Method of Fixation Outlook (Revenue, USD Billion; 2017-2027)
- External Bionics
- Implantable Bionics
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Mechanical
- Electronic
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Region Outlook (Revenue, USD Billion; 2017-2027)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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