Allied Market Research recently published a report, titled, “Medical Bionics Market by Type (Vision Bionics/Bionic Eye, Ear Bionics, Orthopedic Bionics, Cardiac Bionics and Neural Bionics), and Method of Fixation (Implantable Bionics and External Bionics) – Global Opportunity Analysis and Industry Forecast, 2022-2030“. According to the report, the global Medical Bionics industry 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.
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Medical Bionics Market Overview:
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.
Medical Bionics Market Segmentation:
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.
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.
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Medical Bionics Market: By Region Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Important Questions Being Answered by the Medical Bionics Market Report:
What is the Medical Bionics market size and growth?
What are the prominent and latest trends impacting the market?
Which is the largest regional market for Medical Bionics?
The key players in the global Medical Bionics market industry 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.
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