|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The bionics market is expected to register a CAGR of nearly 8.33% during the forecast period, with a revenue of approximately USD 16,573.46 million in 2020, and it is expected to reach USD 26,697.14 million by 2026.
COVID-19 negatively impacted the bionics market. The pandemic caused added challenges for patients who are having some form of disabilities and organ failures. Due to social distancing, many hospitals were restricted to non-elective procedures and surgeries, and they were instead offering patients video conferencing with disabilities to overcome the limitations of the market growth. Furthermore, there are limitations associated with treatments, which restricted the growth of the studied market.
Factors that are responsible for the growth of the market include increased incidence of disabilities and organ failures, technological advancements, and high incidence of road accidents leading to amputations. For instance, as per the data published by the World Health Organization in October 2019, approximately 2.2 billion people were affected with blindness or vision impairment, out of which at least 1 billion people had unaddressed or preventable conditions worldwide. Thus the increasing prevalence of targeted disabilities, the market is likely to grow at a faster pace in upcoming years.
Another primary factor is the scarcity of donor organs. The lack of availability of potential organs to transplant has been a major issue. The demand for organ donors is increasing and is very high compared to the actual supply. Bionics are able to cater to the needs of those in need of organ transplantations and replacements. It can replicate the function of damaged organs. The replication is almost the same. This level of scarcity of organs has turned into a boon for artificial organs and the bionics industry.
Rising product approval and technological advancement in this industry are also likely to fuel the market growth in upcoming years. For instance, in 2020, Edwards Lifesciences Corporation announced that its KONECT RESILIA aortic valved conduit (AVC) received approval from the US Food and Drug Administration (FDA) as the first ready-to-implant solution for bio-Bentall procedures.
Also, in 2018, India’s first artificial heart valves technology was introduced under the brand name Myval. The device was launched by Meril Life Sciences under the “Make in India” campaign initiative. This is likely to boost the industry's growth in upcoming years.
However, the factors such as the fear of device malfunction and its consequences, high cost of devices, and uncertain reimbursement scenarios, among others, may impact market growth.
Scope of the Report
Bionics are artificial devices that can be implanted or integrated into humans to either replace a natural organ or provide support to restore a specific function, or a group of related functions, helping the patient to return to his normal life. The market is segmented by type of bionics (vision bionics, ear bionics, orthopedic bionic, and cardiac bionics), fixation (implantable bionics and external bionics), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.
|Type of Bionics|
Key Market Trends
Implantable Bionics are Estimated to Hold a Significant Share in the Fixation Type Segment of the Bionics Market
Implantable bionics held a significant share in the bionics market in 2020, and it is expected to continue this trend during the forecast period. This significant market share of implantable bionics is due to the increasing number of organ-failure patient bases and the increasing number of patients who are opting for organ transplants across the world.
Amid COVID-19, there is a decline in the production of implantable bionics, which is projected to hamper the segment’s growth. Thus, the pandemic has a negative impact on the segment studied.
According to the US Government Information on Organ Donation and Transplantation, in 2019, there were 19,267 donors, 39,718 transplants, and 112,568 waiting lists in the United States. Thus, the growing transplant waiting list cases are likely to boost the market growth.
Furthermore, market players are focussing on advancements in implantable bionics, which is likely to propel market growth. For instance, In January 2020, Bionic Vision Technologies announced the interim results of a pilot study involving four patients with late-stage Retinitis Pigmentosa (RP) implanted with a visual prosthesis designed to improve awareness of external objects and patient surroundings.
To understand key trends, Download Sample Report
North America Dominates the Market and is Expected to Do Same During the Forecast Period
Currently, North America dominates the market for bionics, and it is expected to continue its stronghold for a few more years. In the North American region, the United States holds the largest market share. The rising prevalence of chronic diseases and increasing demand for non-invasive surgical procedures are helping in the dominance of the North American region in the bionics market.
The disabled community around the region is affected especially hard by the COVID-19 pandemic. Coronavirus lockdown has made life especially tough for the region's disabled population, such as people having the vision, hearing impaired population. Thus, in countries, such as the United States, in 2020, the Disability Inclusion Fund (DIF) announced the launch of a USD 200,000 rapid response fund to support the needs of people with disabilities related to the impact of COVID-19.
The presence of developed healthcare infrastructure and major market players focussing on various market strategies so as to gain a competitive edge is also expected to propel the market. In July 2019, Advanced Bionics launched a new AIM system (active insertion monitoring), a computer program designed to help surgeons and hearing care professionals with the insertion of the electrode for a cochlear implant. The software provides real-time feedback to the surgeon to guide the insertion placement.
To understand geography trends, Download Sample Report
The bionics market is moderately competitive and consists of various major players. In terms of market share, some of the major players currently dominate the bionics market. Owing to the rising adoption of medical bionics and an increasing number of people in need of organs, few other smaller players are expected to enter the market. Some of the major players of the market are Medtronic PLC, Edward Lifesciences Corporation, Ekso Bionics, and Ossur (Touch Bionics), among others.
- In October 2020, Medtronic Private Limited launched the Azure pacemaker with BlueSync technology that can communicate directly with patients’ smartphones and tablets. It offers improved longevity (up to 13.7 years), so patients potentially need fewer device replacements and allows patients to have MRI (magnetic resonance imaging) scans in either 1.5 or 3 Tesla (T) machines.
- In March 2020, Widex launched the Moment hearing device. The Widex Moment has the ‘classic’ Widex signal pathway, which is paired with a second ultra-fast signal pathway that adds extra gearing to the platform.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Incidence of Disabilities and Organ Failures
4.2.2 Technological Advancements
4.2.3 High Incidence of Road Accidents Leading to Amputations
4.3 Market Restraints
4.3.1 High Cost of Devices and Uncertain Reimbursement Scenarios
4.3.2 Fear of Device Malfunction and Its Consequences
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type of Bionics
5.1.1 Vision Bionics
5.1.2 Ear Bionics
188.8.131.52 Cochlear Implant
184.108.40.206 Bone-anchored Hearing Aid (BAHA)
5.1.3 Orthopedic Bionic
220.127.116.11 Bionic Hand
18.104.22.168 Bionic Leg
5.1.4 Cardiac Bionics
22.214.171.124 Heart Valves
126.96.36.199 Ventricular-assisted Device
188.8.131.52 Other Cardiac Bionics
5.2.1 Implantable Bionics
5.2.2 External Bionics
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.3.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Pixium Vision
6.1.2 Open Bionics
6.1.3 Bionics Scientific Technologies (P) Ltd
6.1.4 Advanced Bionics AG
6.1.5 Bionic Prosthetics and Orthotics
6.1.6 Cochlear Limited
6.1.7 Edward Lifesciences Corporation
6.1.8 Ekso Bionics
6.1.9 Medtronic PLC
6.1.10 Mobius Bionics
6.1.12 Össur Americas (Touch Bionics Inc.)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The Bionics Market market is studied from 2018 - 2026.
What is the growth rate of Bionics Market?
The Bionics Market is growing at a CAGR of 8.33% over the next 5 years.
What is Bionics Market size in 2018?
The Bionics Market is valued at 16573 Million USD in 2018.
What is Bionics Market size in 2026?
The Bionics Market is valued at 26697 Million USD in 2026.
Which region has highest growth rate in Bionics Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Bionics Market?
North America holds highest share in 2020.
Who are the key players in Bionics Market?
Medtronic PLC, Edward Lifesciences Corporation, Advanced Bionics AG, Ekso Bionics, Ossur (Touch Bionics) are the major companies operating in Bionics Market.