Medical Bionic Implants Market Size Worth US$ 9.94 Billion by 2030 at 8.0% CAGR, COVID-19 Impact and Global Analysis by Growth Plus Reports
NEW YORK, Sept. 13, 2022 /PRNewswire/ -- According to the latest report published by growth plus reports, the global medical bionic implants market is expected to clock US$ 9.94 billion by 2030 and to grow at a CAGR of 8.0% during the forecast period. Owing to the rise in chronic diseases, technological advancements, the rise in accidents and injuries this exclusive information is published by Growth Plus Reports in its report titled "Medical Bionic Implants Market – Global Outlook & Forecast 2022-2030"
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One of the main drivers of the medical bionics market's expansion is the rising incidence of chronic diseases, technological advancements, the rise in accidents and injuries resulting in amputations, and the rising geriatric population and related organ failure. Furthermore, it is projected that the need for bionic devices would increase as chronic illnesses that encourage amputations become more common. Amputations can be caused by a number of chronic diseases, including diabetes, peripheral artery disease, trauma, and malignant tumours, among others. Therefore, increasing prevalence of chronic diseases will result in amputation to boost market growth.
Excerpts from 'By Product Segmentation'
Based on product, the global medical bionic implants market has been segmented into:
- Vision Bionics/Bionic Eye
- Brain Bionics
- Heart Bionics/Artificial Heart
- Orthopedic Bionics
- Ear Bionics
The vision bionic include bionic eye whereas ear bionic include cochlear implant and bone anchored hearing aid (Baha). The heart bionics is also sub segmented into pacemakers, total artificial heart, ventricular heart valves, artificial heart valves whereas brain bionics include deep brain stimulator, vagus nerve stimulator and spinal cord stimulator. The orhopedic bionics is sub segmented into bionic limb, bionic hand, bionic leg, bionic finger, exoskeleton and electrical bone growth simulators. ear bionics or cochlear implants are anticipated to significantly increase their market share. Deafness and hearing loss are being caused by an expanding number of auditory diseases and hearing disorders. The number of people with hearing loss is expected to rise as the population ages. The changing demographics, longer life expectancies, noise from jobs and leisure activities, among other things, are the main causes of the increased incidence of hearing loss.
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Excerpts from 'By Region Segmentation'
Based on the region, the global medical bionic implants market has been segmented into:
- North America
- Asia Pacific
- Rest of the World
Geographically, the most developed region is in North America, and it showed its dominance during the forecast period. The majority market share is primarily attributed to a number of variables, including the widespread use of advanced bionic equipment, an increase in the prevalence of chronic illnesses, and high healthcare costs globally. The U.S.'s high prevalence of chronic conditions such peripheral arterial disease, trauma, and hearing loss is expected to be beneficial for the industry's value. The prevalence of chronic diseases is expected to accelerate the uptake of bionic devices in the region.
The Asia Pacific region is anticipated to grow substantially during the projection period because of a growing consumer base, expanding government healthcare initiatives, and high disposable income. Rapidly increasing India and China and growing patient awareness levels in this region are the primary reasons leading to this region's growth. National governments and regulatory organisations work together in a number of nations to maintain a steady demand for the market for medical bionic implants market.
Excerpts from 'Competitive Landscape'
Some of the prominent market players in the global medical bionic implants market include
- N.V., Biomet, Inc
- Orthofix International N.V
- Medtronic, Inc
- Abbott Laboratories
- Cochlear Ltd
- Boston Scientific Corporation
- SynCardia System
- Second Sight Medical Products, Inc
- Ekso Bionics
- William Demant Holding A/S
- Retina Implant AG
- St. Jude Medical, Inc
For corporate growth, these well-known corporate leaders place a strong emphasis on implementing strategic initiatives like vertical integration, research collaboration, new product development, and commercialization. Additionally, these players make investments in R&D operations that allow them to introduce cutting-edge products with unique technology and get the largest possible revenue share.
- Market Ecosystem
- Timeline Under Consideration
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
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