Medical device manufacturers are currently focusing on development of cellular-electrode interface and the employment of organic conductors as alternative to metal electrodes. Organic conductors possess excellent electrical properties such as unfettered conductivity and reduced impedance to start the power system. They also possess high malleability in order to fabricate them as effective medical devices. Organic conductors must also have specific chemical properties such as hydrophilicity, biocompatibility and thermostability to undergo sterilization without degradation of the above properties.
The products segmentation of this study comprises of heart bionics, orthopedic bionics, ear bionics, vision bionics and neural bionics. The application segments include implantable bionics and external bionics. Data forecast and market assessment for the duration 2016 to 2026 are covered in the scope of the report.
Product portfolio exhibits the diverse range of medical bionics available with the key players with their application for different disease conditions such as cardiac, neural, vision etc. Latest news coverage gives brief information regarding the latest upgrading happening in the integral circuit design of implantable bionics, mergers and acquisitions between research institutes and medical device manufacturers. This market assessment is an important tool utilized for mapping the latest trends prevalent in the medical bionics market supplementing them with market size and CAGR. Porter’s five forces model is included in the study to understand the competitive nature prevalent in the medical bionics market. The market leaders of medical bionics market are Boston Scientific Corporation, BionX Medical Technologies, Inc., Cochlear Ltd., Edward Lifesciences Corporation, Ekso Bionics, LifeNet Health Inc., Medtronic Plc., Ossur, Second Sight Medical Products, Inc., and St. Jude Medical, Inc.
The transfer of technology between artificially created objects and living cells is called as bionics, and the field is currently having huge application in medical science. Bionics is further segregated into various disciplines such as structural bionics, processing bionics and information bionics, subject to their specific applications. Based on product types, heart bionics is currently dominating the products segment owing to the rising prevalence of cardiac complications such as arrhythmias, valvular stenosis and congenital heart disease. Affordable reimbursement scenario for heart bionics motivates people to undergo surgical procedures for such implants. Ear bionics for e.g. Cochlear™ Nucleus® Kanso® manufactured by Cochlear, Ltd., have a tremendous potential for market growth in the near future due to rising prevalence of otitis media and conductive hearing loss due to otosclerosis. The market leaders of medical bionics market are Boston Scientific Corporation, BionX Medical Technologies, Inc., Cochlear Ltd., Edward Lifesciences Corporation, Ekso Bionics, LifeNet Health Inc., Medtronic Plc., Ossur, Second Sight Medical Products, Inc., and St. Jude Medical, Inc.
Medical bionics has a potential future in the life sciences industry. The major challenges faced by the medical bionics market mainly comprise the lack of commercialization of bionic products and hence they are not being prescribed by physicians for treating chronic ailments. Manufacturers are looking into qualities such as hermetic encapsulation of bionic implants to protect the circuit elements of the device form the body solutions. Neural bionics manufacturers are using novel conductive polymers and micromachining approaches to create neural interfaces to deliver electrical impulses to the nervous system. Tissue contacting materials such as silicon polymers are utilized in bionic implants to meet the biocompatibility aspects and interaction with the surrounding biological environment. Implantable bionics currently leads the applications segment due to its favorable features such as biocompatibility, mechanical stability, and corrosion resistance favoring long-term therapy for chronic ailments. External bionics is set to grow at a rapid pace on account of increasing number of accidents leading to limb amputations and the evolution in ergonomic design of external bionics making them easy to handle and operate.
The Center for Disease Control and Prevention 2014 report states that 7 out of 10 causes of death in the United States were chronic diseases majorly comprising of lifestyle disorders. North America is the leader in medical bionics market owing growing demand for these products on the grounds of rising prevalence of chronic diseases and existence of developed healthcare infrastructure. Technological development in the nature of implantable bionics regarding the integrated device circuits propels the North America market growth. The growth of European market is driven by the supportive regulatory environment provided by the European Medical Agency for medical devices approval. Eastern European region serves as a lucrative market attributed by developing healthcare infrastructure and establishment of subsidiaries of key players engaged in production of medical bionics. Asia Pacific will be registering excellent growth during the forecast period due to huge patient pool suffering with chronic diseases. Emergence of domestic players manufacturing medical bionics has created a competitive market for the market leaders, which has a positive influence on the market growth of medical bionics in Asia Pacific.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Medical Bionics market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
