Global Medical Bionic Implant Market - 2020-2027
The medical bionic implants market valued USD XX million in 2018, and it is expected to grow at a CAGR of XX% to reach USD XX million by 2027.
Bionics incorporates biology with electronics. It implants the special types of instruments or prosthetics that have been inserted in the human body to replicate the original organ function. The Medical Bionics replaces or improves different parts of the body with automated adaptations. Advanced bionic implants have advantages over traditional prostheses such as less tiredness, discomfort, and control in real-time. Medical bionic implants are assorted from the counterfeit organ as they mimic unique capacity completely or even show improvement over it.
The market growth is driven by the rising demand, increasing road accidents, growing geriatric population, rising number of chronic diseases among individual, organ failure, increasing injuries and accidents, occupational disabilities that demand medical bionic for improvement of the problem.
Growing advancements in medical technologies are fueling the medical bionic implant market. Growing public awareness about various diseases, advancements in medical bionic implant and artificial organs procedures and the need for screenings conducted for early diagnosis and treatment of various diseases are also expected to favour the medical bionic implant market. In February 2015, the bionic prosthetic company had re-launched iWalk (aka BiOM). As indicated by the company, this re-dispatch likewise reflects organization achievements, including the expansion of an official group, item upgrades, global business extension, and progressing support from repayment specialists, for example, the U.S. Department of Veterans Affairs and Workers' Compensation payers.
Moreover, people all over the world suffer from vascular diseases, including diabetes and peripheral arterial diseases, which increase the chances of amputations. In the U.S., there are about two million people who are living with limb loss. As per data from the National Center for Health Statistics, 185,000 amputations are conducted in the U.S. every year, and roughly 2 million people in the country are currently living with a lost limb. Rapid advancements in the medical bionic implants and market have led to new and improved robotics technology. Medical device makers are looking at emerging economies mainly because of their large populations and continued demand for bionic replacements.
In addition, a greater number of amputations coupled with improved capabilities of high-tech biomaterial-based implants is contributing to the growth of the medical bionic implants and exoskeletons market. These factors are driving the growth of the medical bionic implant market.
The development of bionic arm shall stimulate market growth. In February 2020, next milestone in the development of bionic arm prostheses with a major contribution from the Medical University of Vienna, in collaboration with the Massachusetts Institute of Technology (Center for Extreme Bionics) and the Department of electrical engineering at the University of Gothenburg, Oskar Aszmann's team in the clinical laboratory for bionic limb reconstruction at Meduni Vienna's department of surgery has developed the world's first fully integrated bionic arm prosthesis that is ready to use. For the first time, this system is self-contained, and everything takes place directly in the arm. The battery inserts directly into the prosthesis and can easily be removed in the evening for recharging
With quick technological advancement, rapid technological advancements in the medical field, ever-increasing demand of medical bionics implants and artificial organs, the global medical bionic implant market is anticipated to have vigorous development during the forecast period.
Moreover, the concept of bionics is applied in other fields, such as the defense to build exoskeletons, which can be worn by soldiers. These exoskeleton suits or bionic suits help them to carry heavy loads and improve their mobility on the battlefield. Bionic devices are being developed with various features such as printed prostheses with anatomically correct shapes along with cosmetic details and smartphone-controlled commands.
However, factors such as high cost of treatment, expensive devices, malfunction of devices, and limited surgical expertise, and uncertain reimbursement scenarios in different regions are restraining the growth of the market.
Medical Bionic Implant Market is segmented based on product type as vision bionics, heart bionics, orthopaedic bionics, ear bionics, brain bionics and others. Among these, heart bionics held the largest market share as a consequence of the high prevalence of cardiovascular disorders. Ear bionics are expected to gain substantial market share during the forecast period. These devices are preferred more by the patients owing to the ease and comfort they provide than drugs.
Orthopedic bionics s an artificial replacement or substitute of bones in different parts of the body. The typical orthopedic prosthetic devices are for hip, knee, elbow, ankle, leg, among others. According to Stanford Children’s Health, there were an estimated 3.5 million sports injuries occurred; this significant number is expected to act as a driver to the market growth. Brain bionics are involved in inserting an implant inside a person’s head with the goal of specifically targeting faulty brain activity associated with making a person stay “stuck” in their depression.
Further, the market is also classified based on technology as Implantable and Externally Worn. The Implantable segment accounts for the highest market share owing to the rising usage where these materials are used pacemakers, RFID tags, neurostimulators, and various other implants with wireless communication functions. The robust and rigid nature of ferrous metals leaves them nearly unaffected by extreme elements. However, their magnetic properties mean exposure to other magnetic fields must be minimized.
The Externally Worn segment is expected to have positive market growth due to the rising demand for body image compared to nontechnology users. Where appropriate, these data can be used to identify potential concerns, address strategies to mitigate them and inform people with diabetes when considering adopting external technologies.
The Medical Bionic Implant market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa based on the region. Among all of the regions, North America dominated the Medical Bionic Implant market due to the demand for technologically advanced products coupled with strong R&D initiatives by the government and high patient awareness levels in this region. Moreover, the presence of a large number of research laboratories, biotechnology, and medical devices manufacturing companies in North America, which is projected to contribute to the region’s growth. Also, the favorable healthcare compensation plans and high demand for organ transplantation are expected to further propel the growth of the market in North America.
The Asia Pacific is expected to have a significant market share due to the rising to a large consumer base, rising government initiatives for enhancing healthcare, and high disposable income. Rapidly developing regions of India and China, along with growing patient awareness levels in this region are the major factors attributing to the growth of this region. National governments and regulatory bodies in several countries are taking collaborative measures to ensure that there is a constant demand for the medical bionic implants market. The World Bank states that countries in the Asia-Pacific region have witnessed a marked rise in FDI. Emerging markets such as Malaysia, Indonesia, and India have recorded much higher economic growth rates than developed nations. This is expected to drive higher investment across the healthcare sector in all of these countries, boosting the global medical bionic implant market.
Several local and international players are present in the market. The technological advancement, new product launch, availability of cost-effective solutions intensify the market competition. Orthofix International N.V., Touch Bionics Inc., Second Sight Medical Products, Inc., Ekso Bionics, St. Jude Medical, Inc., Lifenet Health Inc. and Otto Bock Inc. are the leading market players with significant market share.
Companies are focusing on the technological development and up-gradation of existing machinery to increase annual productivity and optimize processing operational flow. For instance, in June 2016, Cochlear Bone Anchored Solutions AB, the global leader in bone conduction hearing solutions, announced the commercial availability of the Cochlear™ Baha® 5 Power and Baha 5 SuperPower sound processors. The Baha 5 Power and Baha 5 SuperPower Sound Processors are designed for people with greater levels of hearing loss, with a fitting range up to 55 dB sensorineural hearing loss (SNHL) for Baha 5 Power and 65 dB SNHL for Baha 5 SuperPower.
The companies are entering into the collaborations, mergers, strategic partnerships and acquisitions to increase the demand for biomarkers and their expansion across the globe. For instance, in June 2020, Orthofix Medical Inc. a global medical device company focused on musculoskeletal healing products, announced the U.S. Food and Drug Administration clearance and the first patient implants of the FIREBIRD ™ SI Fusion System. Designed to compress and stabilize the sacroiliac joint (also called the SI joint) during fusion, the FIREBIRD SI Fusion System is the first 3D printed titanium bone screw to launch in the U.S. for treating SI joint. The FIREBIRD SI Fusion System is designed with a porous mid-shaft region that allows the bone to grow into its surface – creating a bond between the implant and the patient’s bone at the SI joint.
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