Global Bionics Market - Segmented by Product and Geography - Growth, Trends, and Forecasts (2018 - 2023)
Bionics are man-made devices that can be implanted or integrated into humans, to either replace a natural organ or provide support to restore specific function, or a group of related functions, helping the patient to return to his normal life. The global bionics market is expected to register a CAGR of 9.5% during the forecast period (2018 - 2023).
Scarcity of Donor Organs
The lack of availability of potential organs to transplant has been a major issue. The demand for organ donors is ever increasing and is very high, when compared to the actual supply. It has been estimated that of all the patients who need organ transplantation, only 10% are able to undergo the process. This has been a major boost for bionics market, as the patients cannot afford to wait in the queue, since the stakes are very high. Bionics are able to cater to the needs of those in need of organ transplantations and replacements. Bionics 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 bionics industry.
Increased incidence of disabilities and organ failures, technological advancements and high incidence of road accidents leading to amputations, are some of the other factors contributing to the growth of the market.
The cost of the procedure is a major constraint for the bionics market. The high cost of these organs is due to the production policies to address the patients, taxpayers, and medical technology corporations. For instance, organ transplant has many issues in the current market scenario, such as the policies for procurement, transplant tourism, organ trafficking, and others.
Each year, there are about 32,500 people at the age of 55-70 years in the final stages of their heart diseases, and are in need of an artificial heart. However, the protocol requiring written consent of the patient, limits the number to 12,000. The estimates of the cost of the organ, surgical procedure, device, and continuing surveillance of the patients, are in the range of USD 100,000-USD 300,000.
Additionally, fear of device malfunction and its consequences and limited specialists to carry out the procedure, are also restraining the growth of the bionics market.
North America to Lead the Market
The global bionics market is segmented by product and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America the largest share in the bionic implant space. Also, the market is emerging due to the rise in the population, coupled with awareness among the players and the patients. Growing income levels, increasing healthcare expenditure, and less competition than mature countries, are the factors that are responsible for an increase in the interest of market players in emerging markets.
Key Developments in the Market
February 2018: Abiomed received approval for an expanded FDA indication for the Impella 2.5® and Impella CP® heart pumps, during elective and urgent high-risk percutaneous coronary intervention (PCI) procedures
Major players: ABIOMED,ASAHI KASEI MEDICAL CO. LTD, BAXTER INTERNATIONAL INC., COCHLEAR LIMITED, CYBERONICS INC., EDWARD LIFESCIENCES, EKSO BIONICS, ROCHE HOLDING AG, AND MEDTRONIC, amongst others
Reasons to Purchase The Report
Market analysis for the global bionics market, with region-specific assessments and competition analysis, on a global and regional scale
Analyze various perspectives of the industry, with the help of Porter’s five forces analysis
The treatment type that is expected to dominate the market
Regions that are expected to witness the fastest growth, during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the market estimate sheet (in Excel)
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