Bionic Devices Market Size By Product (Auditory Bionics/Cochlear Implants, Heart Transplant, Orthopedic Bionics {Bionic Hand, Bionic Leg and Socket, Exoskeleton}, Neural Bionics {Deep Brain Stimulator, Spinal Cord Stimulator}), By Fixation (Implantable, W

Bionic Devices Market Size By Product (Auditory Bionics/Cochlear Implants, Heart Transplant, Orthopedic Bionics {Bionic Hand, Bionic Leg and Socket, Exoskeleton}, Neural Bionics {Deep Brain Stimulator, Spinal Cord Stimulator}), By Fixation (Implantable, Wearable/Externally Worn), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

The bionic devices market is estimated to witness exponential growth by 2027 owing to notable technological advancements in the medical devices industry.

Bionic devices replace biological functions that are principally carried out by nerves, which may have been damaged due to an injury or disease. Such devices employ electrical signals to stimulate the remaining nerve cells. There are different types of bionic devices, each suited to perform specific biological functions ranging from cardiac pacemakers and hearing implants to diaphragm and urinary pacing devices. Rising prevalence of hearing impairments across the globe has augmented product adoption in recent years.

Furthermore, industry participants are employing lucrative strategies to tap into emerging trends, which has positively impacted the overall business dynamics. For instance, in May 2020, Ossur, a leading prosthetics manufacturer, announced the acquisition of the design and visualization software from Standard Cyborg, Inc., a startup specializing in cutting-edge computer vision tools. The acquisition enhanced Ossur’s capabilities in the shape capture, design, and manufacturing of orthotics and prosthetics according to the unique requirements of patients.

Similarly, in December 2019, Cochlear Limited, a global manufacturer of implantable hearing solutions, received the U.S. Food and Drug Administration (FDA) approval for its novel implant, the Cochlear Osia 2 System, under the new bone conduction hearing solutions category dubbed osseointegrated steady-state implant (OSI). The Osia 2 System employs digital piezoelectric stimulation to transfer sound vibrations straight to the inner ear, bypassing damaged portions of the natural hearing system.

The bionic devices market has been segmented on the basis of fixation, product, and region. With respect to product, the market has further been divided into neural bionics, heart transplant, auditory bionics/cochlear implants, and orthopedic bionics.

In 2020, the neural bionics sub-segment attained a significant market share, valued at more than USD 3,124 million, and is slated to exhibit robust growth over 2021-2027. Increasing prevalence of chronic disorders worldwide, along with the ability of neural bionics to promote motor functionality, is estimated to foster product demand through the study timeline.

In terms of fixation, the market has been categorized into wearable/externally worn and implantable. The implantable sub-segment garnered a valuation of nearly USD 2,986 million in 2020 and is projected to expand at a sturdy growth rate through the forecast period on account of the growing geriatric population needing invasive medical intervention. Additionally, rising healthcare expenses globally are set to boost segmental growth over the forthcoming years.

From the regional point of view, apart from North America, Asia Pacific, and Europe, the rest of world bionic devices market was valued at more than USD 369 million in 2020 and is expected to observe steady growth through the assessment timeline. High prevalence of chronic conditions that lead to amputation as well as increasing healthcare expenditure are likely to be key contributors to regional market growth in the future.