Published on : Sep 23, 2016
The global bionics market derives much of its growth from the technological advancements in the medical and healthcare industry. The increasing incidence of organ failure, driven by the rise in the global geriatric population is the key driving force behind the growing demand for bionic devices across the world.
North America to Remain Leading Regional market for Bionics
North America, Latin America, Asia Pacific, Europe, and the Middle East and America are the main geographical segments of the global market for bionics. Of these, North America has emerged as the market leader and is expected to remain dominant over the next few years. The escalating application of bionics as an alternative for organ transplants in North America is likely to boost the regional market significantly in the years to come.
Asia Pacific is also witnessing a strong rise in the demand for bionics. The presence of a large population base in Asian countries such as India, China, and Japan is likely to drive the market for bionics in this region. On the flip side, the bionics markets in Latin America and the Middle East and Africa is projected to experience moderate growth in the years to come due to the high cost of bionic devices.
Global Bionics Market - Competitive Landscape
The competitive landscape of the global bionics market is defined by the presence of a large pool of participants. Asahi Kasei Medical Co. Ltd., Sonova Holding AG, SynCardia Systems Inc., EKSO Bionics, Abiomed Inc., Baxter International Inc., Medtronic Plc., HeartWare Inc., and Ottobock Healthcare are the key companies in this market. The increase in the disposable income of consumers in emerging economies and the growing awareness among them regarding health and fitness are likely to create new profit streams for players operating in this market.