Medical Bionic Implant Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
- Healthcare IT
Bionic is an artificial electrically/mechanically powered device which is a replacement or an enhancement for impaired body organs. Bionics are designed to perform the function of damaged or diseased organs. Bionics are a combination of biology and electronics. Medical bionic implants have advantages over traditional prostheses such as less fatigue, discomfort, and real-time control. Medical bionic implants imitate the original function of an impaired organ or even perform better than it.
There are different options available for the treatment of organ disability such as auto grafts, xenografts, or allografts. But each option has its drawbacks such as invasive surgeries, organ transplant rejection, and scarcity of donors. In these scenarios, bionic implants can be the optimal option. Ekso Bionics in collaboration with 3D Systems has developed a 3D-printed robotic suit called the Esko to help patients overcome paralysis. This bionic exoskeleton suit helps patients who have lost the ability to walk due to stroke, injury, or developmental conditions such as cerebral palsy. 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 in the battle field. Bionic devices are being developed with various features such as printed prostheses with anatomically correct shapes along with cosmetic details and smartphone controlled commands.
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. Among those, 54% of limb loss is caused by vascular diseases, including diabetes and peripheral arterial diseases, trauma (45%), and cancer (less than 2%). Increasing population, rising road accidents, and growing global aging population are some of the factors driving the market for medical bionic implant. Rising incomes and expenditure on health care services have increased the demand for replaceable organs, and currently this market holds high potential. However, factors such as high cost of treatment, expensive devices, fear of malfunction of devices, and limited surgical expertise are restraining the growth of the market. Countries such as the U.S. and the U.K. are extensively funding the research and development of this technology. Doctors have successfully implanted bionic parts for eyes, arms, and kidneys. Asia Pacific and the rest of the world are projected to expand at high growth rates in the near future.
The global medical bionic implant market is segmented into a variety of categories based on product type, which are listed below.
- Ventricular assist device
- Total artificial heart
- Artificial heart valve
- Bionic hand
- Bionic leg
- Bionic limb
- Bone anchored hearing aid
- Cochlear implant
- Bionic eye
- Deep brain stimulator
- Vagus nerve stimulator
- Spinal cord stimulator
- Medical bionics which include artificial kidneys
- Artificial pancreas
In terms of fixation type, the global medical bionic implant market is classified into externally worn and implantable based.
Geographically, the global market is distributed over North America, Asia Pacific, Europe, and rest of the world. North America is leading the global market for bionics and is expected to dominate the market during the forecast period. The region's market dominance is due to the presence of major bionic vendors such as Baxter International Inc., Abiomed, Inc., and Medtronic plc.
Major market players operating in the global medical bionic implant market are Touch Bionics Inc., Ekso Bionics Holdings, Inc., Cochlear Ltd., LifeNet Health Inc., Sonova, Otto Bock Inc., Medtronic plc, Edwards Lifesciences Corporation, HeartWare, Orthofix Holdings, Inc., and BionX Medical Technologies, Inc.
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- Market segments and sub-segments
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
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- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
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