With
technical advancements in the healthcare industry, the bionics market
is making remarkable progress in the global arena. In 2014, it stood
at US$7.96 billion. Driven by the rising incidence of organ failure
and the increase in the geriatric population base across the globe,
the global market for bionics is projected to reach a value of
US$20.49 billion in 2021, expanding at a CAGR of 13.2% between 2015
and 2021.
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Apart
from this, the rising application of exoskeletons in the defense
sector is boosting the global bionics market to a significant extent.
However, this market is likely to face severe challenge from the high
cost associated with bionic devices.
Bionic
Limbs: Most Used Bionic Device
Bionic
heart, bionic brain, bionic vision, bionic limbs, exoskeleton, and
other devices are the key bionic devices that are majorly used around
the world. Among these, bionic limbs led the global bionics market in
2014 with a 28% share, accounting for US$2.23 billion. Analysts have
projected that this market segment will continue to dominate the
overall market, mainly because of the rising incidence of accidents
that lead to paralysis or removal of limbs. In addition to this, the
technological advancement of bionic limbs has enabled them to be
controlled by the user’s brain. This factor is also fueling the
bionic limbs market significantly across the world.
Healthcare
Industry: Contributed US$6.0 billion in 2014
The
healthcare industry and the defense sector are the major end users of
bionic devices, whereas mechanical bionics and electronics bionics
are the key technologies applied over bionic products. Among the two,
the healthcare industry acquired the bigger share of the overall
market, reporting a revenue amounting to US$5.97 billion in 2014. On
the other hand, the defense sector is expected to report the fastest
growth in the global bionic market in the next 6 years.
North
America: Leading Regional Bionics Market
The
global bionic market is spread across North America, Europe, Asia
Pacific, and the Rest of the World. North America is the incumbent
leader in this global market and analysts expect it to report the
highest growth of all regional segments of the market in the coming
years on account of the increasing application of bionics as a
substitute for organ transplants in the region.
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Asia
Pacific is the second largest market for bionics across the globe. It
occupies over 20% of the overall market. It is also the fastest
growing regional market owing to the presence of major economies such
as Japan, China, and India. On the other hand, the bionics market in
the Rest of the World is likely to witness sluggish growth owing to
the high cost of bionic devices.
Global
Bionics Market: Key Participants
Abiomed
Inc., Asahi Kasei Medical Co. Ltd., Baxter International Inc., Sonova
Holding AG, Medtronic Plc, SynCardia Systems Inc., HeartWare Inc.,
EKSO Bionics, and Ottobock Healthcare are the major players operating
in the global bionics market. The rising disposable income in
developing economies and increasing awareness among people pertaining
to healthcare is expected to open new avenues for established players
as well as new entrants in this market.
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