25 August 2023
Visiongain has published a new report entitled Bionic Devices Market Report 2023-2033: Forecasts by Fixation (Implantable Bionics, External Bionics), by Type (Heart Bionics, Neural Bionics, Cochlear Implants, Orthopaedic Bionics, Exoskeleton Bionics, Others), by Technology (Electronic Bionics, Mechanical Bionics), by End-user (Hospitals, Ambulatory Surgical Centers (ASCs), Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The bionic devices market is valued at US$21.0 billion in 2023 and is projected to grow at a CAGR of 9.5% during the forecast period 2023-2033.
Rising Incidence of Chronic Diseases and Disabilities is Driving the Market Growth
The rising incidence of chronic diseases and disabilities, encompassing cardiovascular disorders, neurological conditions, orthopaedic impairments, and sensory impairments, is a significant factor driving the escalating demand for bionic devices. These chronic ailments, including heart disease, stroke, Parkinson's disease, and arthritis, are becoming more prevalent, primarily due to factors such as aging populations, sedentary lifestyles, and changes in dietary habits. As a consequence, individuals affected by these conditions often experience considerable limitations in mobility, sensory functions, and overall quality of life. According to a study conducted by the Parkinson's Foundation in 2022, the number of new Parkinson's disease diagnoses in the U.S. has shown a substantial increase. The yearly diagnosis rate has risen to approximately 90,000 individuals, representing a significant 50% surge compared to the previously estimated rate of 60,000 annual diagnoses.
How has COVID-19 had a Significant Impact on the Bionic Devices Market?
The COVID-19 pandemic has had both positive and negative impacts on the bionic devices market. On one hand, the pandemic has presented various challenges, including disruptions in the supply chain, delayed procedures, and financial constraints. The global supply chains have been significantly affected by restrictions on international trade, closures of manufacturing facilities, and reduced workforce availability. Consequently, there have been delays in the production and delivery of bionic devices, which have had an impact on the overall market growth. Furthermore, due to the overwhelming pressure on healthcare systems and the need to prioritize resources for COVID-19 patients, many elective surgeries and procedures involving bionic devices have been postponed or cancelled. This has resulted in a temporary decrease in demand for these devices in the short term.
How will this Report Benefit you?
Visiongain’s 279-page report provides 114 tables and 181 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the bionic devices market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Bionic Devices. Get financial analysis of the overall market and different segments including component, services, mode of transport, holding temperature range, and end-user and capture higher market share. We believe that there are strong opportunities in this fast-growing bionic devices market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Growing Geriatric Population is Boosting the Adoption of Bionic Devices
The bionic devices market is significantly influenced by the aging population on a global scale. As life expectancy continues to rise, there is a notable increase in age-related conditions and disabilities. Bionic devices play a vital role in offering older adults opportunities to retain their independence, enhance mobility, and improve their overall quality of life. Consequently, the demand for bionic devices, including prosthetic limbs, assistive devices, and sensory implants, is expected to witness substantial growth alongside the expansion of the aging population.
By the year 2030, it is estimated by the World Health Organization (WHO) that around one out of every six individuals globally will have reached the age of 60 or above. In this timeframe, the percentage of the global population aged 60 and over is predicted to rise from 1.2 to 1.4 billion, as observed in 2023. Anticipating the year 2050, the count of individuals aged 60 and above is forecasted to double, reaching a global total of 2.1 billion. This demographic trend is likely to further boost the demand for bionic devices as the need for age-related assistance and support continues to grow.
Growing Emphasis on Rehabilitation and Functional Recovery in Healthcare
Healthcare is increasingly prioritizing rehabilitation and functional recovery, with bionic devices playing a vital role in enabling individuals with disabilities to regain or enhance their physical capabilities. The integration of bionic devices into rehabilitation programs has demonstrated promising outcomes, particularly in improving mobility, sensory perception, and overall functional results. This growing emphasis on rehabilitation and functional recovery serves as a driving force behind the widespread adoption and utilization of bionic devices. For instance, companies like Össur, Touch Bionics, and Ottobock are at the forefront of developing advanced prosthetic limbs that incorporate microprocessor-controlled joints, myoelectric sensors, and lightweight materials. These innovations have significantly contributed to the functional improvement of amputees and individuals with limb impairments.
Where are the Market Opportunities?
Collaboration with Bionic Devices Companies and Healthcare Providers
Enhanced patient outcomes and market growth can be achieved through effective collaboration between device manufacturers and healthcare providers. By establishing close partnerships with healthcare providers, manufacturers can gain valuable insights into clinical requirements, refine device designs, and ensure seamless integration of their devices within healthcare systems. This collaborative approach also paves the way for conducting clinical trials, generating substantial evidence, and obtaining reimbursement support for bionic devices. Ultimately, such collaborations contribute to the advancement of bionic technology and its successful implementation in healthcare settings, benefiting both patients and the market as a whole. For instance, in October 2022, Ottobock partnered with the University of Utah (USA) for research & development. Also, in August 2022, Medtronic partnered with BioIntelliSense for exclusive distribution of multi-parameter wearable in the U.S.
Ongoing Research and Development to Offer Lucrative Growth Prospects
Continuous research and development initiatives within the realm of bionic devices play a pivotal role in propelling market expansion. Various entities such as corporations, educational institutions, and healthcare establishments allocate resources towards research endeavours aimed at crafting innovative technologies, augmenting existing apparatuses, and broadening the scope of bionic device applications. Continuing research and development endeavours are dedicated to the advancement of sophisticated robotic exoskeletons, tailored to offer enhanced mobility support and rehabilitation for those grappling with mobility limitations. This pursuit entails ground-breaking progress in mechanical engineering, control algorithms, and interfaces that bridge the gap between humans and machines, culminating in exoskeletons characterized by seamless and instinctual motions. For instance, Second Sight Medical Products is resolutely committed to pioneering novel visual prostheses that hold the promise of restoring sight to individuals affected by specific forms of blindness. Also, ReWalk Robotics specializes in the progressive development of robotic exoskeletons designed to cater to individuals burdened with spinal cord injuries.
The major players operating in the bionic devices market are Abbott Laboratories, Boston Scientific Corporation, Cochlear Ltd., Demant A/S, Ekso Bionics, Johnson & Johnson, LivaNova, PLC, Medtronic PLC, Össur, Ottobock (BionX Medical Technologies, Inc.), PIXIUM VISION, Sonova, SynCardia Systems, LLC, and Zimmer Biomet. The major participants in this market have adopted a variety of strategies, including mergers and acquisitions, increased investment in research and development, forming collaborations and partnerships, expanding their business presence in different regions, and introducing novel products to the market.
• In July 2023, Abbott revealed that the U.S. Food and Drug Administration (FDA) granted approval for the AVEIR dual chamber (DR) leadless pacemaker system. This pioneering system is the world's first dual chamber leadless pacing solution designed to address abnormal or slow heart rhythms in patients.
• In October 2022, the University of Utah's Bionic Engineering Lab developed Utah Bionic Leg. The university entered into a new collaboration with Ottobock, to license the ground-breaking technology behind the Utah Bionic Leg. This partnership aims to make this cutting-edge bionic leg technology accessible to individuals with lower-limb amputations, revolutionizing their mobility and quality of life.
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