Custom Market Insight recently reported, “Global Bionic Devices Market will surpass $8.68 Billion by the end of the third year, 2027 to be precise.” The ascending CAGR rate might grow by 9.9%and reach approximately US$8681 million in the next three years, 2027. Bionic devices are implanted in the case of nerve damage to replace the natural functioning of the body part.
As per the report, a mechatronic or electronic part is placed here to replace the damaged body part and make it function smoothly.
According to the data from the World Health Organization in 2021, 2.2 billion people seem to be affected with severe eye issues, including vision impairment, blindness, and more. Surprisingly, globally, 1 billion people haven’t addressed the issues. Various companies have come forward to develop the unique bionic eye so that slightly impaired humans can get the right assistance.
In 2021, the World Health Organization released data that proved globally that 1.3 million people die during road accidents. If the data is correct, 20-50 million people face nonlethal injuries that happen during road accidents. In several cases, it results in traumatic amputation or disability. The ongoing increase in road accidents has pushed the demand for bionic implants to a great level. The market will go high with it.
Additionally, the added number of patients suffering from chronic conditions, more cases of hearing loss, ever-growing heart patients, newly invented medical facilities, healthcare expenses, and more are directly proportional to the surge in the global bionic device market.
Cochlear Implants seem to have a great future ahead
Increased numbers of hearing loss cases led to such huge growth in the cochlear Implant market. It has a great market share as people suffering from hearing issues can get relief through hearing aids, cochlear implants and more innovative devices. Three additional things that are pushing this market are:
- Technological upliftment
- Good funding and reimbursements
- Reduced invasive procedures
New sensation in the market- Wearable Devices or extremely worn ones
While discussing the growth of the extremely worn and wearable devices industry, several factors come across our mind, such as:
- Acceptance of wearables in different areas
- Customers choice
- Technologically preferred products
These factors serve as the reason why this market is hitting high in the growing bionic device market.
The mechanical bionic device industry might win a remarkable place in the market:
With the growing impact of technology, the demand for technically lifted products has suddenly taken a rise. The bionic market is one such market that has been positively impacted by it. It now holds a great share of the running market. The reason can be the ongoing usage of prosthetics, like forelimbs, hands, and arms, for specially-abled people in developing countries.
Statistics show a great rise in the mechanical bionic device market in the upcoming time. The reason behind this can be anything, but what is attracting mass towards it are:
- Increment in FDA approvals
- A great number of reimbursement policies
- Durability, while compared to the other available devices
The hospital segment holds a great market share, relying upon the end user
Several key factors are assisting the hospital industry in the rising global bionic device market. To name a few:
- Skilled and efficient healthcare professionals
- Presence of good facilities
- Technically uplifted medical equipment
It seems the health sector will go much ahead than what it is today.
Asia-Pacific market might go high with a remarkable growth rate, especially during the upcoming time:
The need for the embolic devices and the development in this region may be the reason behind its growth. Accelerated demand for bionic implants, rising cases of disabilities, and increased numbers of accidents and trauma are pushing its demand to be more every day.
North America holds a great share of the dominant market. Growing cases of chronic diseases, unexpectedly high healthcare expenditure, and the need for bionic devices by most people in North America are turning it so popular.
Competitive Market:
While talking about the best in the global embolic device market, several popular names have emerged as a popular name lately:
- Abiomed
- Medtronic Plc
- Abbot Laboratories
- Medtronic Plc
- Edward Lifesciences Corp.
- Cochlear Lts
- William Demat Holdings A/S
- Rewalk Robotics Ltd
- Baxter International Inc
- Boston Scientific Corp
- Others
Market Report:
- Fixation: Custom Market Insight is responsible for adding two viewpoints to divide the global embolic device market. There are two types of products that we are discussing here, wearable and implantable devices, which are taken care of by the fixation.
- Treatment– This report covers four treatment viewpoints: exoskeleton, ventricular assist device, bionic cardiology, and cochlear implants in the global embolic device market.
- End-User– The end user under the Global Embolic Device Market here is divisible into three viewpoints- clinics, hospitals, and other healthcare branches.
- Region- As per the Custom Market Insight reports, the region here covers 5 viewpoints- Europe, Middle East and Africa, North America, Latin America, and Asia-Pacific.
- Key Players– The major players here are covered under 4 viewpoints- Financial Insights, Overview, Merger, and Strategy. Major players here are Abiomed, Medtronic Plc, Abbot Laboratories, Medtronic Plc, Edward Lifesciences Corp., Cochlear Lts, William Demat Holdings A/S, Rewalk Robotics Ltd, Baxter International Inc and Boston Scientific Corp.
- Technology– As per the Custom Market Insight report, technology is divisible through 2 viewpoints- mechanical and commonly available electronic devices.