+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)
New

Bionic Devices Market, Global Forecast 2023-2027, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis

  • PDF Icon

    Report

  • 135 Pages
  • January 2023
  • Region: Global
  • Renub Research
  • ID: 5715825

Bionic Devices Market size was US$ 5.41 Billion in 2022

Global Bionic Devices Market will grow and reach US$ 8.68 Billion by 2027 according to the publisher. Bionic devices are implants used in place of the natural function of the body part that is lost due to nerve damage. An electronic or mechatronic part is used to replace or supplement the functionality of the damaged body part. The first bionic device types were pacemakers, but they have been expanded over time to incorporate cardiac pacemakers and urinary and diaphragm pacing devices.

Also, implantable electrodes have been used for functional electrical stimulation, enclosing a span of devices that enables the movement of muscles in individuals with nerve damage, such as people with paraplegia. Presently, the bionic eye is being developed by various companies worldwide to supply a user device to help sight-impaired individuals. According to our research findings, Worldwide Bionic Devices Market size was US$ 5.41 Billion in 2022.

Global Bionic Devices Market will grow at a CAGR of 9.92% during the forecast period 2022-2027:

The growing number of chronic conditions, increasing prevalence of hearing loss, the massive population of individuals with heart disease worldwide, the emergence of new medical facilities, and growth in expenses related to healthcare are some of the significant contributors to the development of the global bionic devices market. However, the high cost of bionic implant devices and the unsure reimbursement framework in various parts of the globe are the factors that are expected to restrain the market.

Cochlear Implant Device will lead in Treatment type

Based on treatment type, the global bionic devices market is divided into; Cochlear Implants, Exoskeletons, Bionic Cardiology, and Ventricular Assist Devices. Cochlear Implants device has the maximum market share due to rise in hearing loss. People with hearing loss can benefit from assistive devices, including cochlear implants, hearing aids, and others. The introduction of minimally invasive procedures, technological improvements, and favorable funding and reimbursements is fueling the growth of this industry.

Also, the growing elderly population is expected to propel the market's growth. The global population above 60 was at 1 billion in 2020 and is forecasted to reach 1.4 billion by 2050, according to World Health Organisation (WHO). Moreover, as a person's hearing ability lessens with age, the rise in the world's older population is expected to add to the market's growth.

By Fixation: Implantable devices have holds Maximum Market Share

By fixation, the global bionic device market is categorized into; Implantable and wearable/excessively worn. Implantable devices have dominated the market for the past few years. The reason for this dominance is a rapid increase in the geriatric population, rising awareness, technological improvements, and increased funding and investments.

The wearable/excessively worn device revenue is expected to rise at a lucrative rate due to the rising growth prospects of the wearable devices market. In addition, other factors, such as customer liking towards technologically advanced products, and the acceptance of wearables in various application areas, have also aided the growth of the market.

Mechanical Technology will lead the market share

Based on technology, the global bionic devices market is categorized into; electronics and mechanical devices. The mechanical bionic devices market share is expected to register significant growth in the market. The change can be attributed to the longevity it provides compared to other devices. In addition, the favorable reimbursement policies and the rise in FDA approvals are other factors contributing to the market's growth.

The electronic bionic devices market dominates the market share. However, most developing countries still use prosthetics, such as artificial hands, arms, and legs, for disabled people. This is mainly due to the high logistical and financial barriers of the individuals residing in these countries.

Increased number of road accidents causing a need of Bionic body parts will help Hospital sector to rise in Forecast Period

The end-user segment is divided into; clinics, hospitals, and others. The hospital segment has the highest market share due to the presence of skilled healthcare professionals, better facilities, and better and updated medical equipment.

Asia Pacific Region will grow in Future due to rise in Medical Tourism

The report classifies regions into; North-America, Europe, Asia-Pacific, and the Rest of the World. North America has the highest market due to the high prevalence of chronic diseases, rising healthcare expenditure, and acceptance of bionic devices. The region has also had the presence of various prominent market players, like Medtronic, Abbott, etc.

The Asia-Pacific market is forecasted to grow at a specific rate due to the increasing prevalence of disabilities, increasing demand for bionic implants, and rise in trauma and accidents, which propels the growth of the growth. According to UNPF (the United Nations Population Fund) 2019, 1 in 4 people in Asia Pacific will be over 60 years old by 2050. The geriatric population in Asian will triple between 2010 and 2050, reaching nearly 1.3 billion people. This increase in the population trend will help boost the overall market growth.

Key Players in Bionic Devices Market

The global bionic devices market is very competitive in nature and is filled with companies like; Abbott Laboratories, Abiomed, Edward Lifesciences Corp., Rewalk Robotics Ltd, Boston Scientific Corp, Baxter International Inc., Cochlear Ltd, Medtronic Plc and William Demant Holdings A/S.
  • In July 2022, Startup Unlimited Tomorrow launched TrueLimb, a next-generation bionic arm. The hands have independent finger joints, 6 adaptive grips that conform to objects the wearer comes in contact with, and subtle vibrations
  • In February 2022, Cysoni bionic device was launched by Ceryx Medical for respiratory sinus arrhythmia. The Cysoni device replicates RSA, triggering heartbeats based on respiratory function
The report titled “Bionic Devices Market Global Forecast by Treatment Type (Cochlear Implants, Exoskeletons, Bionic Cardiology, and Ventricular Assist Device), Fixation (Implantable, Extremely Worn/Wearable), Technology (Electronica, and Mechanical), End-User (hospitals, clinics, and others), Regions (North America, Europe, Asia-Pacific, and Middle East & Africa), Companies (Abbott Laboratories, Abiomed, Edward Lifesciences Corp, Rewalk Robotics Ltd., Boston Scientific Corp, Baxter International Inc., Cochlear Ltd., Medtronic Plc., and William Demant Holding A/S)” studies the global bionic devices Industry.

Treatment Type - Bionic Device Market breakup from 4 viewpoints:

1. Cochlear implants
2. Exoskeletons
3. Bionic Cardiology
4. Ventricular Assist Device

Fixation - Bionic Device Market breakup from 2 viewpoints

1. Implantable
2. Wearable/Extremely Worn

Technology - Bionic Device Market breakup from 2 viewpoints

1. Electronics
2. Mechanical

End-user - Bionic Devices Market breakup from 3 viewpoints

1. Hospitals
2. Clinics
3. Others

Region - Bionic Devices Market breakup from 4 Regions:

1. North America
2. Europe
3. Asia-Pacific
4. Middle-East & Africa

All key players have been covered from 4 viewpoints:

1. Overview
2. Strategy
3. Merger / Acquisition
4. Financial Insight

Company Analysis:

1. Abbott Laboratories
2. Abiomed
3. Edward Lifesciences Corp.
4. Rewalk Robotics Ltd
5. Boston Scientific Corp
6. Baxter International Inc.
7. Cochlear Ltd, Medtronic Plc
8. Medtronic Plc
9. William Demant Holdings A/S
Frequently Asked Questions about the Bionic Devices Market

What is the estimated value of the Bionic Devices Market?

The Bionic Devices Market was estimated to be valued at $5.41 Billion in 2022.

What is the growth rate of the Bionic Devices Market?

The growth rate of the Bionic Devices Market is 9.9%, with an estimated value of $8.68 Billion by 2027.

What is the forecasted size of the Bionic Devices Market?

The Bionic Devices Market is estimated to be worth $8.68 Billion by 2027.

Who are the key companies in the Bionic Devices Market?

Key companies in the Bionic Devices Market include Abbott Laboratories, Abiomed, Edward Lifesciences Corp., Rewalk Robotics Ltd, Boston Scientific Corp, Baxter International Inc., Cochlear Ltd, Medtronic Plc and William Demant Holdings A/S.

Table of Contents

1. Introduction

2. Research & Methodology

3. Executive Summary

4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges

5. Global Bionic Devices Market

6. Market Share - Global Bionic Devices Market
6.1 By Treatment Type
6.2 By Fixation
6.3 By Technology
6.4 By End User
6.5 By Region

7. Treatment Type - Global Bionic Devices Market
7.1 Cochlear Implant
7.2 Exoskeletons
7.3 Bionic Cardiology
7.4 Ventricular Assist Device

8. Fixation - Global Bionic Devices Market
8.1 Implantable
8.2 Wearable/Extremely worn

9. Technology - Global Bionic Devices Market
9.1 Electronics
9.2 Mechanical

10. End User - Global Bionic Devices Market
10.1 Hospitals
10.2 Clinics
10.3 Other

11. Region - Global Bionic Devices Market
11.1 North America
11.2 Europe
11.3 Asia-Pacific
11.4 Rest of the World

12. Key Players
12.1 Abbott Laboratories
12.1.1 Overview
12.1.2 Recent Development
12.1.3 Revenue
12.2 Abiomed
12.2.1 Overview
12.2.2 Recent Development
12.2.3 Revenue
12.3 Edward Lifesciences Corp.
12.3.1 Overview
12.3.2 Recent Development
12.3.3 Revenue
12.4 Rewalk Robotics Ltd
12.4.1 Overview
12.4.2 Recent Development
12.4.3 Revenue
12.5 Boston Scientific Corp
12.5.1 Overview
12.5.2 Recent Development
12.5.3 Revenue
12.6 Baxter International Inc.
12.6.1 Overview
12.6.2 Recent Development
12.6.3 Revenue
12.7 Cochlear Ltd.
12.7.1 Overview
12.7.2 Recent Development
12.7.3 Revenue
12.8 Medtronic Plc
12.8.1 Overview
12.8.2 Recent Development
12.8.3 Revenue
12.9 William Demant Holdings A/S
12.9.1 Overview
12.9.2 Recent Development
12.9.3 Revenue
12.10 EKSO Bionics Holdings Inc.
12.10.1 Overview
12.10.2 Recent Development
12.10.3 Revenue

List of Figures:
Figure 01: Global - Bionic Devices Market (Billion US$), 2020 - 2022
Figure 02: Global - Forecast for Bionic Devices Market (Billion US$), 2023 - 2027
Figure 03: Treatment Type - Cochlear Implant Market (Million US$), 2020 - 2022
Figure 04: Treatment Type - Forecast for Cochlear Implant Market (Million US$), 2023 - 2027
Figure 05: Treatment Type - Exoskeletons Market (Million US$), 2020 - 2022
Figure 06: Treatment Type - Forecast for Exoskeletons Market (Million US$), 2023 - 2027
Figure 07: Treatment Type - Bionic Cardiology Market (Million US$), 2020 - 2022
Figure 08: Treatment Type - Forecast for Bionic Cardiology Market (Million US$), 2023 - 2027
Figure 09: Treatment Type - Ventricular Assist Device Market (Million US$), 2020 - 2022
Figure 10: Treatment Type - Forecast for Ventricular Assist Device Market (Million US$), 2023 - 2027
Figure 11: Fixation - Implantable Market (Million US$), 2020 - 2022
Figure 12: Fixation - Forecast for Implantable Market (Million US$), 2023 - 2027
Figure 13: Fixation - Wearable/Extremely worn Market (Million US$), 2020 - 2022
Figure 14: Fixation - Forecast for Wearable/Extremely worn Market (Million US$), 2023 - 2027
Figure 15: Technology - Electronics Market (Million US$), 2020 - 2022
Figure 16: Technology - Forecast for Electronics Market (Million US$), 2023 - 2027
Figure 17: Technology - Mechanical Market (Million US$), 2020 - 2022
Figure 18: Technology - Forecast for Mechanical Market (Million US$), 2023 - 2027
Figure 19: End User - Hospitals Market (Million US$), 2020 - 2022
Figure 20: End User - Forecast for Hospitals Market (Million US$), 2023 - 2027
Figure 21: End User - Clinics Market (Million US$), 2020 - 2022
Figure 22: End User - Forecast for Clinics Market (Million US$), 2023 - 2027
Figure 23: End User - Other Market (Million US$), 2020 - 2022
Figure 24: End User - Forecast for Other Market (Million US$), 2023 - 2027
Figure 25: North America - Bionic Devices Market (Million US$), 2020 - 2022
Figure 26: North America - Forecast for Bionic Devices Market (Million US$), 2023 - 2027
Figure 27: Europe - Bionic Devices Market (Million US$), 2020 - 2022
Figure 28: Europe - Forecast for Bionic Devices Market (Million US$), 2023 - 2027
Figure 29: Asia-Pacific - Bionic Devices Market (Million US$), 2020 - 2022
Figure 30: Asia-Pacific - Forecast for Bionic Devices Market (Million US$), 2023 - 2027
Figure 31: Rest of the World - Bionic Devices Market (Million US$), 2020 - 2022
Figure 32: Rest of the World - Forecast for Bionic Devices Market (Million US$), 2023 - 2027
Figure 33: Abbott Laboratories - Global Revenue (Billion US$), 2020 - 2022
Figure 34: Abbott Laboratories - Forecast for Global Revenue (Billion US$), 2023 - 2027
Figure 35: Abiomed - Global Revenue (Million US$), 2020 - 2022
Figure 36: Abiomed - Forecast for Global Revenue (Million US$), 2023 - 2027
Figure 37: Edward Lifesciences Corp. - Global Revenue (Billion US$), 2020 - 2022
Figure 38: Edward Lifesciences Corp. - Forecast for Global Revenue (Billion US$), 2023 - 2027
Figure 39: Rewalk Robotics Ltd - Global Revenue (Million US$), 2020 - 2022
Figure 40: Rewalk Robotics Ltd - Forecast for Global Revenue (Million US$), 2023 - 2027
Figure 41: Boston Scientific Corp - Global Revenue (Billion US$), 2020 - 2022
Figure 42: Boston Scientific Corp - Forecast for Global Revenue (Billion US$), 2023 - 2027
Figure 43: Baxter International Inc. - Global Revenue (Billion US$), 2020 - 2022
Figure 44: Baxter International Inc. - Forecast for Global Revenue (Billion US$), 2023 - 2027
Figure 45: Cochlear Ltd. - Global Revenue (Million US$), 2020 - 2022
Figure 46: Cochlear Ltd. - Forecast for Global Revenue (Million US$), 2023 - 2027
Figure 47: Medtronic Plc - Global Revenue (Billion US$), 2020 - 2022
Figure 48: Medtronic Plc - Forecast for Global Revenue (Billion US$), 2023 - 2027
Figure 49: William Demant Holdings A/S - Global Revenue (Million US$), 2020 - 2022
Figure 50: William Demant Holdings A/S - Forecast for Global Revenue (Million US$), 2023 - 2027
Figure 51: EKSO Bionics Holdings Inc. - Global Revenue (Billion US$), 2020 - 2022
Figure 52: EKSO Bionics Holdings Inc. - Forecast for Global Revenue (Billion US$), 2023 - 2027

List of Tables:
Table 01: Global - Bionic Devices Market Share by Treatment Type (Percent), 2020 - 2022
Table 02: Global - Forecast for Bionic Devices Market Share by Treatment Type (Percent), 2023 - 2027
Table 03: Global - Bionic Devices Market Share by Fixation (Percent), 2020 - 2022
Table 04: Global - Forecast for Bionic Devices Market Share by Fixation (Percent), 2023 - 2027
Table 05: Global - Bionic Devices Market Share by Technology (Percent), 2020 - 2022
Table 06: Global - Forecast for Bionic Devices Market Share by Technology (Percent), 2023 - 2027
Table 07: Global - Bionic Devices Market Share by End User (Percent), 2020 - 2022
Table 08: Global - Forecast for Bionic Devices Market Share by End User (Percent), 2023 - 2027
Table 09: Global - Bionic Devices Market Share by Region (Percent), 2020 - 2022
Table 10: Global - Forecast for Bionic Devices Market Share by Region (Percent), 2023 - 2027

Companies Mentioned

  • Abbott Laboratories
  • Abiomed
  • Edward Lifesciences Corp.
  • Rewalk Robotics Ltd
  • Boston Scientific Corp
  • Baxter International Inc.
  • Cochlear Ltd, Medtronic Plc
  • Medtronic Plc
  • William Demant Holdings A/S

Methodology

In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.

Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.

Primary Research

The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develop the analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth, and forecast

The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:

  • Chief executives and VPs of leading corporations specific to the industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research

The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, webcasts, and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
 

Loading
LOADING...