Global Medical Bionics Market – Analysis and Forecast (2019-2025)

1. Global Medical Bionics Market

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3. Global Medical Bionics Market The global medical bionics market was valued at USD 20.3 billion in 2019 and is expected to reach USD 32.7 billion by 2025, growing at a CAGR of 8.0% during 2020-2025. The global medical bionics market is growing at a significant rate, due to the mounting number of injuries and accidents leading to amputation and technological innovation. Different products such as heart, ear, eye, orthopedic, brain, and others contributed to the medical bionics market size. The market has witnessed a high demand for orthopedic in the coming years due to the escalating number of upper and lower limb amputations.

4. Global Medical Bionics Market The mounting of the number of injuries and accidents leading to amputation, the escalating the number of the population adopting organ transplant, and expanding the geriatric population leading to organ failure are the primary growth drivers for the medical bionics market. The mounting of the occurrence of chronic diseases, technological innovation, and escalating healthcare expenditure are also facilitating the growth of the medical bionics market. Lack of skilled professionals, the elevated cost of devices and procedure, strict approval process, unfavorable reimbursement scenario, and disapproval related to artificial organ transplants are the major challenges for the growth of the medical bionics market.

5. Global Medical Bionics Market Geographically, North America is the largest medical bionics market as in the region the occurrence of chronic disease is mounting. In addition, expanding the geriatric population, escalating government emphasis on funding and R&D initiatives, and mounting the number of injuries and accidents leading to amputation are also up surging growth of the North American medical bionics market. Asia-Pacific is observed to witness the fastest growth in the market, due to expanding the geriatric population and mounting the occurrence of road accidents. In addition, increasing healthcare spending and mounting the occurrence of chronic diseases such as diabetes and cardiovascular diseases are also creating a positive impact on the medical bionics market growth in the region.

6. Global Medical Bionics Market Key players in the medical bionics market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In January 2020, Abbott Laboratories received expanded clearance from the FDA for the Infinity Deep Brain Stimulation (DBS) system, which allows targeted stimulation of the brain associated with Parkinson’s disease symptoms. In addition, in January 2020, Medtronic plc, received FDA clearance for Micra AV, for the treatment of patients with AV block. Medtronic, Plc., Cochlear, Ltd., Abbott Laboratories, Boston Scientific Corporation, Second Sight Medical Products, Inc., Edwards Lifesciences Corporation, Advanced Bionics, LivaNova PLC, Orthofix International N.V., and LifeNet Health are the key players offering medical bionics.

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