The global bionics market is estimated to grow at a significant CAGR during the forecast period. The rising demand for organ transplantation and a large increase in neurostimulation treatments are two key factors driving market expansion. Because of the expanding number of patients with heart failure, renal failure, and liver disease, the need for organ transplantation has increased dramatically. According to Health Resources and Services Administration (HRSA), in the US, around 39 thousand transplants were performed in 2020.
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The growing shortage of organs has fueled demand for artificial organs, that offer support to patients, improve their survival rates, and minimize the complications associated with organ rejection while obtaining organs from both living and deceased donors. There are several companies involved in the manufacturing of artificial heart valves, which include Abbott Laboratories, Edwards Lifesciences Corp., and Boston Scientific Corp.
The global bionics market is classified into product, type of fixation, technology, and application. Based on the product, the market is classified into bionic heart, bionic orthopedic, bionic brain, bionic vision, bionic ear, and others. Based on the type of fixation, the market is classified into externally worn and implantable. Based on technology, the market is classified into electronic bionics and mechanical bionics. Based on application, the market is classified into healthcare, defense, and industrial.
The global bionics market is classified into four major regions, including North America, Europe, Asia-Pacific, and Rest of the World (RoW). In 2018, North America witnessed a significant share in the market owing to the increasing number of heart failures, rising geriatric population, and increasing spinal cord injuries in the region. About 6.2 million adults in the United States suffered heart failure. In 2018, heart failure was mentioned on 379,800 death certificates (13.4%).
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Market Coverage
- Segment Covered
- Competitive Landscape: Abbott Laboratories, Medtronic plc, Boston Scientific Corp., Ekso Bionics, and Lockheed Martin Corp., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Bionics Market by Product
- Bionic Heart
- Artificial Heart Valve
- Total Artificial Heart
- Ventricular Assist Device
- Pacemaker
- Bionic Orthopaedic
- Exoskeleton
- Hand
- Leg
- Others
- Bionic Brain
- Deep Brain Stimulators
- Spinal Cord Stimulators
- Transcutaneous Electric Nerve Stimulation
- Vagus Nerve Stimulators
- Others
- Bionic Vision
- Bionic Ear
- Cochlear Implants
- Auditory Brainstem Implants
- Bone Anchored Hearing Aid (BAHA)
- Others
Global Bionics Market by Type of Fixation
- Externally Worn
- Implantable
Global Bionics Market by Technology
- Electronic Bionics
- Mechanical Bionics
Global Bionics Market by Application
- Healthcare
- Defense
- Industrial
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