Bionics Market to Expand at 13.2% CAGR owing to Growing Application of Exoskeletons in Defense

A recently released report from Transparency Market Research (TMR) forecasts that the global bionics market will expand at a healthy CAGR of 13.20% from 2015 to 2021. TMR, a market intelligence firm, the global bionics market is projected to reach US$20.49 bn by 2021 from US$7.96 bn in 2014. The report, titled ‘Bionics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021’, is available for sale on the company website.

Browse the full Bionics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021 report at http://www.transparencymarketresearch.com/bionics-market.html

According to this market research study, the prominent factors that fuel the global bionics market from the demand side are greater application of exoskeletons in defense, high incidence of accidents leading to amputations, and a growing global geriatric population leading to greater cases of organ failure. From the supply side, the main factor driving the global bionics market is greater technological advancements in the area of medicine and healthcare. At present, bionics are gaining popularity even in defense wherein exoskeletons are worn by soldiers. These bionic/exoskeleton suits improve their mobility and also help them to carry heavy weights and loads. Bionics mainly relate to the development of artificial body parts and organs that are used as replacements for the original organs and body parts.

This TMR report segments the global bionics market on the basis of types, application, technology, and geography. On the basis of types of bionics, this market is categorized into exoskeleton, bionic vision, bionic limbs, bionic heart, bionic brain, and others. At present, the segment for bionic limbs occupies the highest share of the global bionics market, and is projected to expand during the forecast period as well. Application-wise, the global bionics market is segmented into defense and healthcare. Since, bionics are mostly used in healthcare applications, the healthcare segment accounts for almost 75% of the global bionics market. On the basis of technology, this market is segmented into electronic bionics and mechanical bionics. High costs of bionic devices hamper the growth of the global bionics market. However, potential opportunity for the further growth of the global bionics market lies in the area of robotics,

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Geographically, this report segments the global bionics market into Asia Pacific, North America, Europe, and Rest of the World. Owing to the presence of prominent companies such as Medtronic plc, Abiomed Inc., and Baxter International Inc., North America leads the global bionics market. Ongoing industry trends suggest that the North America bionics market will continue to dominate the global bionics market during the forecast period as well. This report identifies the following prominent companies operating in the global bionics market: Ottobock Healthcare, EKSO Bionics, HeartWare Inc., SynCardia Systems Inc., Nikkiso Co. Ltd., Medtronic plc, Sonova Holding AG, Baxter International Inc., Asahi Kasei Medical Co. Ltd., and Abiomed Inc. Rising healthcare awareness in emerging economies and rising income levels are factors that will drive the global bionics market in the forthcoming years.

Bionics Market: By Types

Bionic brain
Bionic heart
Bionic limbs
Bionic vision
Exoskeleton
Others

Bionics Market: By Application

Healthcare
Defense

Bionics Market: By Technology

Mechanical bionics
Electronic bionics

Bionics Market: By geography

North America
Europe
Asia Pacific
Rest of the World

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.