Medical Bionics Market to Reach $29,160 Million, By Growing at a CAGR of 9.6% from 2017 to 2023 with Top Players are Abbott, Boston Scientific Corporation, Cochlear Ltd., LivaNova PLC, Medtronic plc, Orthofix Holdings, Inc.
Bionics are the implantable devices, which imitates the function of a natural organ. Advent of technologically advanced systems such as cochlear implants and rise in incidence of chronic disease majorly drive the market growth. In addition, rise in geriatric population and increased focus of government funding on R&D initiatives are anticipated to further drive the demand for medical bionics globally. However, high cost of the device and stringent regulatory approval procedures restrict the market growth.
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Asia-Pacific is projected to grow at the highest CAGR of 11.4% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (such as India and China) to overcome the unmet medical needs. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for market growth.
The major company profiles Are:
• Boston Scientific Corporation
• Cochlear Ltd.
• LivaNova PLC
• Medtronic plc
• Orthofix Holdings, Inc.
• ssur Corporate
• Retina Implant AG
• SECOND SIGHT
• SynCardia Systems, LLC
• William Demant Holding A/S.
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Cardiac bionics are expected to dominate the market throughout the analysis period, owing to the increase in the incidence of cardiac disorders, such as heart failure and structural heart defects. On the other hand, bionic eye segment is expected to grow at the highest CAGR of 13.9% during the forecast period.
Key findings of Medical Bionics Market:
• Bionic eye segment is projected to grow at a CAGR of 13.9% during the forecast period.
• Implantable bionics accounted for more than four-fifths share of the global medical bionics market.
• Exoskeleton segment is expected to register the highest CAGR of 21.0% during the analysis period owing to the increasing number of amputees.
• France and Germany jointly contributed for nearly one-fourth of the European medical bionics market in 2015.
• Japan is the major shareholder, accounting for almost one-third of the Asia-Pacific medical bionics market in 2015.
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