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Worldwide Medical Bionics Market Analysis and Demand Forecast to 2023
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Based on product, the medical bionics market is classified into heart, ear, orthopedic, neural/brain, and vision/eye. Among these, in 2017, the heart classification led the market in terms of revenue, and it is projected to maintain its lead during the forecast period. This is attributed to the surging menace of cardiac problems around the world. For instance, in 2015, around 17.7 million people lost their life due to cardiovascular diseases, representing 31.0% of total global deaths. Out of these, nearly 7.4 million deaths were from coronary heart disease and 6.7 million from stroke.
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Another driver for the medical bionics market is the geriatric population, which is more likely to suffer from diseases that often lead to organ failure, including heart problems, peripheral vascular disease, diabetes-related gangrene, osteoarthritis, and kidney problems. Over 75.0% of the total amputations occur due to vascular and peripheral diseases; around 65.0% amputations are happen in people above 50 years of age. As per the United Nations Department of Economic and Social Affairs report on aging populace, the population aged 60 or above would rise by 56.0% between 2015 and 2030.
Thus, with the increasing incidents of rising road accidents and surging aging population, the demand for medical bionics is growing, thereby accelerating the progress of the market.
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