Increasing prevalence and incidence of organ failure is fostering the growth of the medical bionic implants market

Bionic implants are one of the leading technologies for those who suffer from mobility disabilities. They are generally used by amputees and other individuals with limited mobility but are becoming increasingly popular among patients suffering from a range of different conditions. The most common use for medical bionic implants is to replace prosthetic limbs. Patients suffering from strokes, traumatic injuries, or those with endometriosis can often benefit from this technology as these device helps to restore function and ease the pain.

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The high burden of chronic disease coupled with the advancement in medical implants is fueling the growth of the medical bionic implants market. Moreover, the increasing number of accidents is another key factor augmenting the growth of the medical bionic implants market. According to the Association for Safe International Road Travel, around 1.35 million people die in road crashes each year; on average 3,700 people lose their lives every day on the roads. An additional 20-50 million suffer non-fatal injuries, often resulting in long-term disabilities. Additionally, growing age-related disorders such as cataracts, hearing loss, arthritis, and cardiovascular diseases are also propelling the growth of the market. Furthermore, the increasing prevalence of organ failure in patients is further anticipated to foster the growth of the medical bionic implants market.

From the regional assessment, North America is projected to gain significant growth over the forecast period and this is attributed to the increasing launch of innovative medical implants in the region. For instance, in December 2020, Advanced Bionics (AB), a developer of cochlear implant technology, in partnership with Phonak, a provider of life-changing hearing solutions, received FDA approval and announced the launch of Marvel hearing technology to Advanced Bionics cochlear implant wearers.

Key Developments:

1. In November 2020, Konami has partnered with the prosthetic limb designer Open Bionic, to launch a 3D printed bionic arm inspired by the Metal Gear Solid (MGS) video game character Venom Snake.
2. In January 2021, Advanced Bionics Introduces New Cochlear Implant Sound Processors on Marvel Platform
3. In November 2019, Jumbo Group announced a partnership with Modern Bionic Limb Solutions (MOBILIS) Medical Manufacturing for 3D printing of prosthetic covers, orthosis, hand and leg splints, sockets, and other devices in the UAE and GCC region.
4. In February 2020, UCL has partnered on a £5.2million grant from Wellcome Trust which will establish the new Manufacture of Active Implant and Surgical Instruments (MAISI) facility, located in St Thomas’ Hospital.

Competitive Landscape:

Terumo Corporation, Ossur Americas, Advanced Bionics AG, Pixium Vision, Cochlear Limited, EKSO Bionics, Orthofix, Nano Retina Inc., Second Sight Medical Products, Inc., Otto Bock, LifeNet Health, Inc., Edwards LifeSciences Corporation, Medtronic Inc., Tibion Corporation, Touch Bionics Limited, and Boston Scientific Corporation.

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