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Bionics Market Size Forecasted To Achieve $21.9 Billion By 2029 With Steady Growth
Bionics
What Is the Bionics Market Size and Projected Growth Rate?
The bionics market size has experienced rapid growth in recent years. It is expected to grow from $13.62 billion in 2024 to $15.01 billion in 2025, with a CAGR of 10.3%. Factors contributing to this growth include the increasing incidence of disabilities, enhanced healthcare infrastructure, rising healthcare expenditures, growing demand for organ donors, and the rising prevalence of chronic diseases.
The bionics market is projected to reach $21.9 billion by 2029 at a CAGR of 9.9%. The growth is attributed to customization, rehabilitation focus, improving patient quality of life, aging population, and geriatric population increase. Trends include IoT integration, AI advancements, wireless miniaturized electronics, sophisticated haptic and sensory technologies, and energy harvesting.
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What Are the Major Segments in the Bionics Market?
The bionics market covered in this report is segmented -
1) By Types: Bionic Brain, Bionic Heart, Bionic Limbs, Bionic Vision, Exoskeleton, Other Types
2) By Fixation: Implantable Bionics, External Bionics
3) By Technology: Mechanical Bionics, Electronic Bionics
4) By Application: Healthcare, Defense
Subsegments:
1) By Bionic Brain: Neural Prosthetics, Brain-Computer Interfaces (Bcis), Deep Brain Stimulation Devices
2) By Bionic Heart: Artificial Heart, Ventricular Assist Devices (Vads), Heart Valve Prostheses
3) By Bionic Limbs: Prosthetic Arms, Prosthetic Legs, Bionic Hands And Fingers
4) By Bionic Vision: Retinal Implants, Visual Prosthetics, Bionic Eyewear
5) By Exoskeleton: Lower Body Exoskeletons, Full-Body Exoskeletons, Upper Body Exoskeletons
6) By Other Types: Bionic Ears, Bionic Skin, Bionic Organs
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What Are The Driving Bionics Market Evolution?
The bionics market is expected to grow due to the increasing prevalence of physical disabilities, which can result from conditions like osteoporosis, arthritis, or general physical degeneration. Bionics help individuals with physical disabilities by enhancing lost bodily functions, improving mobility, and increasing independence. According to a report from the UK Parliament's House of Commons Library, the prevalence of disability grows with age. In 2022/23, 11% of children in the UK had a disability, compared to 23% of working-age adults and 45% of those above the State Pension age. This trend is driving the growth of the bionics market.
Which Firms Dominate The Bionics Market Segments?
Major companies operating in the bionics market are Boston Scientific Corporation, Zollner Elektronik AG, Sonova Holding AG, Ottobock SE & Co. KGaA, Cochlear Limited, Bioengineering Technology Inc., Össur hf, Hanger Inc., BionX Medical Technologies Inc., DarioHealth Corp., Cyberdyne Inc., Syncardia Systems LLC, AlterG Inc., Ekso Bionics Holdings Inc., MediTouch Ltd., ReWalk Robotics Ltd., Retina Implant AG, Human Engineering, Pixium Vision, Second Sight Medical Products Inc., Bionik Laboratories Corp., Neuroprosthetics Ltd., Sierra Bionics, Vincross Inc.
What Are the Latest Developing Trends in the Bionics Market?
Major companies in the bionics market are developing cutting-edge solutions like bionic pancreas automated insulin delivery systems to improve diabetes management by mimicking natural pancreatic function. In December 2023, Beta Bionics Inc., a US-based biotechnology company, introduced the iLet bionic pancreas, an advanced system that integrates with continuous glucose monitors (CGMs) to automatically adjust insulin delivery, simplifying diabetes management with minimal user input.
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Which Is The Largest Region In The Bionics Market?
North America was the largest region in the bionics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Bionics Market?
2. What is the CAGR expected in the Bionics Market?
3. What Are the Key Innovations Transforming the Bionics Industry?
4. Which Region Is Leading the Bionics Market?
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