Medical Bionics Market By Product (Heart Bionics, Orthopedic Bionics, Ear Bionics, Vision Bionics, Neural Bionics) By Application (Implantable Bionics, External Bionics) - Growth, Future Prospects & Competitive Analysis, 2018 - 2026

Medical device manufacturers are currently focusing on the development of cellular-electrode interfaces and the employment of organic conductors as alternatives to metal electrodes. Organic conductors possess excellent electrical properties, such as unfettered conductivity and reduced impedance, to start the power system. They also possess high malleability in order to fabricate them as effective medical devices. Organic conductors must also have specific chemical properties such as hydrophilicity, biocompatibility, and thermostability to undergo sterilization without degradation of the above properties.

The product segmentation of this study comprises heart bionics, orthopedic bionics, ear bionics, vision bionics, and neural bionics. The application segments include implantable bionics and external bionics. Data forecasts and market assessments for the duration of 2016–2026 are covered in the scope of the report.

Data forecasting and CAGR for the geographic segmentation are covered in the scope of the report.

The product portfolio exhibits the diverse range of medical bionics available with the key players and their applications for different disease conditions such as cardiac, neural, vision, etc. The latest news coverage gives brief information regarding the latest upgrades happening in the integrated circuit design of implantable bionics, mergers and acquisitions between research institutes, and medical device manufacturers. This market assessment is an important tool utilized for mapping the latest trends prevalent in the medical bionics market and supplementing them with market size and CAGR. Porter's five forces model is included in the study to understand the competitive nature prevalent in the medical bionics market. The market leaders of the medical bionics market are Boston Scientific Corporation, BionX Medical Technologies, Inc., Cochlear Ltd., Edward Lifesciences Corporation, Ekso Bionics, LifeNet Health Inc., Medtronic Plc., Ossur, Second Sight Medical Products, Inc., and St. Jude Medical, Inc.

Based on product, the medical bionics market is categorized into:

  • Heart Bionics
  • Orthopedic Bionics
  • Ear Bionics
  • Vision Bionics
  • Neural Bionics

The transfer of technology between artificially created objects and living cells is called "bionics," and the field is currently having huge applications in medical science. Bionics is further segregated into various disciplines, such as structural bionics, processing bionics, and information bionics, subject to their specific applications. Based on product types, heart bionics are currently dominating the products segment owing to the rising prevalence of cardiac complications such as arrhythmias, valvular stenosis, and congenital heart disease. Affordable reimbursement scenarios for heart bionics motivate people to undergo surgical procedures for such implants. Ear bionics, e.g., CochlearTM Nucleus® Kanso®, manufactured by Cochlear, Ltd., have tremendous potential for market growth in the near future due to the rising prevalence of otitis media and conductive hearing loss due to otosclerosis. The market leaders of the medical bionics market are Boston Scientific Corporation, BionX Medical Technologies, Inc., Cochlear Ltd., Edward Lifesciences Corporation, Ekso Bionics, LifeNet Health Inc., Medtronic Plc., Ossur, Second Sight Medical Products, Inc., and St. Jude Medical, Inc.

Based on applications, the medical bionics market is categorized into:

  • Implantable Bionics
  • External Bionics

Medical bionics has a potential future in the life sciences industry. The major challenges faced by the medical bionics market mainly comprise the lack of commercialization of bionic products, and hence they are not being prescribed by physicians for treating chronic ailments. Manufacturers are investigating features such as hermetically sealing bionic implants to protect the device's circuit elements from the body's solutions. Neural bionics manufacturers are using novel conductive polymers and micromachining approaches to create neural interfaces to deliver electrical impulses to the nervous system. Tissue-contacting materials, such as silicon polymers, are used in bionic implants to meet biocompatibility requirements and to interact with the biological environment. Implantable bionics currently leads the applications segment due to favorable features such as biocompatibility, mechanical stability, and corrosion resistance that favor long-term therapy for chronic ailments. External bionics is set to grow at a rapid pace on account of the increasing number of accidents leading to limb amputations and the evolution in ergonomic design of external bionics, making them easy to handle and operate.

For the purpose of this study, the global medical bionics market is categorized into the following regional and country-specific markets:

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • rest of Latin America
  • Middle East and Africa
    • GCC
    • Rest of the Middle East and Africa

The Centers for Disease Control and Prevention 2014 report states that 7 out of 10 causes of death in the United States were chronic diseases, primarily lifestyle disorders. North America is the market leader in medical bionics, owing to rising demand for these products as the prevalence of chronic diseases rises, and healthcare infrastructure develops. Technological development in the nature of implantable bionics regarding integrated device circuits propels the North American market's growth. The growth of the European market is driven by the supportive regulatory environment provided by the European Medical Agency for medical device approval. Eastern Europe serves as a lucrative market attributed to the development of healthcare infrastructure and the establishment of subsidiaries of key players engaged in the production of medical bionics. Asia Pacific will register excellent growth during the forecast period due to the huge patient pool suffering from chronic diseases. The emergence of domestic players manufacturing medical bionics has created a competitive market for market leaders, which has had a positive influence on the market growth of medical bionics in the Asia Pacific.

Frequently Asked Questions:

The market for Medical Bionics is expected to reach US$ 36,818.2 Mn in 2026.

The Medical Bionics market is expected to see significant CAGR growth over the coming years,at 9.22%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

Boston Scientific Corporation,BionX Medical Technologies, Inc.,Cochlear Ltd.,Edward Lifesciences Corporation,Ekso Bionics Holdings, Inc. are some of the major players in the global market.

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Published Date:  Feb 2018
Category:  Medical Devices
Report ID:   58975
Report Format:   PDF
Pages:   120
Rating:    4.2 (35)
Delivery Time: 24 Hours to 48 Hours   
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