Global Bionic Devices Market Major Players 2024, Forecast To 2033
8 Oct, 2024
The bionic devices market has experienced strong growth in recent years, growing from $5.03 billion in 2023 to $5.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The market's growth can be attributed to increased public awareness and acceptance of bionic devices, improved healthcare infrastructure, a rising incidence of disabilities, and an increasing number of elderly individuals with mobility issues. The growing prevalence of chronic illnesses and disabilities worldwide has also driven market growth. Looking ahead, the bionic devices market is expected to continue expanding, reaching $7.56 billion in 2028 at a CAGR of 8.5%. Growth drivers in the forecast period include the rising incidence of disabilities due to accidents, increased demand for customization and personalization, growing awareness of health insurance coverage, and the growing aging population. Major trends expected to shape the market include advancements in artificial intelligence, the integration of IoT, the development of advanced materials, product innovation, and ongoing technological advancements in the field of bionic devices.
Global Bionic Devices Market Key Driver
The increasing demand for joint replacements is projected to propel the growth of the bionic devices market in the coming years. Joint replacements involve surgical procedures where damaged or diseased joints are substituted with artificial implants, restoring function and alleviating pain. The rise in joint replacements can be attributed to an aging population, the growing prevalence of osteoarthritis, and advancements in surgical techniques and implant materials. Bionic devices designed for joint replacements enhance mobility and functionality, alleviate pain, and provide customized, durable solutions integrated with advanced technology. For instance, a report from the National Institutes of Health in April 2023 indicated that there was a 14% rise in registered hip and knee procedures in 2022, based on data from over 2.8 million procedures across more than 1,250 institutions. Thus, the increasing demand for joint replacements is driving the growth of the bionic devices market.
Get A Free Sample Of The Bionic Devices Market ReportGlobal Bionic Devices Market Segments
The bionic devices market covered in this report is segmented –
1) By Type: Vision Bionics, Ear Bionics, Orthopedic Bionic, Cardiac Bionic
2) By Material: Tungsten, Silicon, Platinum-Iridium, Stainless Steel, Biologics
3) By Fixation: Implantable, Wearable Or Externally Worn
4) By Technology: Electronics, Mechanical
5) By End-User: Hospitals And Clinics, Research And Academic Institutes, Other End-Users
By Geography:The regions covered in the bionic devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the bionic devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Bionic Devices Industry Players
Ottobock SE and Co. KGaA, Hanger Inc., Cochlear Limited, Ossur hf., Bionx Medical Technologies Inc., Berlin Heart GmbH, Cyberdyne Inc., Ekso Bionics Holdings Inc., Open Bionics Ltd., Jarvik Heart Inc., Axosuits Srl, Bioservo Technologies AB, Carmat SA, ActiveLink Inc., ReWalk Robotics Ltd., B-Temia Inc., Bionik Laboratories Corp., COAPT LLC, Pixium Vision SA, Mobius Bionics LLC, Nano Retina Inc.
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Bionic Devices Market Overview
Bionic devices are advanced prosthetic systems that integrate mechanical elements with electronic components to replicate the functionality of natural limbs or organs. They often incorporate sensors, actuators, and sometimes neural interfaces to enhance control and mimic natural movement or biological processes. These devices aim to restore or augment human capabilities, improving the quality of life for individuals with disabilities.
Bionic Devices Global Market Report 2023 provides data on the global bionic devices market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bionic devices market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.