Global Bionics Market Outlook 2024, Forecast To 2033

8 Oct, 2024

The bionics market size has grown strongly in recent years. It will grow from $12.39 billion in 2023 to $13.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to the increased incidence of disabilities, improved healthcare infrastructure, rising healthcare expenditures, the increasing demand for organ donors, and the rising prevalence of chronic diseases. The bionics market size is expected to see rapid growth in the next few years. It will grow to $19.93 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The growth in the forecast period can be attributed to customization and personalization, increasing focus on rehabilitation and improving quality of life for patients, raising public awareness and acceptance, increasing the elderly population, and a rise in the geriatric population. Major trends in the forecast period include the integration of the internet of things, advancements in artificial intelligence, wireless and miniaturized electronics, the development of more sophisticated haptic and sensory technologies, and energy harvesting technologies.

Global Bionics Market Key Driver

The growing prevalence of physical disabilities is anticipated to significantly boost the growth of the bionics market moving forward. Physical disabilities refer to impairments that hinder an individual's ability to move, perform physical tasks, or maintain stamina, often associated with conditions like osteoporosis, arthritis, or general physical degeneration. Bionic technology plays a vital role in enhancing the quality of life for individuals with physical disabilities by replacing or augmenting lost bodily functions, improving mobility, and increasing independence. For example, according to the UK Parliament in August 2023, an estimated 16.0 million people in the UK had a disability in 2021/2022, representing 24% of the total population, with disability rates increasing with age. Therefore, the growing prevalence of physical disabilities is expected to propel the growth of the bionics market.

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Global Bionics Market Segments

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
By Geography:The regions covered in the bionics 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 bionics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.

Major Bionics Industry Players

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.

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Bionics Market Overview

Bionics is the integration of biological systems with electronic or mechanical devices to enhance or restore bodily functions. This field combines aspects of biology and technology to develop advanced prosthetics, implants, and other devices that improve or restore human capabilities.

Bionics Global Market Report 2023 provides data on the global bionics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bionics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.