Global Bionic Devices Market Major Players 2024, Forecast To 2033
10 Oct, 2024
The bionic devices market has experienced robust growth in recent years, rising from $5.03 billion in 2023 to $5.45 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.4%. The market's expansion can be attributed to increased public awareness and acceptance of bionic devices, improved healthcare infrastructure, a rising incidence of disabilities, and a growing population of elderly individuals facing mobility challenges. Additionally, the rising prevalence of chronic illnesses and disabilities worldwide has significantly contributed to market growth. Looking ahead, the bionic devices market is projected to continue expanding, reaching $7.56 billion in 2028 at a CAGR of 8.5%. Growth drivers for this forecast period include a rising incidence of disabilities from accidents, increasing demand for customization and personalization, heightened awareness of health insurance coverage, and an aging population. Major trends anticipated to shape the market include advancements in artificial intelligence, integration of IoT, development of advanced materials, product innovation, and ongoing technological advancements in the field of bionic devices.
Major Driver In The Bionic Devices Market
The increasing demand for joint replacements is expected to significantly drive the growth of the bionic devices market in the years to come. Joint replacements involve surgical procedures where damaged joints are replaced with artificial implants to restore function and alleviate pain. The demand for joint replacements is on the rise due to an aging population, increasing osteoarthritis prevalence, and advancements in surgical techniques and implant materials. Bionic devices for joint replacements enhance mobility and functionality, alleviate pain, and provide customized solutions integrated with advanced technology. A report from the National Institutes of Health in April 2023 indicated 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. As a result, the growing demand for joint replacements is driving the bionic devices market, which is expected to grow from $3.2 billion in 2023 to $4.0 billion in 2024, with projections to reach $6.0 billion by 2028.
Request A Free Sample Of The Bionic Devices Market ReportBionic Devices Market Competitive Landscape
Major companies operating in the bionic devices market are 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.
Key Bionic Devices Market Trend
Major companies in the bionic devices market are focusing on developing innovative products, such as bionic hearts equipped with real-time respiratory modulation, to improve patient outcomes and provide personalized treatment options. A bionic heart with real-time respiratory modulation is an advanced device that synchronizes heart function with breathing patterns to enhance cardiovascular and respiratory efficiency. For instance, in February 2022, Ceryx Medical, a UK-based medical technology company, launched the Cysoni bionic device, designed to treat heart failure by pacing the heart through real-time respiratory modulation. Unlike traditional pacemakers, Cysoni replicates natural heart rate variations linked to breathing, which has been shown to increase cardiac output by 20% in pre-clinical studies. This technology not only enhances heart function but may also aid in repairing cardiac cells, potentially reversing damage caused by heart failure and restoring the structure of T-tubules critical for effective heart muscle contraction.
Purchase The Global Bionic Devices Market Report Directly And Get A Swift DeliveryGlobal Bionic Devices Market Segmentation
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.
The Bionic Devices Global Market Report 2024 furnishes information about the global bionic devices market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.