Global Bionics Market Outlook 2024, Forecast To 2033

10 Oct, 2024

The bionics market size has grown strongly in recent years, expanding from $12.39 billion in 2023 to $13.62 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.9%. This growth can be attributed to factors such as the increased incidence of disabilities, improved healthcare infrastructure, rising healthcare expenditures, the growing demand for organ donors, and the prevalence of chronic diseases. The bionics market is expected to continue its rapid growth, reaching $19.93 billion in 2028 at a CAGR of 10%. Key drivers in this period include customization, personalization, a stronger focus on rehabilitation and improving patients’ quality of life, heightened public awareness and acceptance, and an increasing elderly population. Major trends in the forecast period include the integration of the internet of things (IoT), advancements in artificial intelligence (AI), wireless and miniaturized electronics, and the development of advanced haptic and sensory technologies, alongside energy harvesting innovations.

Major Driver In The Bionics Market

The increasing prevalence of physical disabilities is anticipated to significantly boost the growth of the bionics market moving forward. Physical disabilities encompass impairments that hinder an individual's ability to move or perform physical tasks and are often associated with conditions like osteoporosis, arthritis, or general physical degeneration. Bionic technology plays a critical role in enhancing the quality of life for individuals with physical disabilities by replacing or augmenting lost bodily functions, improving mobility, and increasing independence. According to the UK Parliament in August 2023, approximately 16.0 million people in the UK had a disability in 2021/2022, representing 24% of the total population, with disability rates rising with age. Therefore, the growing prevalence of physical disabilities is expected to propel the bionics market, which is projected to grow from $6.4 billion in 2023 to $8.2 billion in 2024, reaching $12.1 billion by 2028.

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Bionics Market Competitive Landscape

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.

Key Bionics Market Trend

Major companies in the bionics market are developing technologically advanced solutions, such as automated insulin delivery systems within the bionic pancreas, to improve diabetes management by closely mimicking the function of a healthy pancreas. The bionic pancreas automated insulin delivery system is a device that automatically adjusts insulin delivery based on real-time glucose monitoring to replicate natural pancreatic function more accurately. For example, in December 2023, Beta Bionics Inc., a US-based biotechnology firm, launched the iLet bionic pancreas, an advanced automated insulin delivery system designed to simplify diabetes management. It integrates with continuous glucose monitors (CGMs) to provide real-time glucose readings and adjust insulin delivery accordingly. The system requires minimal user input, primarily the patient’s weight, eliminating complex calculations like insulin-to-carb ratios or correction factors. The iLet Bionic Pancreas features closed-loop functionality, autonomously managing insulin dosing, which enhances user-friendliness and reduces the burden on both patients and healthcare providers.

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Global Bionics Market Segmentation

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.

The Bionics Global Market Report 2024 furnishes information about the global bionics 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.