Bionic Devices Market Outlook, Key Insights And Growth Rate – 2024

The bionic devices global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Bionic Devices Market, 2024The bionic devices global market report 2024

Market Size –
The bionic devices market size has grown strongly in recent years. It will grow from $5.03 billion in 2023 to $5.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%.  The growth in the historic period can be attributed to rising public awareness and acceptance, improved healthcare infrastructure, a rising incidence of disabilities, an increasing number of elderly individuals with mobility issues, and an increasing prevalence of chronic illnesses and disabilities internationally.

The bionic devices market size is expected to see strong growth in the next few years. It will grow to $7.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.  The growth in the forecast period can be attributed to an increase in disabilities due to accidents, customization, and personalization, a rise in awareness about health insurance coverage, a growing number of aging populations, and increased awareness and acceptance of bionic devices. Major trends in the forecast period include advancements in artificial intelligence, integration of IoT, development of advanced materials, product innovation, and technological advancement.

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Scope Of Bionic Devices Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Bionic Devices Market Overview

Market Drivers –
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.

Market Trends –
Major companies operating in the bionic devices market are focusing on developing innovative products, such as bionic hearts with real-time respiratory modulation, to enhance patient outcomes and provide more 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, an innovative technology designed to treat heart failure by pacing the heart through real-time respiratory modulation. Unlike traditional pacemakers, Cysoni mimics natural heart rate variations associated with breathing, shown to increase cardiac output by 20% in pre-clinical studies. This technology not only enhances heart function but also appears to facilitate the repair of cardiac cells, potentially reversing damage caused by heart failure, including restoring the structure of T-tubules, which are crucial for effective heart muscle contraction.

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

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Regional Insights –
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 regions covered in the bionic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
Major companies in the 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.

Table of Contents

1. Executive Summary
2. Bionic Devices Market Characteristics
3. Bionic Devices Market Trends And Strategies
4. Bionic Devices Market – Macro Economic Scenario
5. Global Bionic Devices Market Size and Growth

…

32. Global Bionic Devices Market Competitive Benchmarking
33. Global Bionic Devices Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bionic Devices Market
35. Bionic Devices Market Future Outlook and Potential Analysis
36. Appendix

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