The latest market report published by Credence Research, Inc. “Medical Bionics Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global medical bionics market was valued at US$ 16,538.9 Mn in 2017, and is expected to reach US$ 36,818.2 Mn by 2026 expanding at a CAGR of 9.22% from 2018 to 2026.
As per the research citing of World Health Organization (2014), the number of deaths due to chronic diseases is 31 million worldwide. Pharmaceutical and biotechnology industries are currently engaged in the development of novel treatment options such as nanobionics and nanobiomimetics to replace conventional methods for the treatment of chronic diseases. The challenges encountered in the neural bionics are the development of a two-way interface in the neural circuits and distributed system architectures. Medical device manufacturers are currently emphasizing on understanding the principles and mechanism that govern the nature of several species in order to develop novel medical bionics.
Heart bionics is the leading market in products segment as a result of growing prevalence of cardiac complications such as valvular stenosis and congenital heart disease. Ear bionics is set to register a significant growth over the forecast period due to rising prevalence of conductive hearing loss related to otitis media infection and otosclerosis. Implantable medical bionics currently dominate the application market on account of the increasing demand for minimal invasive and long term therapy offered with enhanced biocompatibility, mechanical stability and corrosion resistance. External bionics will be the fastest growing market attributed to the increasing number of accidents leading to limb amputations.
Rising prevalence of chronic diseases and increasing demand for noninvasive surgical procedures contribute to the dominance of North America in medical bionics market. Technological advancement in the design and function of medical bionics by the key players have a positive influence on the medical bionics market of North America. Emergence of local players manufacturing medical bionics has created competitive market for medical bionics in Asia Pacific. Supportive regulatory environment for the approval of products in Asia Pacific drives its medical bionics market.
The market leaders of medical bionics market are Boston Scientific Corporation, BionX Medical Technologies, Inc., Cochlear Ltd., Edward Lifesciences Corporation, Ekso Bionics, LifeNet Health Inc., Medtronic Plc., Ossur, Second Sight Medical Products, Inc., and St. Jude Medical, Inc.
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Key Market Movements:
- Increasing investment in the R&D segment of medical device manufacturers to develop novel medical bionic devices for treatment of chronic ailments
- Supportive regulatory environment for medical bionic products
- Technological advancement in the integral circuit design of the implantable devices to drive the medical bionics market during the forecast period
Research undertaken in MBD encompasses the biology, engineering and clinical study of cochlear implants (bionic ear), hearing aids, retinal prostheses (bionic eye), brain implants for epilepsy, as well as intractable neurological & psychiatric disorders, with multidisciplinary research teams working to advance knowledge and capability in the areas of bionic hearing, bionic vision and neurobionics.