The global medical bionics market size was US$ 22.1 billion in 2021. The global medical bionics market size is expected to reach US$ 46.7 billion by 2030, by growing at a compound annual growth rate (CAGR) of 8.6% during the forecast period from 2022 to 2030.
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- Due to growing cases of chronic disease, the demand for effective treatment, including medical bionics, is forecast to increase.
- Increasing accident cases leading to amputation are forecast to propel the growth of the global medical bionics market growth. In severe injury cases, organ transplant becomes necessary to protect the patient from future harm. Thus, the global medical bionics market would grow ultimately.
- The increasing rate of the geriatric population would be another major factor driving the market growth. Elderly people are more prone to organ failure. Therefore, it would drive the growth of the global medical bionics market.
- Technological innovation and increasing approvals from Food and Drug Administration (FDA) are forecast to benefit the market players. Moreover, increasing healthcare expenditure offer ample opportunities, thereby escalating the medical bionics market growth. Medtronic plc obtained FDA approval for Micra AV. The device helps in the treatment of AV block. Thus, it would benefit the players in the global medical bionics market.
- Lack of skilled professionals may hamper the growth of the global medical bionics market.
Due to the rising cases of chronic disease and technological advancements, North America is leading in the global medical bionics market. Moreover, the growing geriatric population and increasing government emphasis to boost R&D activities are forecast to fuel the market growth. Furthermore, the increasing number of accident cases and injuries are forecast to surge the growth of the regional medical bionics market.
The Asia-Pacific region is forecast to witness rapid growth, mainly because of increasing road fatalities and injuries. World Bank estimates that in the Asia-Pacific region, around 2,000 people lose their lives due to road every day. Moreover, the World Health Organization estimates that South-East Asia records the rate of 16.6 road traffic injuries per 100 000 population. Moreover, increasing geriatric population and healthcare spending are forecast to benefit the market players in the global medical bionics market.
COVID-19 Impact Analysis
The COVID-19 epidemic negatively impacted the global medical bionics market. During the pandemic, road traffic declined because of travel restrictions. Therefore, it decreased the cases of road accidents. Moreover, healthcare bodies postponed surgery cases in order to deal with the pandemic situation. As a result, the demand for medical bionics declined drastically.
Competitors in the Market
- Medtronic plc.
- FDA clearance.
- Micra AV.
- AV block.
- Abbott Laboratories.
- Boston Scientific Corporation.
- Second Sight Medical Products.
- Edwards Lifesciences Corporation.
- Advanced Bionics.
- LivaNova PLC.
- Orthofix International N.V.
- LifeNet Health
- Other prominent players
- Vision Bionics/Bionic Eye
- Ear Bionics
- Cochlear Implants
- Bone Anchored Hearing Systems
- Auditory Brainstem Implants
- Orthopedic Bionics
- Upper limb
- Lower limb
- Bionic Knee
- Bionic Feet
- Electrical Bone Growth Stimulators
- Invasive Bone Growth Stimulators
- Non-Invasive Bone Growth Stimulators
- Cardiac Bionics
- Total Artificial Heart
- Ventricular Assist Device
- Left Ventricular Assist Device (LVAD)
- Right Ventricular Assist Device (RVAD)
- Biventricular Assist Device (BIVAD)
- Artificial Heart Valves
- Mechanical Heart Valves
- Tissue Heart Valves
- Neural/Brain Bionics
- Internal Neurostimulators
- Deep Brain Stimulators (DBS)
- Sacral Nerve Stimulators (SNS)
- Vagus Nerve Stimulators (VNS)
- Spinal Cord Stimulators (SCS)
- Other Neurostimulators
- External Neurostimulators (Transcutaneous Electrical Nerve Stimulation (TENS))
- Internal Neurostimulators
By Method of Fixation
- Implantable Bionics
- External Bionics
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- The UK
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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