Medical Bionics Market Outlook Trends and Future Prospects Details for Business Development

Global medical bionics market is forecasted to generate a revenue of $28.1 billion by 2023, according to P&S Market Research.

The market is mainly driven by increasing pool of geriatric population and associated organ failures, rising number of accidents and injuries leading to amputations, and increasing number of people opting for organ transplants.

Due to an increase in the number of product approvals for artificial vital organs and medical bionics, the market for medical bionics devices will witness an increase in the rate of artificial organ transplantation and patient rehabilitation. For instance, in June 2017, Medtronic plc introduced its hybrid closed-loop system, the world’s first artificial pancreas, in the U.S. medical bionics market for commercial use.

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The system is the only United States Food and Drug Administration (USFDA) approved insulin pump that automatically delivers basal insulin to control blood glucose levels in people with Type 1 diabetes. The demand for rehabilitation tools is very high as societies around the world are aging and companies in the U.S., Europe, and Japan are developing bionic suits that help the elderly to take care of themselves.

In order to conduct an implant surgery, special expertise is required, as surgeries like placing an artificial limb involves the transfer of a selection of nerves and muscles, the amputation of the non-functioning hand and the connection of the prosthesis. Moreover, all surgeries require utmost care and expertise in order to avoid any kind of mishap with the patient and this further restrains the growth of the medical bionics market.

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North America is estimated to hold the largest share in the global medical bionics market, with 43.4% contribution in 2017. The adoption of bionics is significantly high in the U.S., owing to increasing number of cases of amputees, growing aging population, high healthcare expenditure, economic growth, and expanding private healthcare sector. Furthermore, rising awareness of newly developed technologies, increasing per capita income, and growing number of USFDA approvals for different bionics are some of the other factors fueling the growth of the market in the region.

The top most players in the medical bionics market are ÖSSUR hf, Cochlear Ltd., Medtronic plc, Edwards Lifesciences Corporation, Boston Scientific Corporation, Ekso Bionics Holdings Inc., Retina Implant AG, Orthofix International N.V., and Otto Bock Holding GmbH & Co. KG. Companies like ÖSSUR hf, Ekso Bionics Holdings Inc., Orthofix International N.V., and Otto Bock Holding GmbH & Co. deal in orthopedic implants and develop products like, bionic knee, bionic foot and exoskeleton.

Medtronic plc is the only company among all the players offering artificial pancreas, in the others category. For instance, in September 2016, USFDA approved the first artificial pancreas of Medtronic plc, the MiniMed 670G system. Whereas, Cochlear Ltd. is the only company that provides hearing aids and cochlear implants and is one of the largest players in the ear implants market and the company is also making several developments to maintain its position in the market. For instance, in November 2017, Cochlear Ltd. received USFDA approval for the first remote feature to allow follow-up programming sessions for the Nucleus Cochlear implant system, through telehealth platform.

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