Bionic Devices Market Report 2024

This Bionic Devices industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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 during the historic period can be attributed to several factors such as increased public awareness and acceptance, improved healthcare infrastructure, a higher incidence of disabilities, a growing number of elderly individuals with mobility issues, and a rising prevalence of chronic illnesses and disabilities worldwide.

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 during the forecast period can be attributed to several factors, an increase in disabilities due to accidents, greater customization and personalization, heightened awareness about health insurance coverage, a growing aging population, and increased acceptance of bionic devices. Key trends for the forecast period include advancements in artificial intelligence, integration of IoT, development of advanced materials, product innovation, and overall technological progress.

The increasing demand for joint replacements is expected to drive growth in the bionic devices market. Joint replacements involve surgical procedures where damaged or diseased joints are replaced with artificial implants to restore function and alleviate pain. This trend is growing due to an aging population, a rising prevalence of osteoarthritis, and advancements in surgical techniques and implant materials. Bionic devices for joint replacement improve mobility and functionality, reduce pain, and provide customized, durable solutions with advanced technology integration. For example, in April 2023, the National Institutes of Health reported a 14% increase 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 rising demand for joint replacements is driving the growth of the bionic devices market.

Leading companies 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 offer more personalized treatment options. A bionic heart with real-time respiratory modulation is an advanced device that synchronizes heart function with breathing patterns to improve cardiovascular and respiratory efficiency. For instance, in February 2022, Ceryx Medical, a UK-based medical technology company, introduced the Cysoni bionic device, designed to treat heart failure by pacing the heart through real-time respiratory modulation. Unlike traditional pacemakers, Cysoni mimics the natural variations in heart rate associated with breathing, which was shown to increase cardiac output by 20% in pre-clinical studies. This technology not only enhances heart function but also helps repair cardiac cells, potentially reversing damage caused by heart failure and restoring the structure of T-tubules, crucial for effective heart muscle contraction.

In February 2024, Hanger Inc., a US-based provider of orthotic and prosthetic (O&P) patient care services and products, acquired Fillauer Companies Inc. for an undisclosed amount. This acquisition allows Hanger Inc. to expand its portfolio of advanced prosthetic and orthotic products, enhance its technological capabilities, and extend its market reach to better serve patients with innovative mobility solutions. Fillauer Companies Inc., a US-based company specializing in orthotic and prosthetic products and services, offers bionic devices.

Major companies operating in the bionic devices 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.

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.

The countries covered in the bionic devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bionic devices are advanced prosthetic systems that combine mechanical elements with electronic components to replicate the functionality of natural limbs or organs. These devices often include sensors, actuators, and sometimes neural interfaces to enhance control and mimic natural movement or biological processes. Their goal is to restore or augment human capabilities, thereby improving the quality of life for individuals with disabilities.

The primary categories of bionic devices include vision bionics, ear bionics, orthopedic bionics, and cardiac bionics. Vision bionics are designed to restore or enhance vision for individuals with visual impairments. These devices can be made from various materials such as tungsten, silicon, platinum-iridium, stainless steel, and biologics, and can be implemented in different forms, including implantable, wearable, and externally worn types. They also utilize various technologies, including electronics and mechanical systems, and are used by a range of end users, such as hospitals, clinics, research and academic institutes, and other organizations.

The bionic devices market research report is one of a series of new reports that provides bionic devices market statistics, including bionic devices industry global market size, regional shares, competitors with a bionic devices market share, detailed bionic devices market segments, market trends and opportunities, and any further data you may need to thrive in the bionic devices industry. This bionic devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bionic devices market consists of sales of bionic implants, exoskeletons, cochlear implants, and functional electrical stimulation devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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