Bionics Market - Industry and Forecast upto 2021
Albany, NY -- (SBWIRE) -- 08/16/2016 -- Bionics is the study of biological functions and the development artificial organs and body parts that are used as a replacement of the original part or organs. The bionic organs are designed in such a way so that they can imitate the functions of the organs in order to operate properly. The market is expected to grow during the forecast period due to the increasing demand for artificial organs in the healthcare sector. In addition, the aging population is resulting into multiple organ failure. This in return is creating a need for organ transplant. However, the chance for getting a suitable donor for a transplant requires lot of time and thus reduces the chance of survival. The use of bionics part does not require time and these parts are designed to adjust with the body requirements. Furthermore, the bionics are also being applied in the defense sector in the form of exoskeleton suits which enables a soldier to carry heavy loads without reducing his or her speed in the battlefield.
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The bionics market is fueled by major technological advancements in the healthcare sector, rising number of accidents resulting in amputations and paralysis, increasing geriatric population leading to rise in organ failure, and surging application of exoskeletons in the field of defense. Bionics as a substitute for robotics, growing health awareness in emerging economies, and rise in disposable income and healthcare expenditure in developing countries are factors that promise steady growth in the future. In contrast, high cost of bionic devices restricts its adoption in low-income regions and population groups, thereby hindering the overall growth of the market.
The global bionics market is studied by segmenting it on the basis of type, application, technology, and geography.By type, the bionics market is categorized into bionic heart, vision, brain, limbs, exoskeleton, and others. The rising number of accidents resulting in amputations or paralysis has driven bionic limbs to become the largest product segment in the overall bionics market. This trend is likely to continue throughout the forecast period.By application, the global market for bionics is bifurcated into defense and healthcare. Accounting for a share of 75.0% in 2014, healthcare has emerged as the leading application segment in the bionics market. Defense, on the other hand, is projected to become the most rapidly growing application segment by 2021.
By technology, the bionics market is split into electronic and mechanical bionics.By geography, the global bionics market is divided into Europe, North America, Asia Pacific, and Rest of the World. The presence of prominent companies such as Baxter International, Abiomed, and Medtronic makes North America the leading market for bionics. This market is also fueled by the growing application of bionics as a replacement for organ transplant. Accounting for a share of 20.0% in the overall bionics market in 2014, Asia Pacific is the second largest as well as the most rapidly developing regional segment fueled by the growth in emerging economies such as Japan, China, and India. The Rest of the World region is anticipated to face a few challenges owing to the high expense of using bionic organs.
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The research report identifies the prominent players operating in the global bionics market: EKSO Bionics, Abiomed, Inc., Baxter International, Inc., Ottobock Healthcare, Nikkiso Co. Ltd., SynCardia Systems, Inc., Asahi Kasei Medical Co. Ltd., Sonova Holding AG, HeartWare, Inc., and Medtronic Plc. These players are studied in the bionics market report based on aspects such as company and financial overview, product portfolio, recent developments, business strategies, and SWOT analysis.