Boston, MA -- (SBWIRE) -- 12/20/2012 -- Bionics is mechanical/electronic replacement or enhancement of organs/parts of living organisms. The medical bionic implants market is a potentially growing one with a global market of $12.67 billion in 2012. It is expected to grow at a CAGR of 7.1% to reach $17.82 billion in 2017.
The global medical bionic implants market has been segmented as vision bionics, ear bionics, orthopedic bionics, heart bionics, and neural/brain bionics. Heart bionics accounts for the largest share in this market, primarily due to a large global population with heart diseases. Rising healthcare expenditure and emergence of new healthcare facilities in emerging economies provides growth opportunities for the medical bionic implants market. The market for certain bionic devices such as exoskeletons, bionic orthopedics, and the bionic eye are skewed in favor of certain regions because of stronger research in these regions as compared to others. In this report, we are also focusing on bionic devices in pipeline, which include wearable artificial kidney, bio-lung, and artificial pancreas.
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New and improved technologies, increasing organ failure owing to aging and age-related disorders, increasing accidents and injuries leading to amputations, and rise in number of people awaiting organ transplants are the major drivers slated to propel the growth of this market. However, a few pivotal factors restraining the growth of this market are high cost of devices and uncertain reimbursement scenarios in different regions, limited surgical expertise, and high cost of development. The opportunities in this market for new entrants include improving income levels, and rising awareness in emerging economies.
North America dominates the medical bionic implants market in 2012, followed by Europe. However, the adoption of novel medical bionics as a therapy in emerging markets is gaining momentum at a fast pace due to a growing population and increasing awareness among patients and players. In addition, increasing healthcare expenditure, growing income levels, rising preference for bionics due to better and efficient recovery as compared to prosthetics, growing surgical procedures in lieu with medical tourism, and lesser competition than mature countries, have amplified the interest of market players in emerging markets.
The key players in this market are Orthofix International N.V. (The Netherlands), Biomet, Inc. (U.S.), Medtronic, Inc. (U.S.), Cochlear Ltd. (Australia), Second Sight Medical Products, Inc. (U.S.), Ossur (Iceland), Ekso Bionics (U.S.), and St. Jude Medical, Inc. (U.S.).
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