Global bionics market was valued at USD 7.96 billion in 2014, growing at a CAGR of 13.2% from 2015 to 2021 to account for USD 20.49 billion in 2021.

Albany, NY -- (SBWire) -- 04/04/2019 --Transparency Market Research, in a report titled "Bionics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021", states that the global bionics market is anticipated to expand at an impressive 13.20% CAGR during the forecast period. The value of the global market is projected to rise from US$7.9 bn in 2014 to US$20.4 bn in 2021.

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.

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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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Bionics Market: By Types

Bionic brain
Bionic heart
Bionic limbs
Bionic vision
Exoskeleton
Others

Bionics Market: By Application

Healthcare
Defense

Bionics Market: By Technology

Mechanical bionics
Electronic bionics