DUBLIN--(BUSINESS WIRE)--The "Medical Bionic Implants Market Analysis by Product (Ear Bionics, Vision Bionics, Orthopaedic Bionics, Heart Bionics), by Technology (Electrical, Mechanical), by Method of Fixation (Externally Worn, Implantable) and by Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global medical bionic implants market size is estimated to be USD 24.15 billion in 2021 and is expected to witness a CAGR of 8.63% during the forecast period.
Growing burden of cardiovascular diseases (CVD) is a key driver for the growth of the global medical bionic implants market. Additionally, technical advancements for developing better implants and favourable reimbursement policies the medical bionic implants market are some of the other drivers propelling the market growth.
Nevertheless, stringent regulations for the approval of bionic implants, high cost associated with manufacturing of implants, and recurrent product recalls are expected to restrain the global market growth.
By Products
Based on products, the market is segmented into ear bionics, vision bionics, orthopaedic bionics, heart bionics, and neural /brain bionics. In 2021, the heart bionics segment accounted for the substantial revenue share with lucrative CAGR during the forecast period.
This is attributed to the increasing incidences cardiovascular disorders among geriatric as well as the younger population worldwide. Ear bionics segment projected to grow at a profitable CAGR during the forecast period. This is attributed the ease and comfort that the patients feel once they start using these bionics.
By Technology
Based on technology, the market is categorized into electrical and mechanical. In 2021, the electrical segment accounted for the substantial revenue share with lucrative CAGR during the forecast period.
This is due to the increase in demand for innovative treatments, and growth in healthcare expertise worldwide. The mechanical segment is anticipated to grow at a profitable CAGR during the forecast period, due the launch of new products and a large patient pool are the key factors driving the market worldwide.
By Method of Fixation
Based on method of fixation, the market is categorized into externally worn and implantable. In 2021, the implantable segment accounted for the substantial revenue share with lucrative CAGR during the forecast period.
This is due to the significance of long term benefits provided by these implants and as these are preferred by the doctors worldwide. The externally worn segment is anticipated to grow at a profitable CAGR during the forecast period, due the high rate of penetration of technologically improved externally worn implants in the developing regions.
Regional Insights
In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the favourable repayment scenarios, high level of awareness among patients regarding these implants, accessibility of technological advanced products in the region.
Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the less stringent regulations, growing government and corporate investment in healthcare sector, increase in knowledge about these implants, and availability of skilled labour forces at economic costs, are the major factors in this region.
Competitor Insights
The leading players operating in the medical bionic implants industry are adopting various strategies including R&D investments, adaption of advanced techniques, new technology launches, mergers & acquisitions, and regional expansions to capture a maximum revenue share.
This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The medical bionic implants market report is categorized into the following segments and subsegments:
Company Profiles
- 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.)
- St. Jude Medical Inc. (U.S.)
- Edwards Lifesciences (U.S.)
- Otto Bock Inc (Germany)
For more information about this report visit https://www.researchandmarkets.com/r/65chqq
