Global Bionics Market was valued at USD at xx million in 2018 and is expected to reach at USD xx million by 2026 at a CAGR of 9.2% over forecast period 2019-2026.
Global Bionics Market Dynamics:
Bionics is the applications of biological methods and systems to design and develop engineering systems and modern technology.As Per world health organization out all the patients who need organ transplantation, only 10% are able to undergo the process. This has been a major boost for the bionics market, as the patients cannot afford to wait in queue since the costs are very high. Bionics are able to cater to the needs of those in need of organ transplantations and replacements. It can replicate the function of damaged organs. The replication is almost the same. This level of scarcity of organs has turned into a boon for artificial organs and the bionics industry. Moreover, Factors such as advancement in technologies of healthcare and medicine, Rise in geriatric population, increase in government focus on funding R&D initiatives, and upsurge in number of patients suffering from chronic diseases are driving the market growth.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
However, factors such high product costs, care, fear of device malfunction and its consequences and a rigid approval process for bionic devices are restarting the market growth over forecast period.
Global Bionics Market Segmentation Analysis:
By type, market is segmented into Bionic brain, Bionic heart, Bionic Ear, Bionic limbs, Bionic vision, Exoskeleton and Others. Among all of these segment Bionic heart type segment is leading the global market with 26% market share at a GAGR of 7.8% over forecast period. Bionic heart type segment is leading market due to growing prevalence of cardiac complications such as valvular stenosis and congenital heart disease. Bionic Ear is expected to grow at highest CAGR which is 9.2% over forecast period due to rising prevalence of conductive hearing loss related to otitis media infection and otosclerosis.
Global Bionics Market is segmented by Types, by Application, by Technology and by Region. By application market is segmented into Healthcare and Defense. Among these applications Healthcare Segment is expected to lead the global market with 60-65% market share. Technological advancements, such as the cochlear implants, with speech recognition features that help to differentiate speech in noisy and reverberant situation is mainly driving the healthcare application segment.
Global Bionics Market Regional Analysis
Geographically, global bionics market is segmented into North America, Europe, APAC, MEA& Africa and Latin America. North America is leading the global market with market share of 38% at a CAGR of xx% over forecast period. The increasing use of bionics as a substitution for organ transplant is boosting the growth of market in this region. Moreover, due to presence key organizations, for example, Abiomed Inc., Medtronic plc, and Baxter International Inc., North America leads the global bionics market. North America is followed by Asia Pacific representing near about 25-27% share of the global bionics market. Asia Pacific is the fastest developing region due the emergence of key economies, for example, India, Japan, and China. Whereas, Latin America is relied upon to keep up consistent development due of the developing countries such as Brazil and Mexico.
Global Bionics Market Competitive Landscape
The report covers key development and company profiles of major players. Key players operating in this market are Abiomed, Asahi Kasei Medical Co. Ltd, Baxter International Inc., Cochlear Limited, Cyberonics Inc., Edward Lifesciences, Ekso Bionics, Roche Holding Ag, and Medtronic. These players exhibit near about 75-80% of global market share. These players are adopting various Greenfield and brownfield growth strategies such as merger and acquisitions, patent, expansion, joint ventures, strategic alliance, etc. to enhance their business operations and regional presence.
Value chain of global bionics market is comprises of various events such as inbound logistics, technology deployment, marketing and advertising of product and End users with multiple value chain offerings.
The objective of the report is to present a comprehensive analysis of Global Bionics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Bionics Market dynamics, structure by analyzing the market segments and project the Global Bionics Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Bionics Market make the report investor’s guide.
Scope of Global Bionics Market
Global Bionics Market Segmentation by Types
• Bionic brain
• Bionic heart
• Bionic limbs
• Bionic vision
Global Bionics Market Segmentation by Application
Global Bionics Market Segmentation by Technology
• Mechanical bionics
• Electronic bionics
Global Bionics Market Segmentation by Geography
• North America
• Asia Pacific
• MEA& Africa
• Latin America
Global Bionics Market Key Players
• Asahi Kasei Medical Co. Ltd
• Baxter International Inc.
• Cochlear Limited
• Cyberonics Inc.
• Edward Lifesciences
• Ekso Bionics
• Roche Holding Ag
• Boston Scientific Corporation
• Cochlear Ltd.
• Livanova PLC
• Medtronic Plc
• Orthofix Holdings, Inc.
• Retina Implant AG
• SECOND SIGHT,
• Syncardia Systems
• William Demant Holding A/S
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