Growing geriatric population base coupled with rapid advancements in the technology is the major driving factor the medical bionic implants market. Growing demand for bionics over prosthetics owing to advantages such as efficient and better recovery of the patients is the high impact rendering driver for the growth of the market. Furthermore, the increasing number of accidents, organ failures, age related disorders such as cataracts, hearing loss, arthritis and cardiovascular diseases, are expected to propel the market growth. The manufacturers of medical bionic implants are involved in developing bionic products such as bio-lung, wearable artificial kidney and artificial pancreas which is the expected to further boost the overall market.
Medical bionic implants market is categorized in three segments. It includes products, technology and fixation. On the basis of product, the market is segmented into ear bionics, vision bionics, heart bionics, orthopedic bionics and brain/neural bionics. Among these, heart bionics held lucrative share in 2013 as a consequence of high prevalence of cardiovascular disorders. Ear bionics or cochlear implants are expected to gain substantial market share during the forecast period. These devices are preferred more by the patients owing to the ease and comfort they provide. On the basis of technology, the market is bifurcated into mechanical bionics and electronic bionics. On the basis of fixation, market is segmented into implantable based and externally worn. Implantable devices market is expected to witness high growth during the forecast period as a consequence of long term benefit they provide over the externally worn devices.
Geographically, North America is the most mature market. Demand for technologically advanced products coupled with strong R&D initiatives by the government and high patient awareness levels in this region is expected to boost the market growth positively. Asia Pacific region is expected to witness health growth during the forecast period. Rapidly developing regions of India and China, along with growing patient awareness levels in this region are the major factors attributing towards the growth of this region.
The major market players are Orthofix International N.V., Biomet, Inc., Medtronic, Inc., Cochlear Ltd, Second Sight Medical Products, Inc., Ossur, Ekso Bionics, and St. Jude Medical, Inc. These companies are involved in developing novel technologies and products in order to maintain their market share. Ease of approval by the government agencies and rapidly increasing procedural volumes is expected to boost the market players to resort to intensive market capturing strategies.
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