The growing geriatric population base coupled with rapid advancements in technology is the major driving factor in the medical bionic implants market. Growing demand for bionics over prosthetics owing to advantages, such as the 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 expected to further boost the overall market.
The medical bionic implants market is categorized into 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 a lucrative share in 2013 as a consequence of the 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, the 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 benefits 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 medical bionic implant market growth positively. Asia Pacific region is expected to witness healthy 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 to the growth of this region.
The major medical bionic implants 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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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.