What Are The 5 Takeaways From The Bionic Devices Market Overview 2024
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The bionic devices market has experienced strong growth in recent years, growing from $5.03 billion in 2023 to $5.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The market’s growth can be attributed to increased public awareness and acceptance of bionic devices, improved healthcare infrastructure, a rising incidence of disabilities, and an increasing number of elderly individuals with mobility issues. The growing prevalence of chronic illnesses and disabilities worldwide has also driven market growth. Looking ahead, the bionic devices market is expected to continue expanding, reaching $7.56 billion in 2028 at a CAGR of 8.5%. Growth drivers in the forecast period include the rising incidence of disabilities due to accidents, increased demand for customization and personalization, growing awareness of health insurance coverage, and the growing aging population. Major trends expected to shape the market include advancements in artificial intelligence, the integration of IoT, the development of advanced materials, product innovation, and ongoing technological advancements in the field of bionic devices.
The increasing demand for joint replacements is projected to propel the growth of the bionic devices market in the coming years. Joint replacements involve surgical procedures where damaged or diseased joints are substituted with artificial implants, restoring function and alleviating pain. The rise in joint replacements can be attributed to an aging population, the growing prevalence of osteoarthritis, and advancements in surgical techniques and implant materials. Bionic devices designed for joint replacements enhance mobility and functionality, alleviate pain, and provide customized, durable solutions integrated with advanced technology. For instance, a report from the National Institutes of Health in April 2023 indicated that there was a 14% rise in registered hip and knee procedures in 2022, based on data from over 2.8 million procedures across more than 1,250 institutions. Thus, the increasing demand for joint replacements is driving the growth of the bionic devices market.
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What Are The Key Trends That Influence Bionic Devices Market Share Analysis?
Major companies in the bionic devices market are focusing on developing innovative products, such as bionic hearts equipped with real-time respiratory modulation, to improve patient outcomes and provide personalized treatment options. A bionic heart with real-time respiratory modulation is an advanced device that synchronizes heart function with breathing patterns to enhance cardiovascular and respiratory efficiency. For instance, in February 2022, Ceryx Medical, a UK-based medical technology company, launched the Cysoni bionic device, designed to treat heart failure by pacing the heart through real-time respiratory modulation. Unlike traditional pacemakers, Cysoni replicates natural heart rate variations linked to breathing, which has been shown to increase cardiac output by 20% in pre-clinical studies. This technology not only enhances heart function but may also aid in repairing cardiac cells, potentially reversing damage caused by heart failure and restoring the structure of T-tubules critical for effective heart muscle contraction.
Which Market Players Are Driving Growth In The Bionic Devices Market?
Major companies operating in the bionic devices market are Ottobock SE and Co. KGaA, Hanger Inc., Cochlear Limited, Ossur hf., Bionx Medical Technologies Inc., Berlin Heart GmbH, Cyberdyne Inc., Ekso Bionics Holdings Inc., Open Bionics Ltd., Jarvik Heart Inc., Axosuits Srl, Bioservo Technologies AB, Carmat SA, ActiveLink Inc., ReWalk Robotics Ltd., B-Temia Inc., Bionik Laboratories Corp., COAPT LLC, Pixium Vision SA, Mobius Bionics LLC, Nano Retina Inc.
How Is The Global Bionic Devices Market Segmented?
The bionic devicesmarket covered in this report is segmented –
1) By Type: Vision Bionics, Ear Bionics, Orthopedic Bionic, Cardiac Bionic
2) By Material: Tungsten, Silicon, Platinum-Iridium, Stainless Steel, Biologics
3) By Fixation: Implantable, Wearable Or Externally Worn
4) By Technology: Electronics, Mechanical
5) By End-User: Hospitals And Clinics, Research And Academic Institutes, Other End-Users
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The Bionic Devices Global Market Report 2024 provides an overview of the bionic devicesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The bionic devices market forecast analyzes bionic devices market size, bionic devices market share, leading competitor and their market positions.
The Table Of Content For The Bionic Devices Market Include
1. Bionic Devices Market Executive Summary
2. Bionic Devices Market Segments
3. Bionic Devices Market Size And Template Market Growth Rate
4. Key Bionic Devices Market Trends
5. Major Bionic Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Bionic Devices Market
26. Top Bionic Devices Companies
27. Bionic Devices Market Opportunities And Strategies
28. Bionic Devices Market, Conclusions And Recommendations
29. Appendix
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