Global Bionics Market Report 2024: Size, Drivers, And Top Segments
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The bionics market size has grown strongly in recent years. It will grow from $12.39 billion in 2023 to $13.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to the increased incidence of disabilities, improved healthcare infrastructure, rising healthcare expenditures, the increasing demand for organ donors, and the rising prevalence of chronic diseases. The bionics market size is expected to see rapid growth in the next few years. It will grow to $19.93 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The growth in the forecast period can be attributed to customization and personalization, increasing focus on rehabilitation and improving quality of life for patients, raising public awareness and acceptance, increasing the elderly population, and a rise in the geriatric population. Major trends in the forecast period include the integration of the internet of things, advancements in artificial intelligence, wireless and miniaturized electronics, the development of more sophisticated haptic and sensory technologies, and energy harvesting technologies.
The growing prevalence of physical disabilities is anticipated to significantly boost the growth of the bionics market moving forward. Physical disabilities refer to impairments that hinder an individual’s ability to move, perform physical tasks, or maintain stamina, often associated with conditions like osteoporosis, arthritis, or general physical degeneration. Bionic technology plays a vital role in enhancing the quality of life for individuals with physical disabilities by replacing or augmenting lost bodily functions, improving mobility, and increasing independence. For example, according to the UK Parliament in August 2023, an estimated 16.0 million people in the UK had a disability in 2021/2022, representing 24% of the total population, with disability rates increasing with age. Therefore, the growing prevalence of physical disabilities is expected to propel the growth of the bionics market.
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What Are The Key Trends That Influence Bionics Market Share Analysis?
Major companies in the bionics market are developing technologically advanced solutions, such as automated insulin delivery systems within the bionic pancreas, to improve diabetes management by closely mimicking the function of a healthy pancreas. The bionic pancreas automated insulin delivery system is a device that automatically adjusts insulin delivery based on real-time glucose monitoring to replicate natural pancreatic function more accurately. For example, in December 2023, Beta Bionics Inc., a US-based biotechnology firm, launched the iLet bionic pancreas, an advanced automated insulin delivery system designed to simplify diabetes management. It integrates with continuous glucose monitors (CGMs) to provide real-time glucose readings and adjust insulin delivery accordingly. The system requires minimal user input, primarily the patient’s weight, eliminating complex calculations like insulin-to-carb ratios or correction factors. The iLet Bionic Pancreas features closed-loop functionality, autonomously managing insulin dosing, which enhances user-friendliness and reduces the burden on both patients and healthcare providers.
Which Market Players Are Driving Growth In The Bionics Market?
Major companies operating in the bionics market are Boston Scientific Corporation, Zollner Elektronik AG, Sonova Holding AG, Ottobock SE & Co. KGaA, Cochlear Limited, Bioengineering Technology Inc., Össur hf, Hanger Inc., BionX Medical Technologies Inc., DarioHealth Corp., Cyberdyne Inc., Syncardia Systems LLC, AlterG Inc., Ekso Bionics Holdings Inc., MediTouch Ltd., ReWalk Robotics Ltd., Retina Implant AG, Human Engineering, Pixium Vision, Second Sight Medical Products Inc., Bionik Laboratories Corp., Neuroprosthetics Ltd., Sierra Bionics, Vincross Inc.
How Is The Global Bionics Market Segmented?
The bionicsmarket covered in this report is segmented –
1) By Types: Bionic Brain, Bionic Heart, Bionic Limbs, Bionic Vision, Exoskeleton, Other Types
2) By Fixation: Implantable Bionics, External Bionics
3) By Technology: Mechanical Bionics, Electronic Bionics
4) By Application: Healthcare, Defense
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The Bionics Global Market Report 2024 provides an overview of the bionicsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The bionics market forecast analyzes bionics market size, bionics market share, leading competitor and their market positions.
The Table Of Content For The Bionics Market Include
1. Bionics Market Executive Summary
2. Bionics Market Segments
3. Bionics Market Size And Template Market Growth Rate
4. Key Bionics Market Trends
5. Major Bionics Market Drivers
……
25. Key Mergers And Acquisitions In The Bionics Market
26. Top Bionics Companies
27. Bionics Market Opportunities And Strategies
28. Bionics Market, Conclusions And Recommendations
29. Appendix
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