Medical Bionics Market Identifies the Key Drivers of Growth and Challenges of the Key Industry Players Forecast to 2023
Global medical bionics market is forecasted to generate a revenue of $28.1 billion by 2023, according to P&S Market Research. The market is mainly driven by increasing pool of geriatric population and associated organ failures, rising number of accidents and injuries leading to amputations, and increasing number of people opting for organ transplants.
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On the basis of fixation type, the medical bionics market has been segmented into implantable and non-implantable bionics. Implantable bionics are estimated to hold more than 70.0% share in the global market in 2017, owing to the increasing number of people opting for organ transplants and rising prevalence of chronic diseases.
During the forecast period, the medical bionics industry is expected to witness the fastest growth in Asia-Pacific (APAC), owing to the expanding size of diabetic patients, growing aging population, rising number of chronic diseases, increasing healthcare expenditure and per capita income, and mounting research on medical bionics in the region.
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In APAC countries, there has been an increase in the R&D of medical bionics, which leads to the expansion of the medical bionics market in the region. For instance, in April 2017, Bionic Vision Technologies raised $18 million to develop and commercialize its devices aimed at restoring vision. There is currently no treatment for conditions such as retinitis pigmentosa.
Also, in the same month, Cochlear Ltd. launched Baha SoundArc, a new hearing solution for people who live with conductive hearing loss, mixed hearing loss, or single-sided sensorineural deafness (SSD). It is a non-surgical behind-the-head band that works together with all of Cochlear’s Baha 5 sound processors.
Some of the other key players operating in the medical bionics market are Medtronic plc, Edwards Lifesciences Corporation, Ekso Bionics Holdings Inc., Retina Implant AG, and Otto Bock Holdings GmbH & Co. KG.
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