, By Biomaterial (Vision Bionics, Ear Bionics [Cochlear Implant, Bone-anchored Hearing Aid (BAHA)], Orthopedic Bionic [Bionic Hand, Bionic Leg], Cardiac Bionics [Heart Valves, Ventricular-assisted Device, Pacemaker, Others]), By Fixation (Implantable Bionics, External Bionics), By Material (Tungsten, Silicon, Platinum-iridium, Stainless steel, Biologics) and Region
Covid-19 Impact Analysis:
Covid-19 has highly impacted the market dynamics, competition, and supply chain of almost all industries. The revenues have gone down in 2020 and are expected to resume an uptrend gradually from 2021 and continue to grow further. The report covers all the segments that were affected by the pandemic.
According to the report, The Bionic Devices Market is estimated to grow from USD 16.8 billion in 2020 to USD 26.8 billion by 2026 at a healthy CAGR of 8.2% during the forecast period.
Market Segments' Analysis
Based on material, the market has been classified into tungsten, silicon, platinum-iridium, stainless steel, and biologics. The tungsten segment accounted for a substantial market share in 2020. This is mainly ascribed to its high density, radiopacity, tensile strength, and yield point. The resistance to corrosion in body fluids has surged the demand for tungsten implants, which further bolsters the segment growth in the coming years.
The market in North America accounted for the largest share in 2020 and is projected to continue its dominance during the review period. This is mainly attributed to the surge in prevalence of accident cases, rise in the number of approval for novel bionic devices, the large presence of advanced healthcare infrastructure, growing demand for non-invasive surgical procedures, as well as presence of major market participants. In addition, the surge in R&D activities in the healthcare sector and enhancement of healthcare infrastructure, and presence of major players operating in the region, which further proliferates the regional growth.
The following are the key players in the Bionic Devices Market
· Pixium Vision (France)
· Open Bionics (UK)
· Bionics Scientific Technologies (P) Ltd (India)
· Advanced Bionics AG (Switzerland)
· Bionic Prosthetics and Orthotics (India)
· Cochlear Limited (Australia)
· Edward Lifesciences Corporation (US)
· Ekso Bionics (US)
· Medtronic PLC (Ireland)
· Mobius Bionics (US).
Frequently Asked Questions –
This report provides vital information and valuable insights, enabling the users to identify the strategic growth opportunities in the market. The report aims at answering the following key questions:
- What is the current and future market size of Bionic Devices Market?
- How has the COVID-19 pandemic impacted the market? How fast is it expected to recover?
- What will be the short and long-term effects of the pandemic?
- How are other market factors affecting the market dynamics?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the Bionic Devices Market competition?
- What are the key emerging trends and unmet needs in the present market?
- What are the strategic growth opportunities and key success factors?
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