A recently released report from Transparency Market Research (TMR) forecasts that the global bionics market will expand at a healthy CAGR of 13.20% from 2015 to 2021. TMR, a market intelligence firm, the global bionics market is projected to reach US$20.49 bn by 2021 from US$7.96 bn in 2014. The report, titled ‘Bionics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021’, is available for sale on the company website.
According to this market research study, the prominent factors that fuel the global bionics market from the demand side are greater application of exoskeletons in defense, high incidence of accidents leading to amputations, and a growing global geriatric population leading to greater cases of organ failure. From the supply side, the main factor driving the global bionics market is greater technological advancements in the area of medicine and healthcare. At present, bionics are gaining popularity even in defense wherein exoskeletons are worn by soldiers. These bionic/exoskeleton suits improve their mobility and also help them to carry heavy weights and loads. Bionics mainly relate to the development of artificial body parts and organs that are used as replacements for the original organs and body parts.
This TMR report segments the global bionics market on the basis of types, application, technology, and geography. On the basis of types of bionics, this market is categorized into exoskeleton, bionic vision, bionic limbs, bionic heart, bionic brain, and others. At present, the segment for bionic limbs occupies the highest share of the global bionics market, and is projected to expand during the forecast period as well.
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Application-wise, the global bionics market is segmented into defense and healthcare. Since, bionics are mostly used in healthcare applications, the healthcare segment accounts for almost 75% of the global bionics market. On the basis of technology, this market is segmented into electronic bionics and mechanical bionics. High costs of bionic devices hamper the growth of the global bionics market. However, potential opportunity for the further growth of the global bionics market lies in the area of robotics,
Geographically, this report segments the global bionics market into Asia Pacific, North America, Europe, and Rest of the World. Owing to the presence of prominent companies such as Medtronic plc, Abiomed Inc., and Baxter International Inc., North America leads the global bionics market. Ongoing industry trends suggest that the North America bionics market will continue to dominate the global bionics market during the forecast period as well. This report identifies the following prominent companies operating in the global bionics market: Ottobock Healthcare, EKSO Bionics, HeartWare Inc., SynCardia Systems Inc., Nikkiso Co. Ltd., Medtronic plc, Sonova Holding AG, Baxter International Inc., Asahi Kasei Medical Co. Ltd., and Abiomed Inc. Rising healthcare awareness in emerging economies and rising income levels are factors that will drive the global bionics market in the forthcoming years.
Bionics Market: By Types
- Bionic brain
- Bionic heart
- Bionic limbs
- Bionic vision
Bionics Market: By Application
Bionics Market: By Technology
- Mechanical bionics
- Electronic bionics