What are the Historical Developments and Current Growth Metrics of the Bionic Devices Market?
The bionic devices market has seen considerable growth due to a variety of factors.
• The bionic devices market has seen strong growth in recent years. It will increase from $5.45 billion in 2024 to $5.93 billion in 2025, at a CAGR of 8.7%.
The expansion can be attributed to heightened public awareness and acceptance, enhanced healthcare infrastructure, more cases of disabilities, a growing elderly population with mobility issues, and a rise in chronic illnesses worldwide.
What is the Forecasted Market Size and CAGR for the Bionic Devices Market?
The bionic devices market is expected to maintain its strong growth trajectory in upcoming years.
• The bionic devices market is projected to grow strongly, reaching $8.19 billion by 2029, with a CAGR of 8.4%.
This growth can be linked to increased disabilities from accidents, the demand for customization and personalization, growing awareness of health insurance coverage, the aging population, and greater acceptance of bionic devices. Key trends in the forecast period include advancements in artificial intelligence, integration with the Internet of Things (IoT), development of advanced materials, product innovations, and technological progress.
What Key Factors and Trends Are Driving The Growth Bionic Devices Market?
The rising demand for joint replacements is expected to fuel the growth of the bionic devices market. Joint replacements, which involve replacing damaged joints with artificial implants to restore function and relieve pain, are on the rise due to an aging population and increased prevalence of osteoarthritis, along with advancements in surgical techniques and implant materials. Bionic devices enhance mobility and offer customized, durable solutions. For instance, in April 2023, the National Institutes of Health reported a 14% increase in hip and knee replacement procedures in 2022, based on over 2.8 million procedures performed at more than 1,250 institutions.
What Are The Market Segments In The Bionic Devices Market?
The bionic devices market covered in this report is segmented –
1) By Test Type: Total Serum Bilirubin Test, Indirect Or Unconjugated Bilirubin Test, Direct Or Conjugated Bilirubin Test
2) By Age Group: Adults, Pediatrics, Infants
3) By Application: Hospital, Clinic, Other Applications
Subsegments:
1) By Total Serum Bilirubin Test: Routine Screening, Liver Function Assessment, Newborn Jaundice Detection
2) By Indirect Or Unconjugated Bilirubin Test: Hemolytic Anemia Diagnosis, Gilbert's Syndrome Detection, Monitoring For Preliver Conditions
3) By Direct Or Conjugated Bilirubin Test: Bile Duct Obstruction Diagnosis, Hepatitis And Liver Disease Monitoring, Post-Liver Condition Assessment
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What Emerging Trends Are Influencing The Growth Of The Bionic Devices Market?
In the bionic devices market, major players are emphasizing the development of advanced products, such as bionic hearts with real-time respiratory modulation, to improve patient outcomes and offer personalized treatment. Ceryx Medical introduced the Cysoni bionic device in February 2022, which uses real-time respiratory modulation to pace the heart. This innovation helps increase cardiac output and potentially repairs heart muscle damage, providing a new treatment avenue for heart failure.
Who Are the Key Players 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.
What Are The Regional Insights Into The Bionic Devices Market?
North America was the largest region in the bionic devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bionic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
