Global Bionics Market Size (2024 - 2029)

Bionics Market Analysis

The Global Bionics Market size is estimated at USD 6.69 billion in 2024, and is expected to reach USD 10.58 billion by 2029, growing at a CAGR of 9.60% during the forecast period (2024-2029).

COVID-19 negatively impacted the bionics market. The pandemic caused added challenges for patients who are having some form of disabilities and organ failures. Due to social distancing, many hospitals were restricted to non-elective procedures and surgeries, and they were instead offering patients video conferencing with disabilities to overcome the limitations of the market growth. For instance, according to the research study published in September 2021 by Harper L. Wilson et al., during the COVID-19 pandemic, adult users of cochlear implants and people living in rural areas faced greater difficulties, including pandemic preparedness and access to healthcare, which has a detrimental effect on the market under study. However, the market under study is anticipated to reach its full potential over the forecast period due to ongoing vaccinations and a decline in COVID-19 cases.

Factors that are responsible for the growth of the market include increased incidence of disabilities and organ failures, technological advancements, and high incidence of road accidents leading to amputations. For instance, as per the data published by the World Health Organization in October 2021, approximately 2.2 billion people were affected with blindness or vision impairment, out of which at least 1 billion people had unaddressed or preventable conditions worldwide. Moreover, in 2020, there are 2.6 billion myopic individuals of all ages. Age-related macular degeneration has affected 195.6 million people between the ages of 30 and 97 in 2020. Thus the increasing prevalence of targeted disabilities, the market is likely to grow at a faster pace in upcoming years.

Another primary factor is the scarcity of donor organs. The lack of availability of potential organs to transplant has been a major issue. The demand for organ donors is increasing and is very high compared to the actual supply. Bionics are able to cater to the needs of those in need of organ transplantations and replacements. It can replicate the function of damaged organs. The replication is almost the same. This level of scarcity of organs has turned into a boon for artificial organs and the bionics industry.

Rising product approval and technological advancement in this industry are also likely to fuel the market growth in upcoming years. For instance, in 2020, Edwards Lifesciences Corporation announced that its KONECT RESILIA aortic valved conduit (AVC) received approval from the United States Food and Drug Administration (FDA) as the first ready-to-implant solution for bio-Bentall procedures. Additionally, in March 2020, Widex launched the Moment hearing device. The Widex Moment has the 'classic' Widex signal pathway, which is paired with a second ultra-fast signal pathway that adds extra gearing to the platform.

However, the factors such as the fear of device malfunction and its consequences, high cost of devices, and uncertain reimbursement scenarios, among others, may impact market growth.

Bionics Industry Segmentation

Bionics are artificial devices that can be implanted or integrated into humans to either replace a natural organ or provide support to restore a specific function, or a group of related functions, helping the patient to return to his normal life. The Bionics Market is segmented by Type of Bionics (Vision Bionics, Ear Bionics, Orthopedic Bionic, and Cardiac Bionics), Fixation (Implantable Bionics and External Bionics), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.