Selbyville, Delaware, November 01, 2021 (GLOBE NEWSWIRE) –
The market size for bionic devices is expected to register a valuation of USD 7.9 billion by 2027, according to the most recent study by Global Market Insights Inc. The increasing prevalence of hearing loss is expected to drive the growth of the market. Auditory bionics or cochlear implants are auditory brainstem implants that provide hearing sensation by bypassing the cochlea and stimulating the brainstem. These bionics are intended for people whose cochlear nerves are defective or absent and cause hearing loss.
The incorporation of machine learning, optogenetics, and other technologies into auditory bionics has led to the development of advanced and efficient bionic devices. Advances in technology along with the increasing prevalence of hearing loss and related disorders are expected to accelerate the expansion of the market.
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Hearing loss inflicts significant adversity over the course of the life and is usually accompanied by negative societal attitudes and prejudices towards those affected. It has negative consequences on certain aspects including interpersonal communication, psychosocial health and quality of life, among others. Hearing loss further hinders speech and language development from childhood and can lead to a career and sub-optimal trajectory of success.
The neurobionic devices market will reach $ 5.32 billion by 2027 due to the increasing prevalence of chronic disorders and the ability of neuronal bionics to promote motor functionality. Neuronal bionics or neural prostheses are increasingly used in the management of chronic pain, urinary incontinence, Parkinson’s disease and other conditions. Neurological disorders are the leading cause of overall disability, and Parkinson’s disease is one of the fastest growing neurological disorders.
The implantable segment was valued at over $ 2.98 billion in 2020, due to the increasing geriatric population requiring invasive medical intervention and increasing healthcare spending. Some chronic diseases such as organ failure, neurological disorders including Parkinson’s disease, chronic pain and deafness, among others, require implantable bionics. The increasing prevalence of such conditions is poised to increase the demand for implantable bionic devices. In addition, increasing medical spending to meet the growing demand for chronic therapies should further prove to be conducive to business growth.
The size of the Japanese bionic device market will be over USD 242 million by 2027 due to the increasing prevalence of chronic diseases such as neurological disorders, diabetes, aging population, and well-developed healthcare infrastructure. Amputation rates are considerably higher compared to the normal population, which is a 10-fold increase in people aged 60 and over and with an HbA1c greater than 8.0%. The high prevalence of these chronic diseases is believed to fuel the demand for bionic devices. In addition, a well-developed reimbursement scenario for medical devices encompassing a wide range of products should thus promote product adoption.
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Some of the major companies operating in the bionic device market are Sonova, Demant, Cochlear Ltd., MED-EL Medical Electronics, Touch Bionics (Ossur), Ekso Bionics, Scheck & Siress, Medtronic, Abbott, Boston Scientific and Syncardia. These leading players are involved in growing product sales and revenue through numerous strategic initiatives. Research collaborations, product development, vertical integration and market diversification are some of the key strategies adopted by these leaders.
Table of contents (ToC) of the report:
Chapter 3 Bionic Devices Market Overview
3.1 Industry segmentation
3.2 Industry Landscape, 2016 – 2027 (USD Million)
3.3 Impact factors on the industry
3.3.1 Growth drivers
3.3.2 Pitfalls and challenges of the industry
3.4 Analysis of growth potential
3.4.1 By product
3.4.2 By fixing
3.5 COVID-19 impact assessment
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.7.1 Business Matrix Analysis, 2020
3.8 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services, providing syndicated and personalized research reports as well as advisory services. growing. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid in strategic decision making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.