Bionic Devices Market Report 2023-2033 - Harnessing the Power of Artificial Intelligence in Prosthetic Technology

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Dec 07, 2023, 14:30 ET

DUBLIN, Dec. 7, 2023 /PRNewswire/ -- The "Bionic Devices Market Report 2023-2033" has been added to ResearchAndMarkets.com's offering.

World revenue for the Bionic Devices Market is forecast to surpass US$20 billion in 2023, with strong revenue growth through to 2033.

Continuous Research and Development Efforts in the Area of Bionic Devices Projected to Spur Industry Growth

Market growth in the field of bionic devices is significantly driven by continuous research and development efforts. Companies, academic institutions, and healthcare organizations are heavily investing in research to create innovative technologies, improve existing devices, and expand the applications of bionic devices. These advancements foster innovation and broaden the array of solutions available to patients. One of the primary focuses of bionic device companies is to develop technologies that restore or enhance sensory functions, such as vision, hearing, and touch. For instance, they are working on retinal implants to restore vision, cochlear implants to improve hearing, and haptic interfaces that provide tactile feedback to amputees, enhancing their sensory experiences.

For instance, in December 2022, Pixium Vision SA announced the successful completion of implantations in all patients enrolled in the PRIMAvera European pivotal trial. This trial targets atrophic dry age-related macular degeneration (dry AMD aiming to restore vision and improve the quality of life for affected individuals through their retinal implant technology.

High Cost of Bionic Devices Likely to Challenge Industry Growth

Bionic devices are often expensive due to the intricate technology, extensive research, and development involved in their creation. The high costs associated with bionic devices can present significant challenges, limiting their accessibility and affordability for certain patients. This becomes a particular concern in regions with limited healthcare resources and inadequate insurance coverage. For instance, the basic prosthetic limbs without advanced functionalities may start at around $5,000, while more advanced bionic prosthetic limbs equipped with motorized joints, sensory feedback, and advanced control systems can cost between $10,000 and $100,000 or even more. Also, cochlear implant systems typically come with a price tag between $30,000 and $60,000 per ear, covering expenses for the surgery, the implant device, and post-operative care.

Market Dynamics

Market Driving Factors

Technological Advancements is Driving the Market Growth
Increasing Prevalence of Chronic Diseases and Disabilities
Growing Aging Population is Expected to boost the Demand for Bionic Devices
Growing Emphasis on Rehabilitation and Functional Recovery in Healthcare

Market Restraining Factors

High Cost of Bionic Devices
Limited Reimbursement Coverage
Limited Awareness and Education
Need for Device Longevity and Maintenance could Hinder the Market Growth

Market Opportunities

Expansion into Emerging Markets
Collaboration with Other Bionic Devices Companies and Healthcare Providers
Ongoing Research and Development
Harnessing the Power of Artificial Intelligence in Prosthetic Technology

Forecasts to 2033 and other analyses reveal commercial prospects

In addition to revenue forecasting to 2033, the study provides you with recent results, growth rates, and market shares.
You will find original analyses, with business outlooks and developments.
Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising bionic devices prices and recent developments.

Segments Covered in the Report

Fixation Outlook

Implantable Bionics
External Bionics

Type

Cochlear Implants
Heart Bionics
Orthopaedic Bionics
Exoskeleton Bionics
Neural Bionics
Others

Technology

Electronic Bionics
Mechanical Bionics

End-users

Hospitals & Clinics
Ambulatory Surgical Centres (ASCs)
Others

In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 22 leading national markets.

The report also includes profiles and for some of the leading companies in the Bionic Devices Market, 2023 to 2033, with a focus on this segment of these companies' operations.

Leading companies and the potential for market growth

Abbott Laboratories
Boston Scientific Corporation
Cochlear Ltd.
Demant A/S
Ekso Bionics
Johnson & Johnson
LivaNova, PLC
Medtronic PLC
Ossur
Ottobock (BionX Medical Technologies, Inc.)
PIXIUM VISION
Sonova
SynCardia Systems, LLC
Zimmer Biomet

In summary, the report provides you with the following knowledge:

Revenue forecasts to 2033 for Bionic Devices Market, 2023 to 2033 Market, with forecasts for fixation, type, technology, and end-users, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
Revenue forecasts to 2033 for five regional and 22 key national markets - See forecasts for the Bionic Devices Market, 2023 to 2033 market in North America, Europe, Asia-Pacific, Latin America, and MEA. Also forecasted is the market in the US, Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
Prospects for established firms and those seeking to enter the market - including company profiles for 14 of the major companies involved in the Bionic Devices Market, 2023 to 2033.

For more information about this report visit https://www.researchandmarkets.com/r/pwy835

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