Medical Bionic Implants Market Size Worth US$ 9.94 Billion by 2030 at 8.0% CAGR, COVID-19 Impact and Global Analysis by Growth Plus Reports

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Sep 13, 2022, 09:55 ET

NEW YORK, Sept. 13, 2022 /PRNewswire/ -- According to the latest report published by growth plus reports, the global medical bionic implants market is expected to clock US$ 9.94 billion by 2030 and to grow at a CAGR of 8.0% during the forecast period. Owing to the rise in chronic diseases, technological advancements, the rise in accidents and injuries this exclusive information is published by Growth Plus Reports in its report titled "Medical Bionic Implants Market – Global Outlook & Forecast 2022-2030"

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Market Drivers

One of the main drivers of the medical bionics market's expansion is the rising incidence of chronic diseases, technological advancements, the rise in accidents and injuries resulting in amputations, and the rising geriatric population and related organ failure. Furthermore, it is projected that the need for bionic devices would increase as chronic illnesses that encourage amputations become more common. Amputations can be caused by a number of chronic diseases, including diabetes, peripheral artery disease, trauma, and malignant tumours, among others. Therefore, increasing prevalence of chronic diseases will result in amputation to boost market growth.

Excerpts from 'By Product Segmentation'

Based on product, the global medical bionic implants market has been segmented into:

Vision Bionics/Bionic Eye
Brain Bionics
Heart Bionics/Artificial Heart
Orthopedic Bionics
Ear Bionics

The vision bionic include bionic eye whereas ear bionic include cochlear implant and bone anchored hearing aid (Baha). The heart bionics is also sub segmented into pacemakers, total artificial heart, ventricular heart valves, artificial heart valves whereas brain bionics include deep brain stimulator, vagus nerve stimulator and spinal cord stimulator. The orhopedic bionics is sub segmented into bionic limb, bionic hand, bionic leg, bionic finger, exoskeleton and electrical bone growth simulators. ear bionics or cochlear implants are anticipated to significantly increase their market share. Deafness and hearing loss are being caused by an expanding number of auditory diseases and hearing disorders. The number of people with hearing loss is expected to rise as the population ages. The changing demographics, longer life expectancies, noise from jobs and leisure activities, among other things, are the main causes of the increased incidence of hearing loss.

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Excerpts from 'By Region Segmentation'

Based on the region, the global medical bionic implants market has been segmented into:

North America
Europe
Asia Pacific
Rest of the World

Geographically, the most developed region is in North America, and it showed its dominance during the forecast period. The majority market share is primarily attributed to a number of variables, including the widespread use of advanced bionic equipment, an increase in the prevalence of chronic illnesses, and high healthcare costs globally. The U.S.'s high prevalence of chronic conditions such peripheral arterial disease, trauma, and hearing loss is expected to be beneficial for the industry's value. The prevalence of chronic diseases is expected to accelerate the uptake of bionic devices in the region.

The Asia Pacific region is anticipated to grow substantially during the projection period because of a growing consumer base, expanding government healthcare initiatives, and high disposable income. Rapidly increasing India and China and growing patient awareness levels in this region are the primary reasons leading to this region's growth. National governments and regulatory organisations work together in a number of nations to maintain a steady demand for the market for medical bionic implants market.

Excerpts from 'Competitive Landscape'

Some of the prominent market players in the global medical bionic implants market include

N.V., Biomet, Inc
Orthofix International N.V
Medtronic, Inc
Abbott Laboratories
Cochlear Ltd
Boston Scientific Corporation
SynCardia System
Second Sight Medical Products, Inc
Ossur
Ekso Bionics
William Demant Holding A/S
Retina Implant AG
St. Jude Medical, Inc

For corporate growth, these well-known corporate leaders place a strong emphasis on implementing strategic initiatives like vertical integration, research collaboration, new product development, and commercialization. Additionally, these players make investments in R&D operations that allow them to introduce cutting-edge products with unique technology and get the largest possible revenue share.

Table of Content

INTRODUCTION

Market Ecosystem
Timeline Under Consideration
Currency Used in the Report

RESEARCH METHODOLOGY

Research Approach
Data Collection Methodology
Data Sources

Secondary Sources
Primary Sources

Market Estimation Approach

Bottom Up
Top Down

Market Forecasting Model
Limitations and Assumptions

PREMIUM INSIGHTS

Current Market Trend (COVID-19 Perspective)
Key Players & Competitive Positioning (2021)

MARKET DYNAMICS

Drivers
Restraints/Challenges
Opportunities

TOC Continued…

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About Us:

Growth Plus Reports is part of GRG Health, a global healthcare knowledge service company. We are proud members of EPhMRA (European Pharmaceutical Marketing Research Association).

Growth Plus portfolio of services draws on our core capabilities of secondary & primary research, market modelling & forecasting, benchmarking, analysis and strategy formulation to help clients create scalable, ground-breaking solutions that prepare them for future growth and success.

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SOURCE Growth Plus Reports