Tuesday, 1 December 2015

North America: Leading Regional Bionics Market

With technical advancements in the healthcare industry, the bionics market is making remarkable progress in the global arena. In 2014, it stood at US$7.96 billion. Driven by the rising incidence of organ failure and the increase in the geriatric population base across the globe, the global market for bionics is projected to reach a value of US$20.49 billion in 2021, expanding at a CAGR of 13.2% between 2015 and 2021.

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Apart from this, the rising application of exoskeletons in the defense sector is boosting the global bionics market to a significant extent. However, this market is likely to face severe challenge from the high cost associated with bionic devices.

Bionic Limbs: Most Used Bionic Device

Bionic heart, bionic brain, bionic vision, bionic limbs, exoskeleton, and other devices are the key bionic devices that are majorly used around the world. Among these, bionic limbs led the global bionics market in 2014 with a 28% share, accounting for US$2.23 billion. Analysts have projected that this market segment will continue to dominate the overall market, mainly because of the rising incidence of accidents that lead to paralysis or removal of limbs. In addition to this, the technological advancement of bionic limbs has enabled them to be controlled by the user’s brain. This factor is also fueling the bionic limbs market significantly across the world. 

Healthcare Industry: Contributed US$6.0 billion in 2014

The healthcare industry and the defense sector are the major end users of bionic devices, whereas mechanical bionics and electronics bionics are the key technologies applied over bionic products. Among the two, the healthcare industry acquired the bigger share of the overall market, reporting a revenue amounting to US$5.97 billion in 2014. On the other hand, the defense sector is expected to report the fastest growth in the global bionic market in the next 6 years.

The global bionic market is spread across North America, Europe, Asia Pacific, and the Rest of the World. North America is the incumbent leader in this global market and analysts expect it to report the highest growth of all regional segments of the market in the coming years on account of the increasing application of bionics as a substitute for organ transplants in the region.

Asia Pacific is the second largest market for bionics across the globe. It occupies over 20% of the overall market. It is also the fastest growing regional market owing to the presence of major economies such as Japan, China, and India. On the other hand, the bionics market in the Rest of the World is likely to witness sluggish growth owing to the high cost of bionic devices.

Global Bionics Market: Key Participants

Abiomed Inc., Asahi Kasei Medical Co. Ltd., Baxter International Inc., Sonova Holding AG, Medtronic Plc, SynCardia Systems Inc., HeartWare Inc., EKSO Bionics, and Ottobock Healthcare are the major players operating in the global bionics market. The rising disposable income in developing economies and increasing awareness among people pertaining to healthcare is expected to open new avenues for established players as well as new entrants in this market.

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