Global Bionic Devices Market Overview:
The word "bionics," which is synonymous with "biomimetics," refers to the integration of human-engineered systems to benefit from practical mechanisms/structures found in nature. The development of bionic prosthetic hands is moving at a frenetic pace. Individuals with amputations can now feel contact with a mind-controlled arm prosthesis that they use in daily life thanks to technological advancements. Only a limited number of people employed in highly specialized units need to have a thorough understanding of this area of medicine. However, as technology advances, the need for and use of bionic devices is expected to grow, necessitating a greater understanding. High manufacturing rates and a lack of continuity in insurance plans are, unfortunately, major barriers to prosthetic adoption. These factors are exacerbated in many developed countries, especially where knowledge and access to prosthetic technology are not widespread.
Growth Drivers
- Prevalence of Amputation
- Prevalence of Organ Damaging Diseases
- Rising Geriatric Population
Market Trends
- Integration with Artificial Intelligence (AI)
- Technical Progress in Bionics
Roadblocks
- Unrealistic Design
- Costly Procedure
Opportunities
- Growing Healthcare Investments
- Low Penetration Across Emerging Economies
Challenges
- Fierce Competitive Pressure
Competitive Landscape:
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Some of the key players profiled in the report are Orthofix International N.V. (Netherlands), Stryker Corporation (United States), Rostec (Russia), Medtronic, Inc. (United States), Mobius Bionics (United Kingdom), Ekso Bionics (United States), Cochlear Ltd. (Australia), Second Sight Medical Products, Inc. (United States), Ossur (Iceland) and Touch Bionics (United States). Additionally, following companies can also be profiled that are part of our coverage like Open Bionics (United States), Nano Retina (Israel), Biomet, Inc. (United States), Xilloc Medical (Netherlands), Marsi Bionics (Spain) and Medcuris Healthcare (Germany). Analyst at AMA Research see United States Players to retain maximum share of Global Bionic Devices market by 2026. Considering Market by Fixation, the sub-segment i.e. Implantable bionics will boost the Bionic Devices market. Considering Market by Technology, the sub-segment i.e. Robotic will boost the Bionic Devices market.
Latest Market Insights:
On 19th November, 2020 - Konami (Japanese Video Game Developer) Partners with Open Bionics to Jointly Launch their 3D Printed Metal Gear Solid Bionic Arm, designed as a Wearable Gaming Arm inspired by In Game Character Venom Snake.
On 13th November, 2020 - Rostec Introduced its Bionic Prosthetic Hands. Which is Metal and Polyurethane Artificial Hand That Mimics the Simple Motions of The Human Hand, Resists Dust and Sweat, And Lasts Up to Three Days Without Needing to Be Recharged. and On 15th August, 2019 - Ekso Bionics Launched EksoNR Neurorehabilitation Suit, Created Specifically to Assist People Suffering from Strokes, Recreates Normal Leg Activity and Lets Patients Re-Learn How to Walk, Sit, And Do All of The Activities They Used to Do.
United States, Code of Federal Regulations (CFR) Title 21 “Sec. 890.3420 External Limb Prosthetic Component” – The Regulation Deals with the Identification and Classification of External Prosthetics for the Sale Across United States. and European Civil Law Rules in Robotics – The Law Defines the Usage and Manufacturing of Robotics used for Civil Purposes Including Prosthetics, the Law Highlights the Technical Innovation of Artificial Intelligence in Robotic Prosthetics.
What Can be Explored with the Bionic Devices Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Bionic Devices Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Bionic Devices
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Bionic Devices market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Bionic Devices market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Bionic Device Manufactures, New Entrants and Investors, Bionic Device Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.