Increasing Demand for Artificial Organs in the Healthcare Sector makes Bionics Market to Rise Rapidly

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.

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.

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According to this market research study, the prominent factors that fuel the global bionics market from the demand side are greater application of exoskeletons in defense, high incidence of accidents leading to amputations, and a growing global geriatric population leading to greater cases of organ failure. From the supply side, the main factor driving the global bionics market is greater technological advancements in the area of medicine and healthcare. At present, bionics are gaining popularity even in defense wherein exoskeletons are worn by soldiers. These bionic/exoskeleton suits improve their mobility and also help them to carry heavy weights and loads. Bionics mainly relate to the development of artificial body parts and organs that are used as replacements for the original organs and body parts.

This TMR report segments the global bionics market on the basis of types, application, technology, and geography. On the basis of types of bionics, this market is categorized into exoskeleton, bionic vision, bionic limbs, bionic heart, bionic brain, and others. At present, the segment for bionic limbs occupies the highest share of the global bionics market, and is projected to expand during the forecast period as well. Application-wise, the global bionics market is segmented into defense and healthcare. Since, bionics are mostly used in healthcare applications, the healthcare segment accounts for almost 75% of the global bionics market. On the basis of technology, this market is segmented into electronic bionics and mechanical bionics. High costs of bionic devices hamper the growth of the global bionics market. However, potential opportunity for the further growth of the global bionics market lies in the area of robotics,

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.

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