Market is expected to grow at a compound annual growth rate of 7.1%, according to a new report.
By 2017, the global medical bionic implants market will be worth nearly $18 billion, according to a new report.
The report, "Medical Bionic Implants Market [Vision, Brain, Heart, Orthopedic, & Ear] - Trends & Global Forecasts to 2017," published by MarketsandMarkets, analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific, and the rest of the world, from now to 2017.
Bionics involves the study of biological systems in order to develop artificial systems that can replicate their functions. Bionic implants are mechanical or electronic systems that function like living organisms or parts of living organisms. Bionics, when extended to the field of medicine, seeks to replace or enhance organs or parts of the human body using artificial prosthesis. The market is expected to grow at a CAGR of 7.1% from 2012 to 2017 to reach $17.82 billion by 2017.
The global medical bionic implants market is divided into five categories based on the type of products, technology used, and type of fixation. It includes vision bionics, ear bionics, orthopedic bionics, heart bionics, and neural/brain bionics. Medical bionics in pipeline include wearable artificial kidney, bio-lung, and artificial pancreas. The technology segment comprises of electronic and mechanical bionics, while medical bionic implants are classified as externally worn and implantable based on the type of fixation.
The medical bionic implants market has witnessed a myriad of technological advancements over the past two decades. It is expected that this trend will continue in the future in a bid to solve present challenges and fill unmet needs of the market. Manufactures are now focusing on the development of bionic implant products such as wearable artificial kidney, bio-lung, and artificial pancreas for diseases that cannot be cured with alternative treatment methods.
Increasing organ failure owing to aging and age-related disorders, increasing accidents and injuries leading to amputations, and rise in number of people awaiting organ transplants are the major drivers slated to propel the growth of this market. However, a few pivotal factors restraining growth are the high cost of devices and uncertain reimbursement scenarios in different regions, limited surgical expertise, and high cost of development.