Selbyville, Delaware, Nov. 01, 2021 (GLOBE NEWSWIRE) --
The bionic devices market size is anticipated to record a valuation of USD 7.9 billion by 2027, according to the most recent study by Global Market Insights Inc. Surging prevalence of hearing loss is expected to promote the market growth. Auditory bionics or cochlear implants are auditory brainstem implants that deliver a sensation of hearing by bypassing the cochlea and stimulating the brainstem. These bionics are intended for people with malfunctioning or absent cochlear nerves that cause hearing impairment.
The incorporation of machine learning, optogenetics, and other technologies in auditory bionics has led to the development of advanced and efficient bionic devices. Technological advancements along with the rising prevalence of hearing impairment and associated disorders are projected to expedite the market expansion.
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Hearing impairment inflicts significant adversities over the life course and is usually accompanied by negative societal attitudes and prejudice towards affected people. It has negative consequences on certain aspects including interpersonal communication, psychosocial health, and quality of life among others. Hearing impairment further hinders speech as well as language development from childhood and may lead to a trajectory of sub-optimal and vocational attainment.
The neural bionic devices market will reach USD 5.32 billion by 2027 owing to the surging prevalence of chronic disorders and the ability of neural bionics to promote motor functionality. Neural bionics or neural prosthetics are increasingly used in the management of chronic pain, urinary incontinence, Parkinson’s disease, and other conditions. Neurological disorders are the primary cause of global disability, and Parkinson’s disease is amongst the fastest growing neurological disorder.
The implantable segment was valued at more than USD 2.98 billion in 2020 led by the increasing geriatric population needing invasive medical intervention and the rise in healthcare expenses. Certain chronic conditions such as organ failure, neurological disorders including Parkinson’s disease, chronic pain, and deafness among others require implantable bionics. The rising prevalence of such conditions is poised to augment the demand for implantable bionic devices. Moreover, surging medical expenditures to cater to increasing demand for chronic therapeutics are further set to prove conducive business growth.
Japan bionic devices market size will account for over USD 242 million by 2027 due to the rising prevalence of chronic ailments such as neurological disorders, diabetes, aging population, and well-developed healthcare infrastructure. As compared to the normal population, the amputation rates are substantially higher, accounting for a 10-fold increase in people aged 60 years & older and with HbA1c higher than 8.0%. The high prevalence of these chronic ailments is estimated to promote the demand for bionic devices. Additionally, a well-developed reimbursement scenario for medical devices encompassing a broad range of products is, thereby predicted to drive product adoption.
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Some of the major companies operating in the bionic devices market are Sonova, Demant, Cochlear Ltd., MED-EL Medical Electronics, Touch Bionics (Ossur), Ekso Bionics, Scheck & Siress, Medtronic, Abbott, Boston Scientific, and Syncardia. These prominent players are involved in driving product sales and top-line revenue growth through numerous strategic initiatives. Research collaborations, product development, vertical integration, and market diversification are among the key strategies adopted by these leaders.
Table of Contents (ToC) of the report:
Chapter 3 Bionic Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By fixation
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.7.1 Company matrix analysis, 2020
3.8 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
