NEW YORK, April 05, 2018 (GLOBE NEWSWIRE) -- According to the new research report published by P&S Market Research, global medical bionics market is forecasted to generate a revenue of $28.1 billion by 2023, the market is mainly driven by increasing pool of geriatric population and associated organ failures, rising number of accidents and injuries leading to amputations, and increasing number of people opting for organ transplants.
The different types of products available in the medical bionics market are heart, neural/brain, ear, orthopedic, vision/eye and other bionics. Among these, heart bionics are expected to attain the largest share in the market, with more than 40.0% contribution in 2017. This leading position of the category is attributed to increasing cardiac problems globally. For instance, an estimated 17.7 million people died from cardiovascular diseases in 2015, representing 31% of all global deaths. Of these deaths, an estimated 7.4 million were due to coronary heart disease and 6.7 million were due to stroke.
On the basis of fixation type, the medical bionics market has been segmented into implantable and non-implantable bionics. Implantable bionics are estimated to hold more than 70.0% share in the global market in 2017, owing to the increasing number of people opting for organ transplants and rising prevalence of chronic diseases.
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APAC is expected to be the fastest growing market for medical bionics
During the forecast period, the medical bionics industry is expected to witness the fastest growth in Asia-Pacific (APAC), owing to the expanding size of diabetic patients, growing aging population, rising number of chronic diseases, increasing healthcare expenditure and per capita income, and mounting research on medical bionics in the region.
Diabetes is one of the major causes of cardiac problems, resulting in the growth of the medical bionics industry in the region. According to Asian Diabetes Prevention Initiative (ADPI), an education website on diabetes, 60% of diabetics in the world live in Asia. It is also expected that without intervention, both China and India together will have almost half a billion of population suffering from diabetes, by 2030.
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In APAC countries, there has been an increase in the R&D of medical bionics, which leads to the expansion of the medical bionics market in the region. For instance, in April 2017, Bionic Vision Technologies raised $18 million to develop and commercialize its devices aimed at restoring vision. There is currently no treatment for conditions such as retinitis pigmentosa.
Key players launching new products for market expansion
Globally, key players in the medical bionics market are launching new and technologically improved products to gain a larger market share. For instance, in October 2017, LifeNet Health introduced allograft bone-healing solution, PliaFX strip, that offers optimized handling and effective performance in a convenient and preformed shape. It was the first in a new family of grafts composed of 100% cortical bone fibers, created using an exclusive patented processing technology. This bone-healing solution was developed in order to provide surgeons a graft that has the required precise handling characteristics, without relying on any other type of additive.
In September 2017, Orthofix International N.V. received United States Food and Drug Administration (USFDA) and European Conformité Européene (CE) Mark approval for next generation CervicalStim and SpinalStim bone growth stimulators. These devices are used for the natural body-healing process and provide non-invasive treatment for post-operative spinal fusion.
Also, in the same month, Cochlear Ltd. launched Baha SoundArc, a new hearing solution for people who live with conductive hearing loss, mixed hearing loss, or single-sided sensorineural deafness (SSD). It is a non-surgical behind-the-head band that works together with all of Cochlear’s Baha 5 sound processors.
Some of the other key players operating in the medical bionics market are Medtronic plc, Edwards Lifesciences Corporation, Ekso Bionics Holdings Inc., Retina Implant AG, and Otto Bock Holdings GmbH & Co. KG.
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