Bionic is an artificial electrically/mechanically powered device which is a replacement or an enhancement for impaired body organs. Bionics are designed to perform the function of damaged or diseased organs. Bionics are a combination of biology and electronics. Medical bionic implants have advantages over traditional prostheses such as less fatigue, discomfort, and real-time control. Medical bionic implants imitate the original function of an impaired organ or even perform better than it.
There are different options available for the treatment of organ disability such as auto grafts, xenografts, or allografts. But each option has its drawbacks such as invasive surgeries, organ transplant rejection, and scarcity of donors. In these scenarios, bionic implants can be the optimal option. Ekso Bionics in collaboration with 3D Systems has developed a 3D-printed robotic suit called the Esko to help patients overcome paralysis. This bionic exoskeleton suit helps patients who have lost the ability to walk due to stroke, injury, or developmental conditions such as cerebral palsy. Moreover, the concept of bionics is applied in other fields such as the defense to build exoskeletons, which can be worn by soldiers. These exoskeleton suits or bionic suits help them to carry heavy loads and improve their mobility in the battle field. Bionic devices are being developed with various features such as printed prostheses with anatomically correct shapes along with cosmetic details and smartphone controlled commands.
People all over the world suffer from vascular diseases, including diabetes and peripheral arterial diseases, which increase the chances of amputations. In the U.S., there are about two million people who are living with limb loss. Among those, 54% of limb loss is caused by vascular diseases, including diabetes and peripheral arterial diseases, trauma (45%), and cancer (less than 2%). Increasing population, rising road accidents, and growing global aging population are some of the factors driving the market for medical bionic implant. Rising incomes and expenditure on health care services have increased the demand for replaceable organs, and currently this market holds high potential. However, factors such as high cost of treatment, expensive devices, fear of malfunction of devices, and limited surgical expertise are restraining the growth of the market. Countries such as the U.S. and the U.K. are extensively funding the research and development of this technology. Doctors have successfully implanted bionic parts for eyes, arms, and kidneys. Asia Pacific and the rest of the world are projected to expand at high growth rates in the near future.
The global medical bionic implant market is segmented into a variety of categories based on product type, which are listed below.
- Ventricular assist device
- Total artificial heart
- Artificial heart valve
- Bionic hand
- Bionic leg
- Bionic limb
- Bone anchored hearing aid
- Cochlear implant
- Bionic eye
- Deep brain stimulator
- Vagus nerve stimulator
- Spinal cord stimulator
- Medical bionics which include artificial kidneys
- Artificial pancreas
In terms of fixation type, the global medical bionic implant market is classified into externally worn and implantable based.
Geographically, the global market is distributed over North America, Asia Pacific, Europe, and rest of the world. North America is leading the global market for bionics and is expected to dominate the market during the forecast period. The region's market dominance is due to the presence of major bionic vendors such as Baxter International Inc., Abiomed, Inc., and Medtronic plc.
Major market players operating in the global medical bionic implant market are Touch Bionics Inc., Ekso Bionics Holdings, Inc., Cochlear Ltd., LifeNet Health Inc., Sonova, Otto Bock Inc., Medtronic plc, Edwards Lifesciences Corporation, HeartWare, Orthofix Holdings, Inc., and BionX Medical Technologies, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.