Medical Bionics Market by Product and Fixation Method - Global Industry Analysis and Forecast to 2025

Report Code : HC06158

Bionic is an artificial electronic medical device that is used to enhance natural biological capability of organs or other body parts. These implants mimic the function of the damaged or lost body parts. Rise in prevalence of chronic diseases, rapidly aging population, and technological advancements are set to drive the demand for medical bionics. Growing incidence of Parkinson’s disease is one of the major factors that will stimulate the demand for deep brain stimulators. According to the Parkinson’s disease Foundation, nearly 60,000 American citizens are diagnosed with Parkinson’s disease every year, excluding the numerous cases that remain undetected. Over 10 million people are living with Parkinson’s disease all over the world.

Moreover, in the U.S., around 5.5 million people are affected by heart failure (Source: American Heart Association). Annually, about 670,000 new cases of heart failure are diagnosed in the country. Additionally, Public Health Agency of Canada reports that around 1.6 million people are living with the effects of stroke in the country, primarily due to unhealthy lifestyle. Thus, high prevalence of heart disorders will further stimulate the demand for cardiac bionics.

In addition to this, rising prevalence of hearing loss coupled with aging population is contributing to the market growth. Hearing impairment is the most frequent sensory deficit in humans, affecting more than 250 million individuals worldwide. It is becoming a severe social and health problem in the elderly population. This is leading to impaired exchange of information due to hearing loss, causing loneliness, dependence, and frustration, as well as communication disorders, thus significantly impacting everyday life of the elderly. For instance, as per WHO, the prevalence of hearing loss in children is 1.7%; while it is 7% in adults aged 15 years and older. It is expected to be almost 1 in 3 in adults aged 65 years and older. Moreover, it states that, almost 15% of the global adult population is suffering from some degree of hearing impairment. Out of them, about one-third of them are affected with disabling hearing loss. This growing prevalence of hearing loss will boost the demand for ear bionics globally.

Increased focus of major companies on developing technologically advanced medical bionics will boost the market growth in near future. For instance, in July 2016, Mobius Bionics LLC launched its DEKA LUKE Prosthetic Arm, incorporating innovations in batteries, motors, materials, and electronics. Moreover, major companies are also investing on expanding their bionic business operations. For instance, in December 2015, BionX Medical Technologies, Inc. raised $17 million for the product development and commercial expansion in the U.S. and other countries.

Some of the major players operating in the global medical bionics market are Orthofix Holdings, Inc., William Demant Holding A/S, Sonova, LivaNova PLC, Retina Implant AG, SynCardia Systems, LLC, Boston Scientific Corporation, Cochlear Ltd., Medtronic plc, and Abbott Laboratories.

Medical Bionics Market Segmentation:

By Product:

  • Neural/Brain Bionics
  • Internal Neurostimulators
  • Spinal Cord Stimulators
  • Sacral Nerve Stimulators
  • Deep Brain Stimulators
  • Vagus Nerve Stimulators
  • External Neurostimulators
  • Ear Bionics
  • Auditory Brainstem Implants
  • Bone Anchored Hearing Systems
  • Cochlear Implants
  • Vision Bionics/Bionic Eye
  • Cardiac Bionics
  • Ventricular Assist Devices
  • Left Ventricular Assist Devices
  • Right Ventricular Assist Devices
  • Biventricular Assist Devices
  • Pacemakers
  • Artificial Heart Valves
  • Mechanical Heart Valves
  • Tissue Heart Valves
  • Total Artificial Heart
  • Orthopedic Bionics
  • Electrical Bone Growth Stimulators
  • Invasive Bone Growth Stimulators
  • Non-invasive Bone Growth Stimulators
  • Exoskeleton
  • Lower Limbs
  • Bionic Knee
  • Bionic Feet
  • Upper Limbs

By Fixation Method:

  • External Bionics
  • Implantable Bionics

By Region:

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • Japan
  • China
  • Australia
  • India
  • South Korea
  • Rest of Asia Pacific
  • Rest of The World
  • Brazil
  • South Africa
  • Saudi Arabia
  • United Arab Emirates
  • Others

Research Methodology

We use both primary as well as secondary research for our market surveys, estimates and for developing forecast. Our research process commence by analyzing the problem which enable us to design the scope for our research study. Our research process is uniquely designed with enough flexibility to adjust according to changing nature of products and markets, while retaining core element to ensure reliability and accuracy in research findings. We understand both macro and micro-economic factors to evaluate and forecast different market segments.

Data Mining

Data is extensively collected through various secondary sources such as annual reports, investor presentations, SEC filings, and other corporate publications. We also refer trade magazines, technical journals, paid databases such as Factiva and Bloomberg, industry trade journals, scientific journals, and social media data to understand market dynamics and industry trends. Further, we also conduct primary research to understand market drivers, restraints, opportunities, challenges, and competitive scenario to build our analysis.

Data Collection Matrix

Data Collection Matrix

Supply Side

Demand Side

Primary Data Sources

  • Manufacturers
  • Distributors & Wholesalers
  • GPOs
  • Physicians/Specialist
  • Healthcare Providers
  • Consumers

Secondary Data Sources

  • Annual Reports/SEC Filings/ Investor Presentations/ Press Releases
  • Government/Associations Publications
  • Case Studies
  • Reference Customers

 

Market Modeling and Forecasting

We use epidemiology and capital equipment-based models to forecast market size of different segments at country and regional level.

  • Epidemiology-based Forecasting Model: This method uses epidemiology data gathered through various publications and from physicians to estimate population of patients, flow of treatment of individual disease and therapies. The data collected through this method includes statics on incidence of disease, population suffering from disease, and treatment population. This method is used to understand:
  • Number of patients for particular device or medical procedure and
  • Repeated use of particular device depending on health and condition of patient
  • Capital-based Forecasting Model: This method of forecasting is based on number of replacements, installed-based and new sales of capital equipment used in various healthcare and diagnostic centers. These three parameters are calculated and forecast is developed. Installation base is calculated as average number of units per facility; while sales for particular year is calculated from number of new and replace units. Secondary data is collected through various supply chain intermediaries and opinion leaders to arrive at installation and sales rate. These techniques help our analysts in validating market and developed market estimates and forecast.

We do forecast on basis of several parameters such as market drivers, market opportunities, industry trends government regulations, raw materials supply and trade dynamics to ensure relevance of forecast with market scenario. With increasing need to granulized information, we used bottom-up methodology for forecasting where we evaluate each regional segment differently and combined all forecast to develop final market forecast.

Data Validation

We believe primary research is a very important tool in analyzing and forecasting different markets. In order to make sure accuracy of our findings, our team conducts primary interviews at every stage of research to gain deep insights into current business environment and future trends and key developments in market. This includes use of various methods such as telephonic interviews, focus groups, face to face interviews and questionnaires to validate our research from all aspects. We validate our data through primary research from key industry leaders such as CEO, product managers, marketing managers, suppliers, distributors, and consumers are frequently interviewed. These interviews provide valuable insights which help us to have better market understanding besides validating our estimates and forecast.

Data Triangulation

Industry Analysis

Qualitative Data

Quantitative Data (2017-2025)

  • Market Dynamics (Drivers, Restraints, and Challenges)
  • Industry Trend Analysis
  • Market Opportunities
  • Government Policies and Regulations, Patent Analysis, and Reimbursement Policies
  • Porter’s Five Forces and PESTLE Analysis
  • Key Developments and Competitive Landscape
  • Market Assessment and Forecast
  • Market Assessment and Forecast, By Product
  • Market Assessment and Forecast, By Technology
  • Market Assessment and Forecast, By Application
  • Market Assessment and Forecast, By End User
  • Market Assessment and Forecast, By Region/Country

Licesnces Type

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