Global Bionics Market Size, Share, Forecast Report, 2020-2027

The global bionics market is estimated to grow at a CAGR of nearly 9.0% during the forecast period. Some crucial factors encouraging market growth include the increasing demand for organ transplantation and a significant rise in neurostimulation procedures. The demand for organ transplantation has increased significantly owing to the rising number of patients with heart failure, kidney failure, and liver damage. As per the Division of Transplantation within the Health Resources and Services Administration, in 2019, there were 39,718 transplants performed in the US. In 2019, over 112,000 men, women, and children were waiting for organ transplantation in the US.



The total number of donors was 19,267, of which 7,397 were living donors and 11,870 were deceased donors. The increasing shortage of organs has been supporting the increasing demand for artificial organs that provides support to the patients and increase the survival rate of patients as well as eliminate the complexities associated with organ rejection while taking from living and deceased donors. There are several companies involved in the manufacturing of artificial heart valves, which include Abbott Laboratories, Edwards Lifesciences Corp., and Boston Scientific Corp.



The Edwards SAPIEN family of valves include the Edwards SAPIEN 3, Edwards SAPIEN XT, and the Edwards SAPIEN 3 Ultra transcatheter aortic heart valves, and their respective delivery systems, are utilized for the treatment of heart valve disease with the use of catheter-based approaches for certain patients with congenital heart disease and severe symptomatic aortic stenosis. These heart valves can support patients to live a better life as compared to patients receiving conventional surgical therapies. The company's sales of transcatheter aortic valve replacement products represented 63%, 61%, and 59% of its net sales in 2019, 2018, and 2017, respectively. The increasing sales of artificial valves represents an increasing demand for artificial organs and thereby driving the market growth.



Market Segmentation



The global bionics market is classified into product, type of fixation, technology, and application. Based on the product, the market is classified into bionic heart, bionic orthopaedic, bionic brain, bionic vision, bionic ear, and others. Based on the type of fixation, the market is classified into externally worn and implantable. Based on technology, the market is classified into electronic bionics and mechanical bionics. Based on application, the market is classified into healthcare, defense, and industrial.



Healthcare is anticipated to hold major share in the application segment



In 2018, healthcare is expected to hold a considerable share in the market owing to the rising geriatric population and increasing demand for implantation procedures. Increasing prevalence of Parkinson's disease (PD) has increased the demand for neurostimulation procedures. According to Parkinson's Foundation, approximately one million Americans are suffering from PD, which is higher than the total number of patients diagnosed with Lou Gehrig's, muscular dystrophy, and multiple sclerosis disease. Each year, nearly 60,000 Americans are diagnosed with PD. The incidence of PD grows with age, however, an estimated 4% of people are diagnosed with PD, before the age of 50 years.



For the treatment of PD, DBS, a minimally invasive surgical procedure can be used for the treatment of neurological symptoms of PD, such as rigidity, movement control and tremors. DBS employs a neurostimulation device, like a heart pacemaker that enables to transmit electrical pulses to a very exact location in the brain circuits which influence PD symptom. The electrical pulses generated from the DBS device obstruct the activity of these circuits. As a result, the rest of the brain can work more normally. Additionally, increasing demand for artificial organs and exoskeleton devices for paralyzed patients are further contributing to the considerable share of bionics in healthcare applications.



Regional Outlook



The global bionics market is classified into four major regions, including North America, Europe, Asia-Pacific, and Rest of the World (RoW). In 2018, North America is anticipated to witness a significant share in the market owing to the increasing number of heart failures, rising geriatric population, and increasing spinal cord injuries in the region. As per the American Heart Association, there were 5.7 million adults had heart failure during the period, 2009-2012 which increased to nearly 6.5 million during the period, 2011-2014. This, in turn, leads the demand for artificial heart transplants to support end-stage heart failure patients to live a better life.



Market Players Outlook



The major players operating in the market include Abbott Laboratories, Medtronic plc, Boston Scientific Corp., Ekso Bionics, and Lockheed Martin Corp. The market players are using certain strategies, including mergers and acquisitions, partnerships and collaborations, and product launches, to expand market share and gain a competitive advantage. For instance, in August 2019, Ekso Bionics Holdings, Inc. launched EksoNR, the next generation EksoGT, an intuitive exoskeleton device which is designed for neurorehabilitation. The device offers support to the patients to recover from stroke and other diseases to walk again with a natural gait.



It comprises software enhancements and new features that provide support to the patients and physical therapists to achieve significant benefits from rehabilitation session. It is equipped with a new touchscreen controller, EksoView that enables physical therapists to intuitively adapt assistance to challenge patients with the use of real-time feedback and carry out outcome measures during application. EksoView offers visualization of several exercises beyond gait training, including lifting one leg, balancing, standing in place, squatting from sit-to-stand positioning, or to actively involve patients and accelerate the use of these helpful features.