Bionic Devices Market Size And Forecast Report 2024-2032

Bionic Devices Market

In 2023, the market for bionic devices was valued at US$ 5.32 billion. According to Renub Research, the bionic devices market is expected to be valued at approximately US$ 9.37 billion by 2030. From 2024 to 2030, the market is expected to grow at a compound annual growth rate (CAGR) of 8.44%.

What are bionics?

Bionics are artificial devices that are implanted or integrated into human bodies with the purpose of helping the patient return to his regular life. Bionic Devices Market They can either replace a natural organ or provide support to revive a specific function or a group of related functions. These implants serve to restore biological functions that have been lost due to nerve injury. After an illness or damage, they excite the remaining nerve cells with electrical messages.

Product – Bionic Devices Market breakup in 4 viewpoints:

Auditory Bionic/Cochlear Implants
Heart Transplant
Orthopedic Bionics
Neural Bionics

Fixation – Bionic Devices Market breakup in 2 viewpoints:

Implantable
Wearable/Externally Worn

Market Dynamics

Rising Demand for Cochlear Implants Among the Elderly

In the upcoming years, the increased prevalence of hearing impairment among the elderly is anticipated to propel the expansion of the global market. "Association of Age-Related Hearing Impairment with Physical Functioning Among Community-Dwelling Older Adults in the US," a June 2021 study published in JAMA Network, examined 2,956 older Americans. Of them, 33% had normal hearing, 40% had mild impairment, 23% had moderate impairment, and 4% had severe impairment. According to this research, the need for cochlear implants is expected to increase along with the aging population.

Technology – Bionic Devices Market breakup in 2 viewpoints:

Electronics
Mechanical

End-User – Bionic Devices Market breakup in 3 viewpoints:

Hospitals Clinics
Ambulatory Surgical Centers
Healthcare Facilities

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What is a cochlear implant?

A cochlear implant is a tiny, intricate electrical device that helps people who are profoundly deaf or extremely hard of hearing perceive sound. The implant is composed of two parts: an exterior part that is positioned behind the ear and a second part that is inserted beneath the skin by surgery (see image). Parts of an implant include the following:

a microphone that captures background noise.

A microphone that captures background noise.

A speech processor, which picks and arranges microphone-pictured sounds.
Signals from the speech processor are received by a transmitter and receiver/stimulator, which transform them into electric impulses.

An electrode array is a collection of electrodes that receives impulses from the stimulator and distributes them to various auditory nerve areas.

Normal hearing cannot be restored with an implant. Rather, it can assist a deaf person by providing a helpful depiction of noises in the surrounding

World’s first bionic eye brings hope for blindness

With the world's technical breakthroughs, almost every problem can be solved. A significant advancement in medicine has the potential to change how blindness is treated in the future. Australia's Monash University has produced the first bionic eye in history. For the millions of blind people suffering from this, there is hope. A state-of-the-art device called the "Gennaris Bionic Vision System" attempts to give folks who have lost their vision back.

Countries – Bionic Devices Market breakup of 25 Countries:

North America

United States
Canada

Europe

France
Germany
Italy
Spain
United Kingdom
Belgium
Netherlands
Turkey

Asia Pacific

China
Japan
India
South Korea
Thailand
Malaysia
Indonesia
Australia
New Zealand

Latin America

Brazil
Mexico
Argentina

Middle East Africa

Saudi Arabia
United Arab Emirates
South Africa

All the Key players have been covered from 3 Viewpoints:

Overview
Recent Developments
Revenue Analysis

Company Analysis:

Abbott Laboratories
Abiomed
Edward Lifesciences Corp.
Rewalk Robotics Ltd.
Boston Scientific Corp.
Baxter International Inc.
Cochlear Ltd.
Medtronic Plc,
William Demant Holdings A/S
EKSO Bionics Holdings Inc.

About the Company:

Renub Research is a Market Research and Consulting Company. We have more than 14 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide a wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises major players in Healthcare, Travel and Tourism, Food Beverages, Power Energy, Information Technology, Telecom Internet, Chemical, Logistics Automotive, Consumer Goods Retail, Building, and Construction, Agriculture. Our core team is comprised of experienced people holding graduate, postgraduate, and Ph.D. degrees in Finance, Marketing, Human Resource, Bio-Technology, Medicine, Information Technology, Environmental Science, and many more.