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.
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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.
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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.
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