According to the research report titled ‘Bionic Devices Market Size By Product (Auditory Bionics/Cochlear Implants, Heart Transplant, Orthopedic Bionics {Bionic Hand, Bionic Leg and Socket, Exoskeleton}, Neural Bionics {Deep Brain Stimulator, Spinal Cord Stimulator}), By Fixation (Implantable, Wearable/Externally Worn), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global bionic devices market size is poised to expand considerably over the forecast period 2021-2027.
 

As per the report findings, prevalence of hearing disorders is acting as a major impetus to global bionic devices market growth.
 

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Moreover, leading companies have been deploying various strategies to take advantage of emerging trends, which is likely to positively impact the business dynamics. Citing an instance, Ossur hf., a leading prosthetics innovator, acquired rights to the design & visualization software created by Standard Cyborg, Inc., a startup specializing in cutting-edge computer vision tools.
 

Based on product type, the neural bionics sub-segment was valued at USD 3,124 million in 2020 and is touted to record tremendous growth over 2021-2027. Rising prevalence of chronic diseases, and ability of neural bionics to boost motor functionality are expected to bolster product demand in the upcoming years.
 

Considering the fixation-based classification of global bionic devices market, implantable sub-segment was worth USD 2,986 million in 2020 and is on track to expand substantially over the forecast period. This can be credited to increasing demand for invasive medical procedures from the geriatric patient base, and rising healthcare expenses across the globe.
 

On the regional front, bionic devices market excluding Asia Pacific, North America, and Europe, was valued at USD 369 million in 2020 and is estimated to show similar growth trends through the assessment timeline. Increasing incidence of chronic conditions that necessitate amputation, coupled with high costs of healthcare are primarily propelling the market growth.
 

Speaking of the competitive landscape, companies such as SynCardia Systems LLC, Boston Scientific Corp., Abbott Laboratories, Medtronic plc, Open Bionics, Scheck & Siress, Ekso Bionics Holdings Inc., Össur hf., MED-EL Medical Electronics, Cochlear Ltd., Demant A/S, and Sonova Holding AG are influencing worldwide bionic devices industry trends.