As per the 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, bionic devices market is anticipated to register a healthy growth rate during the forecast period 2021-2027.

Experts cite that global bionic devices market is fueled by technological advancements in medical devices industry, increasing incidence of hearing loss, and rising per capita income in emerging economies.

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For the uninitiated, bionic devices are used to substitute biological functions when nerves performing those roles get damaged in an event of an injury. There are various types of these devices as per their specific biological functions, such as cardiac pacemakers, urinary pacing devices, and hearing implants.

Despite the positive outlook, high cost and poor reimbursement scenarios across various regions may hinder expansion over the analysis period.

Based on product, global bionic devices industry from the neural bionics sub-segment reached a valuation of USD 3,124 million in 2020 and is anticipated to grow considerably through 2027, creditable to increasing prevalence of chronic neurological conditions and promise of neural bionics stimulating motor functionality.

With respect to fixation, the industry size from implantable sub-segment was valued USD 2,986 million in 2020. Rise in invasive medical procedures among the booming geriatric population and increasing healthcare expenditure will continue to support the segmental expansion.

Considering the regional analysis, the market is split into North America, Europe, Asia Pacific, and RoW. The geographies covering the rest of the world segment collectively garnered a value of USD 369 million in 2020. This segment is likely to gain considerable traction in the forthcoming years due to increasing burden of chronic conditions that lead to amputation and escalating healthcare costs.

Speaking of the competitive landscape, businesses in global bionic devices market are undertaking strategies such as R&D investments, mergers, partnerships, and acquisitions to expand their presence. For instance, leading prosthetics manufacturer Ossur in May 2020 announced the acquisition of a design and visualization software from Standard Cyborg, Inc to enhance its technical prowess and serve patients better.

Medtronic plc, Open Bionics, Scheck & Siress Prosthetics Inc., ReWalk Robotics Inc., Ekso Bionics, Med-El Medical Electronics, Cochlear Ltd., Demant A/S, and Sonova Holding AG are among other major players influencing the industry trends.