Bionics: Technologies and Global Markets
The global bionic devices market should reach $6.2 billion by 2024 and $11.3 billion by 2029 from $3.7 billion in 2019 at compound annual growth rates (CAGRs) of 11.1% and 12.8% for the period of 2019 to 2024 and 2024 to 2029, respectively.
- 47 data tables
- An overview of the global market for bionic devices within the medical and healthcare industry
- Analyses of global market trends with data from 2018, estimates for 2019, projections for 2024 and 2029, with compound annual growth rates (CAGRs) through 2029
- Elaboration on the influence of government regulations, technological updates, and the economic factors that affect the growth of the market
- Assessment of the competitive landscape of major vendor companies and their market share
- Patent analysis covering all types of bionic devices and their allotments across various categories
- Detailed profiles of market leading players, including Abbott Laboratories, Envoy Medical, Honda Motor Co., Ltd., Mitsubishi Heavy Industries, ReWalk Robotics, Toyota Motor Corp., and U.S. Bionics Inc.
This report covers all types of bionic devices as defined above, but focuses on the following:
- Limbs and appendages (e.g., hands, feet, fingers).
Certain other types of devices, which fit this report’s definition of bionic, such as bionic penises, are excluded because they are experimental and the potential commercial market for them over the next 10 years is small or non-existent.
Neural implants are covered only to the extent that they form part of an electromechanical system such as a bionic arm, but are excluded if they are purely electronic/electrical in nature (e.g., spinal cord stimulators). Purely mechanical prosthetic devices such as hip implants and assistive devices that are not worn such as wheelchairs are also not covered.
The market projections do not include the cost of surgical procedures used to insert the devices, or rehabilitation or training of wearers in the use of their bionic device.
While some bionic devices are commercially available at present, the real market for bionics is long-term. The report therefore will focus mainly on identifying bionic technologies that are under development and the conditions that will determine which ones reach the market and the quantities that could potentially be sold. Given the long-term nature of the market, the report has a 10-year time frame (i.e., 2019 to 2029).
Frequently Asked Questions (FAQs)
Andrew McWilliams spent more than 25 years as a consultant with Ernst & Young, McKinsey & Company and A.T. Kearny focused on manufacturing before segueing into research analysis. He has been covering myriad technology categories for BCC Research for more than 15 years. McWilliams has a BA from Princeton University and an MA from Harvard University. He has worked in more than 40 countries and he resides in the greater Boston area.
The global market for bionic devices reached $2.8 billion and $3.2 billion in 2015 and 2016 respectively. The market should reach $6.4 billion by 2021, growing at a compound annual growth rate (CAGR) of 15.2% from 2016 to 2021; and $12.1 billion by 2026 at a CAGR of 13.6% from 2021 to 2026.
- An overview of the global market for bionics.
- Analyses of global market trends, with data from 2015 and 2016, and projections of compound annual growth rates (CAGRs) through 2021 and 2026.
- Segmentation of the market by device type and by region.
- Examine market opportunities for the bionics industry and the technologies.
- Description of the major types of bionic device, both commercial and developmental.
- Overview of the market drivers, restraints and trends.
- Profiles of companies related to the industry.