Press Releases

Bionics Market to See 11.1% Annual Growth Through 2024

Industry Boosted by Technological Advances

December 16, 2019

WELLESLEY, Mass., Dec 16, 2019–Advances in miniaturization and artificial intelligence, as well as growth in emerging economies are two factors driving growth in the global bionics market, according to a report by BCC Research, “Bionics: Technologies and Global Markets.”

The market expects to see a compound annual growth rate (CAGR) of 11.1% through 2024, when it could be worth $6.2 billion. The market is then expected to reach $11.3 billion by 2029, with a CAGR of 12.8% for the period of 2024-2029.

Major players in the market include: Abbott Laboratories (ABT), Cochlear Ltd.(CHEOF), Jarvik Heart Inc. and Lockheed Martin (LMT).

Research Highlights

  • The sensory devices segment of the global bionic devices market is expected to grow from $1.8 billion in 2019 to $3.1 billion in 2024 and $5.3 billion in 2029 at CAGRs of 11.1% and 11.3% for the period of 2019 to 2024 and 2024 to 2029, respectively.
  • The limbs and exoskeletons market is expected to grow from $596.2 million in 2019 to $1.1 billion in 2024 and $2.8 billion in 2029 at CAGRs of 5.2% and 20.6% for the period of 2019 to 2024 and 2024 to 2029, respectively.
  • By country, the Japanese market will see the highest growth, from 327.1 million in 2019 to 574.4 million in 2024, reaching 1.3 billion by 2029, at CAGRS of 11.9% and 17.4% for the periods of 2019 to 2024 and 2024 to 2029, respectively.

Read the full report here: https://www.bccresearch.com/market-research/healthcare/bionics-technologies-markets-report.html

“Bionic ears (cochlear and middle ear implants) were the largest product segment of the global market for bionics in 2018, with total sales of over $1.6 billion or 49.5% of the global market,” writes analyst Andrew McWilliams. “Sales of bionic ears are expected to approach $5.2 billion by 2029, while their percentage share of the market should decrease somewhat to 45.4%. Bionic hearts are the second-largest product segment, with sales of more than $1.1 billion (33.9% of the global market) in 2018, increasing to nearly $3.3 billion (28.8% of the market) by 2029.”

The Role of Government

The U.S. Centers for Medicare and Medicaid Services as well as many other public and private health insurance providers will cover the cost of ventricular assist devices and, in some cases, total artificial hearts. In the United States, the size of the insured population took a big jump with the passage of the Affordable Care Act in 2010, which should result in an increased demand for cardiac assist devices in the United States, although no statistics are yet available.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Bionics: Technologies and Global Markets( HLC196B )
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