The report “Medical Bionic Implant Market - (Vision Bionics/Bionic Eye, Brain Bionics, Heart Bionics/Artificial Heart, Orthopedic Bionics and Ear Bionics) – Trends and Global Forecasts to 2017”, the global Medical Bionic Implants Market is expected to grow at a CAGR of 7.1% from 2012 to 2017 to reach $17.82 billion by 2017.
Browse 127 market data tables and 14 figures spread through 298 pages and in-depth TOC of “Medical Bionic Implant (Artificial Organs) Market”
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This report studies the global medical bionic implants market over the forecast period of 2012 to 2017.
Bionics involves the study of biological systems in order to develop artificial systems that can replicate their functions. Bionic implants are mechanical or electronic systems that function like living organisms or parts of living organisms. Bionics, when extended to the field of medicine, seeks to replace or enhance organs or parts of the human body using artificial prosthesis.
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The global medical bionic implants/artificial organs market has been segmented as vision bionics, ear bionics, orthopedic bionics, heart bionics, and neural/brain bionics. Vision bionics consists of the bionic eye; ear bionics includes cochlear implants and BAHA; orthopedic bionics includes bionic limb, bionic finger, exoskeleton and electrical bone growth stimulators; heart bionics comprises of pacemakers, TAH, ventricular assist devices, and artificial heart valves; and neural/brain bionics consists of deep brain stimulator, vagus nerve stimulator, and spinal cord stimulator. Based on technology, medical bionic implants are divided into two groups - mechanical bionics and electronic bionics. In addition, depending upon the type of fixation, they are classified as externally worn and implantable.
The artificial organs industry is under dramatic transformation globally and will witness significant changes in the coming years, primarily driven by innovation, globalization, and commoditization of products. Amputation, for instance, was considered equivalent to failure to salvage a limb; however, with the presence of advanced powered prosthetics, it is no more considered so. With the advent of bionic technology, amputees have access to limb replacements and enhancement. Orthopedic bionics is more scientifically advanced than prosthetics because it contains specific sensors that can sense and predict user action, based on his/her environment.
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Technological innovations in the medical bionic implants industry have been witnessed in the past few years. Newer products with better safety and efficacy contribute to the widespread adoption of medical bionics by physicians worldwide. However, a few pivotal factors restraining the growth of this market are high cost of devices, uncertain reimbursement scenarios in different regions, limited surgical expertise, and high cost of development.
The key players in this market are Orthofix International N.V. (The Netherlands), Biomet, Inc. (U.S.), Medtronic, Inc. (U.S.), Cochlear, Ltd. (Australia), Second Sight Medical Products, Inc. (U.S.), Ossur (Iceland), Ekso Bionics (U.S.), and St. Jude Medical, Inc. (U.S.).
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