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With
technical advancements in the healthcare industry, the bionics market
is making remarkable progress in the global arena. In 2014, it stood
at US$7.96 billion. Driven by the rising incidence of organ failure
and the increase in the geriatric population base across the globe,
the global market for bionics is projected to reach a value of
US$20.49 billion in 2021, expanding at a CAGR of 13.2% between 2015
and 2021.
Apart
from this, the rising application of exoskeletons in the defense
sector is boosting the global bionics market to a significant extent.
However, this market is likely to face severe challenge from the high
cost associated with bionic devices.
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According
to this market research study, the prominent factors that fuel the
global bionics market from the demand side are greater application of
exoskeletons in defense, high incidence of accidents leading to
amputations, and a growing global geriatric population leading to
greater cases of organ failure. From the supply side, the main factor
driving the global bionics market is greater technological
advancements in the area of medicine and healthcare. At present,
bionics are gaining popularity even in defense wherein exoskeletons
are worn by soldiers. These bionic/exoskeleton suits improve their
mobility and also help them to carry heavy weights and loads. Bionics
mainly relate to the development of artificial body parts and organs
that are used as replacements for the original organs and body parts.
This
TMR report segments the global bionics market on the basis of types,
application, technology, and geography. On the basis of types of
bionics, this market is categorized into exoskeleton, bionic vision,
bionic limbs, bionic heart, bionic brain, and others. At present, the
segment for bionic limbs occupies the highest share of the global
bionics market, and is projected to expand during the forecast period
as well. Application-wise, the global bionics market is segmented
into defense and healthcare. Since, bionics are mostly used in
healthcare applications, the healthcare segment accounts for almost
75% of the global bionics market. On the basis of technology, this
market is segmented into electronic bionics and mechanical bionics.
High costs of bionic devices hamper the growth of the global bionics
market. However, potential opportunity for the further growth of the
global bionics market lies in the area of robotics,
The
global bionic market is spread across North America, Europe, Asia
Pacific, and the Rest of the World. North America is the incumbent
leader in this global market and analysts expect it to report the
highest growth of all regional segments of the market in the coming
years on account of the increasing application of bionics as a
substitute for organ transplants in the region.
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