The global medical bionics market generated $15,348 million in 2016, and is projected to reach $29,160 million by 2023, registering a CAGR of 9.6% during the study period.
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Bionics is the science of constructing artificial systems, which imitates the function of original organ. These artificial systems are used to replace a non-functional organ, which could be lost due to trauma, disease, and congenital defect.
The medical bionics market is expected to witness significant growth during the forecast period, owing to increase in demand for organ transplant, dearth of organ donor, and rise in number of road accidents or work-related injuries leading to amputations.
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In addition, increase in pool of geriatric population, which are prone to organ failure and availability of technologically advanced products, such as total artificial heart, promotes the market growth. However, high cost of devices & treatments, dearth of skilled professionals, and unfavorable reimbursement policies are expected to restrain the market growth.
The global medical bionics market is segmented on the basis of product, method of fixation, and geography. Based on product type, it is classified into vision bionics, ear bionics, orthopedic bionics, cardiac bionics, and neural bionic.
On the basis of method of fixation, it is bifurcated into implantable bionics and fixation bionics. Geographically, it is analyzed into North America, Europe, Asia-Pacific, and LAMEA.
The global medical bionics market is highly competitive and is lucrative in nature. The key market players have adopted various developmental strategies, such as product launch & approval, strategic acquisitions, and mergers to strengthen their market position.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an extensive analysis of the current & emerging market trends and dynamics in the global medical bionics market.
- Comprehensive analysis of geographical regions is provided to determine the prevailing opportunities in the global market.
- This study provides the competitive landscape of the global market to predict the competitive environment globally.
- This report entails the detailed quantitative analysis of the current market and estimations from 2017 to 2023 to identify the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the market growth is provided in the report.
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