The increasing number of injuries and accidents leading to amputations, surging organ transplants, and rising pool of aging people who often face organ failures are some of the prime reasons behind the growth of the global medical bionics market. In 2017, the market attained a size of $16,226.0 million, and it is predicted to grow at a 10.1% CAGR during the forecast period (2018–2023). The term bionics refers to the replacement of body parts or organs by their mechanical versions.
Based on product, the medical bionics market is classified into heart, ear, orthopedic, neural/brain, and vision/eye. Among these, in 2017, the heart classification led the market in terms of revenue, and it is projected to maintain its lead during the forecast period. This is attributed to the surging menace of cardiac problems around the world. For instance, in 2015, around 17.7 million people lost their life due to cardiovascular diseases, representing 31.0% of total global deaths. Out of these, nearly 7.4 million deaths were from coronary heart disease and 6.7 million from stroke.
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Surging life-threatening health issues and increasing volume of organ transplants are boosting the adoption of medical bionics. For instance, as per the United States Department of Health and Human Services, in 2017, 114,979 persons were in the queue for organ transplants in the country, and the total number of donors as of January 2018 stood at 16,467. To meet the rising organ transplant demand, medical bionics are being adopted, resulting in significant medical bionics market progress.
Thus, with the increasing incidents of rising road accidents and surging aging population, the demand for medical bionics is growing, thereby accelerating the progress of the market.
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