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Medical Bionic Implant Market

Medical Bionic Implant Market

by Product Type (Vision Bionics, Ear Bionics, Orthopedic Bionics, Heart Bionics, Neural Bionics), by Fixation Type (Externally Worn, Implantable) by Technology (Electronic, Mechanical) : Global Opportunity Analysis and Industry Forecast, 2022-2032

Report Code: A47459
Pages: NA
Apr 2023 | 67 Views
Author(s) : Vineet K
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Implants and artificial organs are prosthetics or devices created expressly for insertion in the human body to mimic the functioning of original organs.  Artificial mechanical or electrically powered devices called bionic implants are inserted into people to replace natural organs. The purpose of medical bionic implants is to replace malfunctioning or sick organs with artificial ones. They are an electrical and biological hybrid. The primary function of bionic implants is to support life to avoid impending death while seeking a transplant. The patient's capacity for social interaction is also enhanced. 
When a person's organ is destroyed by disease or trauma, medical bionic implants are used during organ transplantation. Biomaterials are used to create medical bionics. A biomaterial is a substance, alive or non-living, inserted into the body as a bionic replacement for an organ or a function connected to it.
The medical bionic implant market was negatively influenced by COVID-19. For individuals experiencing organ failure and some type of disability, the pandemic created new obstacles. Due to social stigma, many hospitals could only do non-elective operations and surgeries. Therefore, they started to offer video conferencing to patients with impairments as a way to get over the growth restrictions. In the COVID-19 pandemic, according to a research study published in September 2021 by Harper L. Wilson et al., adult cochlear implant users and people living in rural areas encountered greater difficulties, including pandemic preparedness and healthcare access, which negatively impacted the market. However, owing to continuous immunizations and a drop in COVID-19 instances, it is projected that the market under research will attain its full potential throughout the forecast period.
The growth in demand for cutting-edge therapies, a sizable patient population, and advancements in medical technology are the main factors driving the global market for bionic implants. Vascular disorders, such as diabetes and peripheral artery diseases, affect people worldwide and increase the likelihood of amputations. Almost two million people in the U.S. are dealing with limb loss. Vascular disorders—including diabetes and peripheral artery illnesses, trauma (45%), and cancer (less than 2%)—affect 54% of limb loss. In addition, it is projected that an increase in accidents, organ failures, and age-related conditions such as hearing loss, cataract, arthritis, and cardiovascular illnesses will propel the market expansion. For instance, the World Health Organization reported in October 2021 that around 2.2 billion people worldwide were blind or had vision impairment, of which at least 1 billion had untreated or treatable illnesses. Furthermore, there were 2.6 billion myopic people worldwide in 2020. In 2020, 195.6 million people between the age of 30 and 97 had age-related macular degeneration. Hence, rise in the prevalence of targeted disabilities is anticipated to propel the market growth
As 3D bioprinting is utilized to create bionic implants, it is crucial for organ transplantation. Due to a decrease in organ rejection rates, 3D bioprinting is in relatively high demand. In addition, the global trend toward bionic implants is likely to change, owing to artificial intelligence. Several nations are currently focusing on a method that conducts a tailored assessment of organ and donor suitability. For instance, in 2020, Edwards Lifesciences Corporation declared that its KONECT RESILIA aortic valved conduit (AVC) was the first bio-Bentall procedure ready-to-implant solution to get approval from the US Food and Drug Administration (FDA). Widex also introduced the Moment hearing aid in March 2020. The Widex Moment has the "traditional" Widex signal pathway and an additional ultra-fast signal pathway that increases the platform's gearing.
However, the market expansion is being constrained by elements such as the high cost of care, expensive gadgets, worry about device failure, and a lack of surgical skill. However, rapid technological advancements and increased government support are expected to also encourage the growth of the medical bionic implant market.
To expand in the market, new products must be introduced
In September 2021, for an undisclosed sum, Cirtec Medical, a U.S.-based provider of outsourced medical device and component design, engineering, and production, teamed with Bionic Vision Technologies (BVT), an Australian business engaged in artificial organs. Through this arrangement, Cirtec would assist BVT in creating its newest bionic eye by acquiring a strategic investment in the Australian business. Furthermore, for an undisclosed sum in February 2022, the University of Michigan, a U.S. public research university, teamed with HUMOTECH, a research services firm based in the U.S. that deals with artificial organs. With the potential to provide prosthetic users, the strength and organic gait of a human leg, this alliance hopes to hasten the development of bionic leg control software. To accommodate prosthetic users and researchers, HUMOTECH creates updated versions of the open-source leg as part of this relationship.
Segment Overview: 
By Product Type: Ear bionics and cochlear implants are anticipated to significantly increase their market share, owing to their comfort and ease; these gadgets are more frequently favored by patients. 
By Fixation Type: The implantable sector has the largest market share, owing to increased utilization. These materials are used by pacemakers, RFID tags, neurostimulators, and other implants with wireless communication capabilities. Ferrous metals are remarkably resistant to the effects of harsh weather because of their strength and rigidity. However, limiting exposure to other magnetic fields is important because of their magnetic characteristics.
By Technology: Electronic data can be used to pinpoint potential issues, discuss solutions, and advise persons with diabetes who are thinking about implementing external technologies.
By Region:  North America dominated the global market for medical bionic implants, owing to a high degree of patient awareness, significant government R&D programs, and the demand for technologically sophisticated products. In addition, many biotechnology, medical device, and research facilities are anticipated to contribute to its expansion. Moreover, strong demand for organ transplants and advantageous healthcare compensation schemes are anticipated to fuel the market expansion in North America.
Competitive analysis and profiles of the major medical bionic implant market players, such as ABIOMED, Inc, Berlin Heart, Zimmer Biomet, Boston Scientific Corporation or its affiliates., Cochlear Ltd., Edwards Lifesciences Corporation., Zimmer Biomet, Medtronic, are provided in this report. Businesses are engaging in alliances, mergers, strategic alliances, and acquisitions to boost the market for biomarkers and their global expansion. 
For instance, in June 2020, Orthofix Medical Inc., a multinational medical device firm specializing in musculoskeletal healing solutions, reported that the FIREBIRD SI Fusion System had received approval from the U.S. Food and Drug Administration and had been implanted into the first patient. The FIREBIRD SI Fusion System is the first 3D-printed titanium bone screw introduced in the United States to treat SI joints. It is intended to compress and support the sacroiliac joint (also known as the SI joint) during fusion. The mid-shaft portion of the FIREBIRD SI Fusion System is porous, allowing the patient's bone to grow into its surface and fuse with the implant. 
Key Benefits of the Report
  • This study presents the analytical depiction of the medical bionic implant market industry along with the current trends and future estimations to determine the imminent investment pockets
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the medical bionic implant market share
  • The current market is quantitatively analyzed to highlight the medical bionic implant market growth scenario
  • The report provides a detailed medical bionic implant market analysis based on competitive intensity and how the competition will take shape in the coming years

Medical Bionic Implant Market Report Highlights

Aspects Details
By Product Type
  • Vision Bionics
  • Ear Bionics
  • Orthopedic Bionics
  • Heart Bionics
  • Neural Bionics
By Fixation Type
  • Externally Worn
  • Implantable
By Technology
  • Electronic
  • Mechanical
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Market Players Abiomed, Inc., berlin heart gmbh, Biomet Inc., Boston Scientific Corporation, Cochlear Limited, Edwards Lifesciences Corporation, Ekso Bionics, HeartWare International, Medtronic plc, Iwalk, Inc

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