United States Bionics Market to Grow with a Double Digit CAGR until 2026
Rising instances of organ
transplant is driving the growth of United States Bionics Market, in the
forecast period.
According to TechSci report on, “United
States Bionics
Market By Type (Orthopedic
Bionics, Cardiac Bionics, Neural Bionics, Ear Bionics, Others) By Technology
(Mechanical v/s Electronic) By Fixation (Internal v/s External) By Region,
Competition Forecast & Opportunities, 2026”, United States bionics market has shown promising growth in historical years
until 2019 and is expected to continue its growth in upcoming forecast years
2021 to 2026. United States bionics market owes its growth to the factors like advancing
medical industry in the country. United States owns the most developed and most
advanced medical and healthcare facility. Moreover, the advancing technological
aids support the bio-engineering aspect of the industry too. Bionics are the biologically inspired engineering that aids the
applications of biological methods and systems found in nature to the study and
design of engineering systems and modern technology. It is the science of
making artificial systems that can function and has properties of living
systems. The prototype used is that of a living organism, but holds lot more
strength, and capacity than the living system. In simple terms, it is also
referenced as a mimicry of the living systems using technology. Most popular
bionic devices are pacemakers, cochlear implants, bionic eyes, Bionic nerve
guides, robotic limbs, etc. United States bionics market is also inspired
toward growth due to government regulations, technological updates, and the
economic factors. Along with these factors, rising demand for artificial
organs, rising geriatric population, increasing multiple organ failures,
increasing numbers of patients suffering from chronic diseases and increasing
focus of the government on the R&D funding are also supporting the growth
of the United States bionics market in the upcoming five years.
Furthermore,
major market players are actively supporting the research and development. Many
research institutes are working on the devising the bionic devices that can aid
in the mishaps and trauma accident cases.
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The
United States bionics market is segmented by type, technology, fixation,
competitional landscape, and regional distribution. Based on technology, the
market is further divided into electronic and mechanical bionics. Mechanical
bionics dominated the market segment and asserted its dominance on the account
of rising incidences of organ failure and the low cost of mechanical bionics.
Devices like mechanical heart calve, pacemakers are used for the treatment of
various heart failures. Electronic bionics are expected to register fastest
growth CAGR on the account of rising cases of prosthetics like artificial
hands, arm, and legs. These prosthetics are battery and electronic systems that
are myoelectric-controlled and can create nerve movement through sensors.
Based
on type, the market is further bifurcated into orthopedic bionics, cardiac
bionics, neural bionics, ear bionics, and others. Cardiac bionics are
anticipated to assert its dominance over the market segment and hold the
largest revenue shares of the market in the next five years due to rising
instances of cardiac failures and demand of cardiac bionic devices like
pacemakers. Rising obesity, and cholesterol increase problems are further
substantiating the United States bionics market. Due to advancing technologies
and consistent research going on, neural bionics is anticipated to register the
fastest growth in the CAGR in the next five years. Orthopedic bionics are also
expected to register significant growth in the upcoming five years on the
account of increasing traumatic accidents that lead to severed limbs and skull
fractures.
A
partial list of market player in the United States Bionics market includes,
Medtronic USA, Inc., Zimmer Biomet Holdings, Inc., Edwards Lifesciences
Corporation, Ekso Bionics Holdings Inc., Össur Americas, Inc., Advanced Bionics
Corporation, BionX Medical Technologies, Inc. (Ottobock), among others. These
market players hold larger shares of the market than the new market players.
With the advancement of the technology, it is appropriate to say that the
effective research and development of the technologically advanced medical
devices would support the market growth and benefit the market players as well
as the consumers. New market players may focus on the research and development
to provide devices that satisfies the consumer demand as well as benefits the
market players in building their brand value. Other competitive strategies
include mergers & acquisitions and new product developments.
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“The
United States bionic market is segmented on the basis of fixation, into
internal and external fixation. Internal fixation like pacemakers and
artificial heart valve are rapidly increasing and the surge in their demand is
due to the increasing heart failure cases in the country. Moreover, with
advanced technology popularity of the robotics arms, and robotic legs are in
demand due to increasing cases of accidents. Market players who are entering
the market should focus on research and technology that provides with the
advanced bionic implants, organs, and devices,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“United
States Bionics Market By Type (Orthopedic
Bionics, Cardiac Bionics, Neural Bionics, Ear Bionics, Others) By Technology
(Mechanical v/s Electronic) By Fixation (Internal v/s External) By Region,
Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of United
States bionics market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in United States bionics market.
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