Bionics refers to the study of development of artificial organs and biological functions that are utilized as a substitution of the first part or organs. The bionic organs are such designed that they can copy the functions of the organs so as to work appropriately. The market is required to develop in the coming years because of the surging demand regarding artificial organs in healthcare industry.
According to recent report by Transparency Market Research (TMR), the global bionics market has been esteemed at US$7.96 bn in 2014, developing at a CAGR of 13.2% within the forecast period from 2015 to 2021. As indicated by this market research report, the noticeable factors boosting the global bionics market are more noteworthy use of exoskeletons in defense sector, high frequency of mishaps prompting amputation, and increasing elderly population, leading to increased cases of organ failure.
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From the supply side, the fundamental factor propelling the global bionics market is advancement in technologies in the region of healthcare and medicine. At present, bionics are picking up popularity even in defense wherein fighters wear exoskeletons.
Rising Geriatric Population to Propel Demand in Global Market
The rise in geriatric population is coming about into several organ failure. This consequently is making a demand for organ transplant. In any case, the shot for getting a suitable donor for a transplant requires parcel of time and in this manner lessens the opportunity of survival. The utilization of bionics part does not require time, moreover are intended to modify with the body prerequisites. In addition, the bionics are additionally being connected in the defense industry as exoskeleton suits which empowers an officer to take up heavy loads without diminishing his or her speed in the war. The bionics market is experiencing demand because of the surging instances of mishaps which leads to amputation of body parts or paralysis.
North America to Lead Due to Emergence of Several Players in Market
Geographically, North America region is fueling the global bionics market and is estimated to rule the market within the forecast period from 202015 to 2021. The expanding use of bionics as a substitution for organ transplant is going about as a stimulating factor for the market. He region is trailed by Asia Pacific representing over 20% share of the global bionics market. Asia Pacific is the fastest developing region because of the emergence of key economies, for example, India, Japan, and China. Whereas, the Rest of the World is relied upon to keep up consistent development due of the developing regions.
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Attributable to the emergence of key organizations, for example, Abiomed Inc., Medtronic plc, and Baxter International Inc., North America leads the global bionics market. Continuous industry patterns recommend that the North America bionics market would continue its dominance in the global bionics market within the forecast period as well.
The report recognizes the other important organizations working in the global bionics market as EKSO Bionics, Ottobock Healthcare, SynCardia Systems Inc., HeartWare Inc., Nikkiso Co. Ltd., Sonova Holding AG, Medtronic plc, Asahi Kasei Medical Co. Ltd., Baxter International Inc., and Abiomed Inc. Increasing awareness in healthcare industry in rising economies, along with spending abilities are factors to fuel the global bionics market in the forthcoming years. The players are also indulging into strategies such as mergers and acquisitions, collaborations, and partnerships to expand their global reach.