Bionics is the study of mechanical systems that function like living organisms or parts of living organisms. In medicine, bionics means the replacement of organs or other body parts by their mechanical versions. Bionic implants differ from mere prostheses by mimicking the original function very closely, or even surpassing it. There are various examples of medical bionics such as bionic ear, bionic eye, bionic knee, pacemaker, and others. The global medical bionics market size is projected to reach $28.1 billion by 2023, growing at a CAGR of 10.1% between 2018-2023. The market is mainly driven by increasing pool of geriatric population and associated organ failures, rising number of accidents and injuries leading to amputations, and increasing number of people opting for organ transplants.
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The top most players in the medical bionics market are ÖSSUR hf, Cochlear Ltd., Medtronic plc, Edwards Lifesciences Corporation, Boston Scientific Corporation, Ekso Bionics Holdings Inc., Retina Implant AG, Orthofix International N.V., and Otto Bock Holding GmbH & Co. KG. Companies like ÖSSUR hf, Ekso Bionics Holdings Inc., Orthofix International N.V., and Otto Bock Holding GmbH & Co. deal in orthopedic implants and develop products like, bionic knee, bionic foot and exoskeleton. Medtronic plc is the only company among all the players offering artificial pancreas, in the others category. For instance, in September 2016, USFDA approved the first artificial pancreas of Medtronic plc, the MiniMed 670G system.
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Whereas, Cochlear Ltd. is the only company that provides hearing aids and cochlear implants and is one of the largest players in the ear implants market and the company is also making several developments to maintain its position in the market. For instance, in November 2017, Cochlear Ltd. received USFDA approval for the first remote feature to allow follow-up programming sessions for the Nucleus Cochlear implant system, through telehealth platform. Edwards Lifesciences Corporation offers an extensive portfolio of heart valves under the category of heart bionics. Medtronic plc and Boston Scientific Corporation have made their neural stimulators commercially available in the market. Moreover, Retina Implant AG, being one the largest players in the bionic eye industry is expected to see a favorable growth in the market.
According to the developments taking place in the medical bionics market, it has been observed that, more number of product launches are taking place in the market. Product launches accounted for 48.5% share of the total developments in this market. For instance, in December 2017, Boston Scientific Corporation received USFDA approval for the Vercise Deep Brain Stimulation System (DBS). The system is used to treat the symptoms of Parkinson’s disease by stimulating a targeted area of brain through implanted leads that are powered by a device called an implantable pulse generator (IPG).
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