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(MoneyNewsWire.Net, January 30, 2018 ) The Global Bionic Devices Market reached $2.8 billion and $3.2 billion in 2015 and 2016 respectively. The market should reach $6.4 billion by 2021, growing at a compound annual growth rate (CAGR) of 15.2% from 2016 to 2021; and $12.1 billion by 2026 at a CAGR of 13.6% from 2021 to 2026.
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The report assesses the latest sensor and material technology being employed in advanced bionic ears, eyes, hearts limbs and exoskeletons which are driving market growth and changing the lives of millions of people.
The US, with almost 40% of the global market in 2016, is the most valuable market, followed by the EU countries with nearly 34% and Japan with 8%. However, over the next 10 years, expect the distribution profile to develop as the markets in non-medically advanced countries market increase share of from nearly 13% in 2015 to 2016 to 15.5% in 2026.
Innovation sits at the heart of the bionic device sectors growth. Nowhere better is this seen is the development of bionic eyes. For example, the intraocular electronics of Second Sight Medical Products Inc Argus II bionic eye are sealed within a hermetically sealed ceramic case that allows the electronics to operate in the vitreous fluid of the eye. The impact of such innovation in an area of global high unmet need will drive uptake in the sector. In 2015, the bionic eye market was estimated at just US$14 million but is forecast to grow by 74.4% to US$723 million by 2021 before reaching US$1.5 billion by 2026.
Bionics is no longer a vision of the future but a reality now, and it will only get better. While it is not one of medical technologies most high profile sectors, its growth potential, technical innovation and delivery of life changing patient benefits is underpinning sustained market expansion.
Research Cosmos Bionics: Technologies and Global Markets is a critical management report which presents expert and unique analysis of the current market, future value, trends, developments and manufacturers of the bionic eyes, ears, limbs, hearts and exoskeletons which are shaping the global bionic markets.
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Report Includes
An overview of the global market for bionics.
Analyses of global market trends, with data from 2015 and 2016, and projections of compound annual growth rates (CAGRs) through 2021 and 2026.
Segmentation of the market by device type and by region.
Examine market opportunities for the bionics industry and the technologies.
Description of the major types of bionic device, both commercial and developmental.
Overview of the market drivers, restraints and trends.
Profiles of companies related to the industry.
Report Scope
This report covers all types of bionic devices as defined above, but focuses on the following:
Exoskeletons.
Limbs and appendages (e.g., hands, feet, fingers).
Hearts.
Ears.
Eyes.
Certain other types of devices, which fit this reports definition of bionic, such as bionic penises, are excluded because they are experimental and the potential commercial market for them over the next 10 years is small or non-existent.
Neural implants are covered only to the extent that they form part of an electromechanical system such as a bionic arm, but are excluded if they are purely electronic/electrical in nature (e.g., spinal cord stimulators). Purely mechanical prosthetic devices such as hip implants and assistive devices that are not worn such as wheelchairs are also not covered.
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The market projections do not include the cost of surgical procedures used
to insert the devices, or rehabilitation or training of wearers in the use of their bionic device.
While some bionic devices are commercially available at present, the real market for bionics is long-term. The report therefore will focus mainly on identifying bionic technologies that are under development and the conditions that will determine which ones reach the market and the quantities that could potentially be sold. Given the long-term nature of the market, the report has a 10-year time frame (i.e., 2016 to 2026).
Since the market for bionic devices will continue to be focused, albeit to a diminishing degree, in the medically advanced countries, the report will present detailed market estimates for the following: the United States and Canada, and the European Union. The rest of the global market will be analyzed as a single unit.
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