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Bionic Devices Market will experience a CAGR growth rate of 9.9% from 2022 to 2028 | Renub Research

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Global Bionic Devices Market value will be around US$ 8.68 Billion by 2027. Bionics can transform the lives of individuals with disabilities or medical conditions and enhance the lives of those without impairments. Furthermore, the development of brain-controlled prosthetic limbs allows the movement of prosthetic limbs as if natural via implanted electrodes in the brain that can detect motor cortex signals.

Bionic devices offer sensory feedback by implanting electrodes in nerves, and exoskeletons powered by motors assist mobility. Also, 3D printing customizes prosthetic limbs and artificial organs to replace damaged organs. Moreover, advanced robotics technology allows for more precise surgical procedures. As per Renub Research report “Bionic Devices Market, Global Forecast 2023-2027, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” Worldwide Bionic Devices Industry was USD 5.41 Billion in 2022.

 

Cochlear Implants’ High Success Rate made them famous for Hearing Loss Treatment

The high success rate of cochlear implants has fostered trust in the technology and its adoption, with individuals experiencing significant improvements in their hearing and communication abilities. Medical professionals and patients have grown familiar with using cochlear implants over the several decades by contributing to their popularity. Unlike prosthetic limbs, they are less invasive and can treat a wide range of hearing loss, including mild to profound, in individuals of all ages. In addition, technological advancements have made cochlear implants more compact, practical, and user-friendly, further bolstering their acceptance and use.

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Increasing Functionality and Improved Design have led to the Flourishing of Wearable Bionics

Wearable bionics offer greater functionality, making them attractive to those seeking greater independence and quality of life. Advances in design have made them more comfortable, reducing the stigma associated with wearing bionic devices. They are now more affordable and accessible, and the growing awareness of bionics as a legitimate form of treatment has contributed to their popularity. In addition, wearable bionics can offer lifestyle benefits such as improved mobility and increased independence.

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Electronic Technology Mimics Natural Human Body Parts, making it ideal for Bionic Devices

Electronic technology governs bionic devices due to its versatility, precision, and adaptability. It can mimic natural human body parts, be programmed precisely, and adapt to changing needs while being widely available and cost-effective. Integration with other fields, such as robotics, artificial intelligence, and 3D printing, has also enhanced bionic device capabilities.

 

The Demand for Bionic Clinics is on the rise due to Technological Advancements 

The rising need for bionic devices as a treatment option, thanks to technological advances making them more accessible, effective, and affordable, propels the demand for bionic clinics. In addition, integration with robotics and artificial intelligence has opened up new possibilities, while success stories have raised awareness. Finally, the aging population and prevalence of chronic conditions have created a growing need for innovative solutions to improve quality of life and independence.

 

North America has Hegemony in the Bionic Devices Market

The prevalence of chronic conditions and disabilities among the aging population in North America has resulted in a large market for bionic devices. A report published by Statistics Canada in October 2021 revealed that 60% of Canadians between 19 and 79 had hearing loss, tinnitus, or both conditions as measured by audiometric testing. Men were more susceptible to hearing loss and tinnitus than women. The region’s strong innovation culture and high awareness and acceptance of bionic technology have also contributed to its dominant position in the field. Finally, government funding for medical research and innovation has also played a significant role in driving the growth of the bionics industry in North America.

 

Recent Developments

  • In July 2022, Unlimited Tomorrow, a startup focused on prosthetics, released its latest bionic arm, called TrueLimb, featuring six adaptive grips that conform to objects the wearer interacts with and independent finger joints and subtle vibrations.
  • In February 2022, The Cysoni bionic launched a device for respiratory sinus arrhythmia by Ceryx Medical. The device replicates RSA by using a respiratory function to trigger heartbeats.

 

In conclusion, the bionics market’s future looks promising as technology advances. Bionic devices will continue to evolve and become more sophisticated, leading to better outcomes for patients with disabilities or medical conditions. Additionally, there will likely be more integration between bionics and other fields, such as robotics, artificial intelligence, and nanotechnology, creating new possibilities for treatment and rehabilitation.

About the Company:

Renub Research is a Market Research and Consulting Company. We have more than 10 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide a wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises major players in Healthcare, Travel and Tourism, Food Beverages, Power Energy, Information Technology, Telecom Internet, Chemical, Logistics Automotive, Consumer Goods Retail, Building, and Construction, Agriculture. Our core team is comprised of experienced people holding graduate, postgraduate, and Ph.D. degrees in Finance, Marketing, Human Resource, Bio-Technology, Medicine, Information Technology, Environmental Science, and many more.

 

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