Wellesley, Mass, March 09, 2017 (GLOBE NEWSWIRE) -- BCC Research has announced the publication of a ground breaking analysis of the global bionic device market.
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 global market for bionic devices was estimated to be worth $2.8 billion in 2015. But the increasing demand, driven by a widening geographic access and an increasingly elderly population, will see the market grow to a projected US$3.2 billion in 2016, with further meteoric growth - to US $6.4 billion in 2021 and on to US$12.1 billion in 2026. That represents a CAGR of 15.2% over a time when health spending constraint is expected to continue.
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.
Speaking at the launch of the report, BCC Research Editorial Director, Kevin Fitzgerald, said, “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”.
BCC Research 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.
About BCC Research
With our unparalleled 45-year history, BCC Research provides comprehensive analysis of global market sizing, forecasting and industry intelligence, covering markets where advances in science and technology are improving the quality, standard and sustainability of businesses, economies and lives.
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