Medical bionic implants market to be worth $17.82 billion by 2017
Experts predict the global medical bionic implants market to grow by 7.1% in the next five years, and to be worth $17.82 billion by 2017. The report, “Medical Bionic Implants Market [Vision, Brain, Heart, Orthopedic, & Ear] – Trends & Global Forecasts to 2017” analyzes and studies the major market drivers, restraints, and opportunities from now to 2017.
Bionic implants are mechanical or electronic systems that function like living organisms or parts of living organisms. The global medical bionic implants market is divided into five categories based on the type of products, technology used, and type of fixation. It includes:
- vision bionics
- ear bionics
- orthopedic bionics
- heart bionics
- neural/brain bionics
The medical bionic implants market has witnessed a myriad of technological advancements over the past two decades. It is expected that this trend will continue in the future in a bid to solve present challenges and fill unmet needs of the market. Manufactures are now focusing on the development of bionic implant products such as wearable artificial kidney, bio-lung, and artificial pancreas for diseases that cannot be cured with alternative treatment methods.
Bionics, when extended to the field of medicine, seeks to replace or enhance organs or parts of the human body using artificial prosthesis. The market is expected to grow at a compound annual growth rate of 7.1% from 2012 to 2017 to reach $17.82 billion by 2017.
Source: Markets And Markets