Medical Bionics Market Trends and Future Prospects Details for Business Develo

BATESVILLE, Ark. - Nov. 27, 2019 - PRLog -- In 2017, the market attained a size of $16,226.0 million, and it is predicted to grow at a 10.1% CAGR during the forecast period (2018–2023). The term bionics refers to the replacement of body parts or organs by their mechanical versions.

Based on product, the medical bionics market (http://bit.ly/2ZA4rVM) is classified into heart, ear, orthopedic, neural/brain, and vision/eye. Among these, in 2017, the heart classification led the market in terms of revenue, and it is projected to maintain its lead during the forecast period. This is attributed to the surging menace of cardiac problems around the world. For instance, in 2015, around 17.7 million people lost their life due to cardiovascular diseases, representing 31.0% of total global deaths. Out of these, nearly 7.4 million deaths were from coronary heart disease and 6.7 million from stroke.

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Surging life-threatening health issues and increasing volume of organ transplants are boosting the adoption of medical bionics. For instance, as per the United States Department of Health and Human Services, in 2017, 114,979 persons were in the queue for organ transplants in the country, and the total number of donors as of January 2018 stood at 16,467. To meet the rising organ transplant demand, medical bionics are being adopted, resulting in significant medical bionics market progress.

Another driver for the medical bionics market is the geriatric population, which is more likely to suffer from diseases that often lead to organ failure, including heart problems, peripheral vascular disease, diabetes-related gangrene, osteoarthritis, and kidney problems. Over 75.0% of the total amputations occur due to vascular and peripheral diseases; around 65.0% amputations are happen in people above 50 years of age. As per the United Nations Department of Economic and Social Affairs report on aging populace, the population aged 60 or above would rise by 56.0% between 2015 and 2030.

Thus, with the increasing incidents of rising road accidents and surging aging population, the demand for medical bionics is growing, thereby accelerating the progress of the market.

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