Regionals growth engines for medical bionic implants market
Medical bionic implants market is segmented geographically in different regions that are North America, Europe, Asia Pacific, Latin America, Middle East and Africa. According to Centers for Disease Control and Prevention published that 97% of newborns in the U.S. were screened for hearing loss in 2014, which is expected to boost the market of medical bionic implants. Whereas population based study in Europe and North America also have identified a consistent prevalence of approximately 0.1% of children having hearing loss which is expected to favor the growth of medical bionic market in both the regions. Furthermore, Asia Pacific is also expected to show significant growth in market due to large number consumers, rising government initiatives through some organizations such as Asia-Pacific Economic Cooperation (APEC), Health Working Group (HWG) and APEC Life Sciences Innovation Forum (LSIF) and they approved by Health Ministers in Beijing in August 2014 for enhancing healthcare system.
Key players operating in medical bionic implants market
Manufacturers are focused towards research and development for innovating medical bionic implants in cost effective price for gaining more competitive edge in the market. The key players operating in medical bionic implants market include Terumo Corporation, Ossur Americas, EKSO Bionics, Orthofix, Nano Retina Inc., Second Sight Medical Products, Inc., Otto Bock, LifeNet Health, Inc., Edwards LifeSciences Corporation, Medtronic Inc., Tibion Corporation, Touch Bionics Limited, and Boston Scientific Corporation.
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Growth in road accidents and geriatric population is expected to favor the growth of medical bionic implants market. The most transplanted organs are kidney, liver, lungs, heart, pancreas and intestines. According to Centers for Disease Control and Prevention, as of 2014, around 75,000 people are on the active waiting list for organs and only 8,000 organ donors are available each year which favors the growth of medical bionic implants with quick advancement in technology in medical field.
Furthermore, orthopedic medical bionic implant is scientifically more advanced than prosthetics and also amputees can have access to limb replacement and enhancement. Additionally, people of Australia with bionic ears will be eligible for an upgrade due to US$ 2.83 million fund boost from NSW government which is expected to favor the growth of medical bionic implants market.
Medical bionic implants are used for organ transplantation when an organ of person is damaged due to disease and injury. As there are very few organ donors than the demand and if donor is found there are chances of rejection of transplanted organs. Whereas, medical bionic material are made up of biomaterials. Biomaterial is living or non-living substance introduced in the body as the part of bionic substitute to an organ or function associated to it. Furthermore, study of bionics also emphasizes on the implementation of function found in nature other than just imitating the biological structure, which is expected to favor the medical bionic implants market. Whereas, in July 2015, the BBC medical correspondent Fergus Walsh reported that surgeons in Manchester have performed the first bionic eye implant this is expected to fuel the growth of medical bionic implants market. Also, there are various other medical bionic implants present in market such as ear, hand, artificial heart which is also expected to favor the medical bionic implant market.
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