Credence Research has recently published a market research study that includes elaborative analysis which was result of an extensive research methodology for Medical Bionics market with estimations from 2018 to 2026. The highlights of this report are drivers, restraints and opportunities of Medical Bionics market, offered across the recent and estimated timeline till 2026.
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Major report takeaways are competitive landscape assessment, attractive investment proposition, and brief profiles of companies operating in Medical Bionics market which will give 3600 view for the market dynamics. Companies are profiled on the basis of vital data points such as business overview, financial synopsis, product/service portfolio, and news coverage accompanied with recent updates specific to Medical Bionics market. The cross-sectional geographical analysis covers regions such as North America (U.S & Canada), Europe (U.K., Germany & Rest of Europe), Asia Pacific (China, Japan, & Rest of Asia Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa (GCC & Rest of Middle East & Africa).
Key research study highlights comprise:
- Exhaustive research and analysis of the global Medical Bionics industry
- The key market segments along have been explained in the report thoroughly along with their existing and estimated market size
- Major elements of market dynamics such as drivers, challenges and opportunities and their effect on Medical Bionics market is also covered in the report
- Key players operating in the market are profiled and accompanied with the competitive landscape evaluated on the basis of product offering & business strength
- Cross sectional analysis of each region covering individual segments for the forecast period 2016 – 2018 in terms of value (US$Mn)
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Research methodology applied for this study:
Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global Medical Bionics market specific to key segments, and regional segmentation.
- Secondary Research
Secondary research was initiated with data collected through sources such as press releases, company annual reports, and relevant documents focusing on the current developments in the global Medical Bionics market. Authentic sources such as university research papers, scientific journals, and government websites were similarly screened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in Medical Bionics market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of Medical Bionics market study.
- Primary Research
The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help of e-mail interactions, telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.
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The participants tracked for primary interviews include:
- Marketing/product managers
- Vice President/ CEOs
- National sales managers
- Market intelligence managers
- Purchasing managers
- Other stakeholders
Based on product, the medical bionics market is categorized into:
- Heart Bionics
- Orthopedic Bionics
- Ear Bionics
- Vision Bionics
- Neural Bionics
The transfer of technology between artificially created objects and living cells is called as bionics, and the field is currently having huge application in medical science. Bionics is further segregated into various disciplines such as structural bionics, processing bionics and information bionics, subject to their specific applications. Based on product types, heart bionics is currently dominating the products segment owing to the rising prevalence of cardiac complications such as arrhythmias, valvular stenosis and congenital heart disease. Affordable reimbursement scenario for heart bionics motivates people to undergo surgical procedures for such implants. Ear bionics for e.g. Cochlear™ Nucleus® Kanso® manufactured by Cochlear, Ltd., have a tremendous potential for market growth in the near future due to rising prevalence of otitis media and conductive hearing loss due to otosclerosis. The market leaders of medical bionics market are Boston Scientific Corporation, BionX Medical Technologies, Inc., Cochlear Ltd., Edward Lifesciences Corporation, Ekso Bionics, LifeNet Health Inc., Medtronic Plc., Ossur, Second Sight Medical Products, Inc., and St. Jude Medical, Inc.
Based on applications, the medical bionics market is categorized into:
- Implantable Bionics
- External Bionics
Medical bionics has a potential future in the life sciences industry. The major challenges faced by the medical bionics market mainly comprise the lack of commercialization of bionic products and hence they are not being prescribed by physicians for treating chronic ailments. Manufacturers are looking into qualities such as hermetic encapsulation of bionic implants to protect the circuit elements of the device form the body solutions. Neural bionics manufacturers are using novel conductive polymers and micromachining approaches to create neural interfaces to deliver electrical impulses to the nervous system. Tissue contacting materials such as silicon polymers are utilized in bionic implants to meet the biocompatibility aspects and interaction with the surrounding biological environment. Implantable bionics currently leads the applications segment due to its favorable features such as biocompatibility, mechanical stability, and corrosion resistance favoring long-term therapy for chronic ailments. External bionics is set to grow at a rapid pace on account of increasing number of accidents leading to limb amputations and the evolution in ergonomic design of external bionics making them easy to handle and operate.
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