
Growth drivers such as increasing incidence of organ transplants, surging elderly population and associated organ failures, and rising cases of accidents and injuries that lead to amputations, will increase the medical bionics market size from $16,226 million in 2017 to $28.1 billion by 2023.
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Additionally, technological developments in bionic implants are driving the medical bionics market growth. Market players are now offering custom-made bionics with different length and size options to increase their customer base. Moreover, the manufacturers are focusing on the production process of bionics and developing a low-cost design to offer cost-effective products for their customers. Besides, mind-controlled bionic sensors are gaining traction in the market, as they enhance intra-operative flexibility, increase motion range with high performance, and reduce stress-strain shielding, and are compatible in nature.
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Globally, the North American medical bionics market generates the maximum revenue, due to rising population of the elderly, surging expenditure in the healthcare sector, increasing cases of amputees, and rapid economic growth. The cases of amputees are increasing due to the surge in road accident cases, which generate high demand for medical bionics. According to the National Highway Traffic Safety data by the U.S. Department of Transportation, nearly 37,461 deaths occurred due to road accident in 2016.
Thus, the growing awareness regarding medical bionics and improving healthcare infrastructure will escalate the demand for bionics in the future.