The global bionics market is estimated to grow at a CAGR of nearly 9.0% during the forecast period. Technological innovations have been reflecting the shifting preference towards bionics products. Several innovations are reported in the field of bionics for healthcare, defense, and industrial applications. Ekso Bionics is working to expand the applications of its exoskeleton in the construction industry and other industries. Exoskeleton suit facilitates the user to lift power tools. In construction, agriculture, manufacturing, and other industries that are using robotic structures, the use of exoskeleton suit enhances human motion to support for more lifting strength and facilitates to increase production on repetitive tasks such as walking, squatting, or bending.
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Those wearing the exoskeleton suits will be less susceptible to severe injuries from overwork or accidents. This, in turn, is contributing to the increasing demand for bionics in the construction industry. In December 2020, Ekso Bionics Holdings, Inc. declared that it has signed a distribution agreement with the BYGMA GRUPPEN A/S, a Danish-based distributor of building materials, to make available EksoVest in Northern Europe. It is a wearable exoskeleton technology (upper body) that aims to support the arms of the worker’s while carrying out overhead operations.
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EksoVest decreases the fatigue and strain on workers and reduces the overall risk of injury while offering lift support from 5 to 15 pounds / 2,2 -6,8 kg per arm. In addition, workers can finish tasks in less duration while maintaining or increasing the quality level. BYGMA has more than 100 locations in all over the Nordic countries. The company will provide EksoVest with its business to business sales channel. In Europe, the company is gaining traction on the industrial field and this partnership will enable EksoVest to drive trials and sales of EksoVest in that region.
Further, in August 2018, the Ford Motor Co. declared to roll out EksoVest across the globe. This wearable technology supports to minimize the risk of injury in plant workers after a positive trial in two US plants. Ford collaborated with Ekso Bionics to augment EksoVest that lifts and supports arms of the worker’s while conducting overhead operations. It can support in overhead tasks including reaching up with a power tool to screw bolts that secure the brace of car, all while standing beneath the vehicle. It shows an increasing application of bionics across bionics, which in turn, is offering an opportunity for the global bionics market.
Additionally, some major innovations in the area of artificial heart valves have been witnessed over the years. In March 2018, Abbott Laboratories received the US FDA approval for Masters HP 15mm rotatable mechanical heart valve. It is the world’s first and only smallest mechanical heart valve that will enable doctors for the treatment of toddlers and babies who require aortic or mitral valve replacement. It is one of the major innovations in the area of cardiac procedures and such advances are driving the market growth.
Global Bionics Market- Segmentation
By Product
- Bionic Heart
- Bionic Orthopaedic
- Bionic Brain
- Bionic Vision
- Bionic Ear
- Others
By Type of Fixation
- Externally Worn
- Implantable
By Technology
- Electronic Bionics
- Mechanical Bionics
By Application
- Healthcare
- Defense
- Industrial
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