Global Bionics Market to Report Significant Growth, Healthcare Industry Emerging as Biggest End User
With technical advancements in the healthcare industry, the bionics market is making remarkable progress in the global arena. In 2014, it stood at US$7.96 billion. Driven by the rising incidence of organ failure and the increase in the geriatric population base across the globe, the global market for bionics is projected to reach a value of US$20.49 billion in 2021, expanding at a CAGR of 13.2% between 2015 and 2021.
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Apart from this, the rising application of exoskeletons in the defense sector is boosting the global bionics market to a significant extent. However, this market is likely to face severe challenge from the high cost associated with bionic devices.