Bionics Market to Expand at 13.2% CAGR owing to Growing Application of Exoskeletons in Defense
A recently released report from Transparency Market Research (TMR) forecasts that the global bionics market will expand at a healthy CAGR of 13.20% from 2015 to 2021. TMR, a market intelligence firm, the global bionics market is projected to reach US$20.49 bn by 2021 from US$7.96 bn in 2014. The report, titled ‘Bionics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021’, is available for sale on the company website. According to this market research study, the prominent factors that fuel the global bionics market from the demand side are greater application of exoskeletons in defense, high incidence of accidents leading to amputations, and a growing global geriatric population leading to greater cases of organ failure. From the supply side, the main factor driving the global bionics market is greater technological advancements in the area of medicine and healthcare. At present, bionics are gaining popularity even in defense wherein ex...