Bionic Prosthetics Is Estimated To Witness High Growth Owing To Technological Advancements
The bionic prosthetics market is estimated to be valued at US$ 1.5 Bn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bionic prosthetics are powered limb replacements that mimic the functions of a natural limb to enable restoration of patients. They use a microprocessor to control and coordinate multiple joints of the prosthesis to facilitate natural movement through sensors detecting bioelectrical signals from the residual muscles in the limb. Bionic prosthetics offer high functionality, dexterity and mobility to amputees which has increased their demand.
Market Dynamics:
Technological advancements are a key driver of growth in the bionic prosthetics market. Manufacturers are focusing on developing lightweight, durable and affordable bionic limbs that closely mimic the capabilities of natural limbs. For instance, Touch Bionics has developed i-limb ultra revolution, a multi-articulating bionic hand with enhanced design and functionality. Similarly, Össur launched the power knee 3.0, an advanced microprocessor knee prosthesis with enhanced stability and energy efficiency. Growing geriatric population and rising cases of limb loss due to vascular diseases and diabetes are expected to further fuel adoption of bionic prosthetics over the forecast period. Additionally, increasing investments in R&D and favorable reimbursement policies in developed regions is also expected to support market growth.
SWOT Analysis
Strength: The bionic prosthetics market offers improved mobility and quality of life to amputees. The advanced technologies provide more human-like functionalities. The market provides a wide range of product options based on mobility needs.
Weakness: The high costs associated with bionic prosthetics restricts their adoption. Significant post-operative care and training is required for users.
Opportunity: Rising cases of amputation due to diabetes, vascular diseases, and accidents are driving market growth. Technological advancements are enhancing product functionalities.
Threats: Availability of cheap substitutes inhibits market potential. Stringent regulatory approval process delays new product launches.
Key Takeaways
The Global Bionic Prosthetics Market Demand is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing incidence of amputations. According to recent estimates, over 185,000 lower limb amputations are performed annually in the U.S. alone. Rapid technological advancements are also widening the scope of bionic prosthetics to provide human-like experiences.
The North America bionic prosthetics market holds the largest share due to rapid adoption of advanced technologies and supportive reimbursement policies. Presence of major players and availability of skilled professionals are strengthening its position. Europe is also among the lucrative regional markets owing to rising healthcare expenditure. On the other hand, Asia Pacific region is predicted to showcase highest growth over the forecast period attributed to surging medical tourism coupled with improving access to healthcare.
Key players operating in the bionic prosthetics market are Össur hf,Touch Bionics Inc.,HDT Global,Advanced Arm Dynamics,Open Bionics,Fillauer LLC,Ottobock SE & Co. KGaA,Endolite India Ltd.,Myomo Inc.,BiOM, Inc.,Freedom Innovations LLC,Blatchford Group,Steeper Group,RSLSteeper,WillowWood Global LLC. Major players are implementing strategies such as facility expansion, new product launches, partnerships to strengthen customer base and market share.
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