Bionic prosthetics are artificially manufactured limbs that are designed for enhanced functionality in comparison to conventional prosthetics. These implants utilize advanced motorized joints and computer processors to provide more natural movement capabilities. The global market for bionic prosthetics has witnessed substantial growth in recent years due to rising road accidents, diabetes-associated amputations and other trauma-related injuries worldwide.
The global Bionic Prosthetics Market is estimated to be valued at US$ 1.73 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising incidences of amputations across both developing and developed countries has emerged as a key factor driving the demand for bionic prosthetic devices. As per estimates by Healthcare Ready, over 185,000 amputations are performed each year in the U.S. alone. Moreover, conditions such as diabetes, cancer, and peripheral arterial disease often lead to critical limb amputations. Bionic prosthetics provide better functionality and usability in comparison to static prostheses, improving mobility and quality of life of amputees. Thus, the increasing number of amputee population worldwide has augmented the adoption of technologically advanced bionic prosthetics over the recent past.
SWOT Analysis
Strength: Bionic prosthetics provide better mobility and functionality compared to conventional prosthetics. They are controlled by electric signals from muscles and nerves to provide more natural movement.
Weakness: Bionic prosthetics are very expensive and not affordable by many. Developing nations have lower adoption rates due to high costs.
Opportunity: Rapid technological advancements are resulting in lighter, stronger and more affordable bionic prosthetics. 3D printing is also aiding improvements.
Threats: Stringent regulatory approvals and reimbursement policies can delay market access for new bionic prosthetic devices. Healthcare reforms and funding cuts pose challenges.
Key Takeaways
Global Bionic Prosthetics Market Size is expected to witness high growth. The global Bionic Prosthetics Market is estimated to be valued at US$ 1.73 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.
North America currently dominates the market and is expected to maintain its leading position during the forecast period. Asia Pacific is projected to be the fastest growing region owing to rising healthcare investments, increased trauma & accidental cases coupled with growing awareness.
Key players operating in the bionic prosthetics market are Sanofi, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sun Pharmaceutical Industries Ltd., Hikma Pharmaceuticals, Zydus Cadila, Lannett Company, Inc., Strides Pharma Science Limited, Cipla Ltd., Lupin Limited, Aurobindo Pharma Limited, Torrent Pharmaceuticals Ltd., Reddy’s Laboratories Ltd. Major players are focusing on new product innovations, geographical expansion and mergers & acquisitions to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
