by The bionic prosthetics market involves the manufacturing of artificial limbs and body parts aimed at restoring appearance and functionality for amputees or individuals with congenital defects. Bionic prosthetics employ the use of electrodes that detect residual muscle movement signals near the missing limb which are then processed by a microcontroller to power actuators and replicate natural movements. The growing number of amputations due to various diseases and injuries along with improvements in materials science and sensors technology have boosted the demand for bionic prosthetics.
The global bionic prosthetics market is estimated to be valued at US$ 1.73 billion in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period of 2024 to 2031.
Key Takeaways
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, and Torrent Pharmaceuticals Ltd. Reddy’s Laboratories Ltd.
The rising prevalence of diabetes and peripheral vascular diseases has opened up opportunities for increased Bionic Prosthetics Market Size of lower and upper extremity prosthetics. Developments in myoelectric technology that allows prosthetic hands and fingers to perform coordinated multidigital grasping is expected to gain traction in the market.
Market Drivers
The primary driver for the bionic prosthetic market is the growing geriatric population globally which is more prone to develop conditions leading to amputations such as diabetes, vascular diseases and cancer. According to WHO estimates, by 2050 over 2 billion people will be aged over 60 years globally. Advancements in embedded systems and myoelectric technology have enhanced the functionality of prosthetic devices in performing complex movements. Increasing investments by manufacturers in the development of lightweight, durable and affordable prosthetics will aid the market growth over the forecast period.
Current challenges in Bionic Prosthetics Market
The high cost of bionic prosthetics is a major barrier for many users. Developing affordable and effective prosthetics remains a Bionic Prosthetics Market Challenges And Opportunities. Additionally, while technology is advancing, more research needs to be done to develop prosthetics that can match the full range of motion and sensitivity of natural human limbs. Achieving lifelike functionality, durability, and ease of use are all ongoing challenges in this industry.
SWOT Analysis
Strength: The market is driven by technological advancements in materials and design of prosthetics. Newer myoelectric and sensor technology allows for more natural motion.
Weakness: The cost of developing and manufacturing advanced bionic prosthetics remains very high. This limits widespread adoption.
Opportunity: As the global geriatric population grows, the need for prosthetic limbs will rise presenting market opportunities. Developing economies offer potential for market expansion.
Threats: Stringent regulatory processes and intellectual property issues can delay product launches. Dependency on reimbursement policies also impacts the market.
In terms of value, North America currently dominates the bionic prosthetics market due to rise in trauma injuries and presence of major players. Europe is another major regional market supported by expansion of healthcare infrastructure and increasing diabetes prevalence rate.
The Asia Pacific region is projected to be the fastest growing market for bionic prosthetics during the forecast period. This is attributed to factors such as booming economies, growing medical tourism, and rising disposable incomes in the region. Increased awareness and government initiatives are also fueling the market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
