by The bionic prosthetics market has witnessed significant growth driven by the rising adoption of myoelectric hand prostheses. Myoelectric hand prostheses are artificial hands that work with electric motors and sensors that detect electrical signals generated by the muscles. Such prosthetics provide more natural movement and dexterity compared to body-powered or cable-operated prostheses. Bionic prosthetics aim to restore both form and function to amputees by mimicking the natural physiological process. These prosthetics use microprocessors, sensors, and actuators to provide near-natural movements.
The global bionic prosthetics market is estimated to be valued at US$ 1.73 million in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period of 2024 to 2031.
Advancements in myoelectric technology and increased funding for prosthetic product development are major factors promoting the growth of the bionic prosthetics industry. With continued R&D investments, bionic prosthetics are becoming lighter, safer, and more comfortable options that can restore basic motor functions as well as sensory feedback.
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, Torrent Pharmaceuticals Ltd., and Reddy’s Laboratories Ltd.
The growing Bionic Prosthetics Market Demand for neural interfacing and sensory feedback in prosthetic devices is propelling the market . R&D in prosthetics is increasingly focusing on creating artificially-intelligent prostheses that can receive signals from residual nerves and provide proportional sensory feedback to the patient.
North America dominates the global bionic prosthetics market due to the high prevalence of amputations resulting from diabetes, injuries, and vascular disease. However, Asia Pacific is emerging as a high-potential market owing to improving healthcare infrastructure and rising medical tourism in countries like India and South Korea.
Market key trends
development of bio-hybrid prosthetics using 3D bioprinting is one of the key Bionic Prosthetics Market Size and Trends in the bionic prosthetics industry. Researchers are exploring the potential of engineering living tissues and organs directly onto prosthetic sockets and limbs. This could enable true integration of artificial parts with the body and provide unprecedented functional matching to residual biological structures over time. Such next-gen prosthetics may restore near-natural appearance, movement, touch and pain sensation for amputees.
Porter’s Analysis
Threat of new entrants: The growing advancement in bionic prosthetics technology requires high investments, which acts as a barrier for new players to enter the market.
Bargaining power of buyers: There exists a large customer base seeking bionic prosthetic solutions with advanced features, giving buyers a fair bargaining power to demand value.
Bargaining power of suppliers: The presence of several established raw material and component suppliers for bionic prosthetics limits individual supplier’s influence over pricing.
Threat of new substitutes: Though few alternative solutions exist, the growing demand for human-like functional and aesthetic features keeps the threat of substitution low in this industry.
Competitive rivalry: Being a specialized segment, companies focus on continuous innovation to offer unique product portfolios and gain a competitive advantage.
Geographical Regions
North America currently holds the major share of the global bionic prosthetics market in terms of value owing to factors such as supportive reimbursement policies, advanced healthcare infrastructure, and the presence of key players. The Asia-Pacific region is emerging as the fastest-growing market, driven by increasing healthcare expenditures, growing mishaps, and improving access to bionic solutions, especially in developing countries.
Geographical Regions
Europe is also capturing a significant market share due to rising research funding and a growing geriatric pool accepting bionic limb replacements. Countries like Germany and the UK are major European markets. Latin America and the Middle East & Africa demonstrate lucrative prospects for bionic prosthetics providers over the coming years due to expanding medical tourism and growing disability rates in the regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - 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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
