February 25, 2024
Global Bionic Prosthetics Market

The Global Bionic Prosthetics Market Growth Is  Driven By Aging Population With Associated Disability

Bionic prosthetics refer to artificially engineered limbs that function with mechanical joints and are powered through internally integrated electric batteries and sensors allowing greater mobility to amputees. These prosthetics have embedded microprocessors and sensors that can receive and interpret signals from muscles and nerves to enable precise and intuitive control. Additionally, they incorporate lightweight materials such as carbon fiber and titanium as well as incorporate innovative designs allowing comfortable wear and near-natural movement. The global bionic prosthetics market is composed of products focused on improving quality of life for amputees through restoring muscle strength and range of motion.

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 rise in the aging population coupled with a growing incidence of age-related disorders such as arthritis and diabetes is anticipated to boost demand for more advanced bionic prosthetics over the forecast period. According to the United Nations, the share of global population aged over 60 years is projected to double from 12% to 22% from 2015 to 2050. Additionally, continued focus on product development through 3D printing, lightweight materials and embedding sensors to achieve near-natural movement and tactile feedback is expected to further expand the market outreach over the next few years.

Porter’s Analysis

Threat of new entrants: The entry barriers in the bionic prosthetics market are moderately high as extensive R&D is required to develop advanced bionic prosthetics.

Bargaining power of buyers: The bargaining power of buyers is moderate as several key players operate in the market providing a variety of options to customers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material supplies are available from various suppliers.

Threat of new substitutes: The threat of new substitutes is low as bionic prosthetics offer unique features that cannot be replicated by other traditional prosthetics.

Competitive rivalry: The competitive rivalry is high among existing players to sustain in the growing bionic prosthetics market.

Key Takeaways

The 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 is dominating the market currently due to the high prevalence of amputations and presence of major players. Factors such as growing geriatric population, increasing number of amputations, and technological advancements are driving the growth of the market in the region. The Asia Pacific region is projected to grow at the fastest rate during the forecast period. This is attributed to increasing healthcare expenditure, growing number of trauma & accidental injuries, and improving access to advanced healthcare facilities.

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 launches and geographical expansion to strengthen their position in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it