Bionic Prosthetics Market worth $2.8 Billion, Globally, by 2030 at 8.8% CAGR: Coherent Market Insights (CMI)

Burlingame, July 24, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global bionic prosthetics market is estimated to be valued at US$ 1.5 billion in 2022 and is expected to exhibit a CAGR of 8.8% during the forecast period (2023-2030).

Analysts’ Views on Global Bionic Prosthetics Market

Bionics and prosthetics are interlinked fields of the healthcare, which are concerned with restoring missing biological function. Bionics are artificial devices that can either be implanted or integrated into the human body to replace an organ or provide an aid to restore a specific function, or a group of related functions, allowing the patient to return to his or her normal function. The key difference between bionic and prosthetic is that bionic limbs are artificial limbs that work using signals from an individual's muscles to move seamlessly, while prosthetic limbs are artificial limbs that require an individual's body power to move.

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Key Trends and Analysis of the Global Bionic Prosthetics Market:

Increasing demand for cochlear implants is one of the key trends expected to augment the growth of the global bionic prosthetics market. For instance, cochlear implant is a small electronic device that can help to provide a sense of sound to an individual who is profoundly deaf and/or improve hearing for individuals with moderate, profound, or severe hearing loss. Advanced bionic cochlear implants are one of the world's most advanced cochlear implants that help people and their loved one hear again, and experience the joy of sound for the first time. Hearing loss affects millions of people of all ages worldwide. Hence, there is an increasing demand for bionic cochlear implants, and this trend is expected to continue over the forecast period.

Global Bionic Prosthetics Market – Drivers

Increasing demand for bionic prosthetics to augment market growth

With the rise in burden of chronic diseases and rising number of road accidents and trauma cases, the demand for novel/advanced bionic prosthetics is also increasing rapidly. Thus, market players are focusing on developing and launching novel/advanced prosthetics in the market. In July 2022, Unlimited Tomorrow announced the launch of TrueLimb, a next-generation bionic arm. TrueLimb is high-functioning myoelectric prosthetic arm that is ultra-lightweight, personalized from socket to fingertip, and extremely durable. The arm has independent finger joints and six adaptive grips, which conform to objects the wearer comes in contact with, and subtle vibrations. Furthermore, a next-generation bionic arm costs 80% less than traditional prosthetics.

Rising number of limb amputation procedures to drive market growth

With the increasing prevalence of limb loss and limb impairment around the world, the number of limb amputation procedures is also increasing rapidly. Amputation is a surgical removal of all or part of a limb or extremity such as an arm, leg, foot, hand, toe, or finger. According to the Amputee Coalition of America, each year, more than 185,000 amputations occur in the United States and a staggering 3.6 million people will be living with limb loss, the surgical removal (amputation) of an arm or leg, by 2050. Moreover, according to the U.S. Centers for Disease Control & Prevention (CDC), more than 1,900 babies in the United States are born with an upper or lower limb difference each year, with some babies experiencing both.

Bionic Prosthetics Market Report Coverage

Global Bionic Prosthetics Market – Restrain

High cost of bionic prosthetics to hamper the market growth

One of the key factors expected to hinder growth of the global bionic prosthetics market is the high cost of bionic prosthetics and limited insurance coverage. For instance, overall cost of the bionic prosthetics is high, making them inaccessible to a significant portion of the population, especially in low- and middle-income countries. The cost includes factors such as device production, fitting, customization, and ongoing maintenance. Moreover, the cost of bionic prosthetics is a significant barrier for individuals, especially in areas with limited healthcare coverage and financial resources, as insurance coverage for bionic prosthetics is limited or insufficient.

Global Bionic Prosthetics Market – Opportunities

Increasing prevalence of chronic disease and increasing number of road accidents and trauma cases are expected to provide significant growth opportunities for players in the global bionic prosthetics market. For instance, vascular diseases (such as diabetes, peripheral arterial disease, & blood clots) can result in poor blood flow to the limbs, which over time, may lead to amputation. According to the Amputee Coalition of America, vascular disease is one of the main causes of limb loss, which affects around 54% of the US population. Trauma is another common cause of limb loss, affecting 45% of amputees and the result of a traumatic accident/injury, including motor vehicle collisions, sporting injuries, workplace incidents, and military wounds to name a few.

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Global Bionic Prosthetics Market - Key Developments

In February 2022, Ossur launched its new POWER KNEE^TM, the world's first actively powered microprocessor prosthetic knee for people with above-knee amputation or limb difference. A knee is a ground-breaking bionic technology that uses advanced algorithms to detect human movement patterns, learns, and adjusts to its wearer's speed and cadence in real-time.

In February 2022, Ceryx Medical announced the launch of Cysoni bionic device for Respiratory Sinus Arrhythmia (RSA). It is noted that the Cysoni device replicates RSA, triggering heartbeats based on respiratory function. The research team claim that RSA pacing increased cardiac output by 20%, compared to monotonic pacing.

Key Market Takeaways:

Global bionic prosthetics market is expected to exhibit a CAGR of 8.8% during the forecast period. The market is growing rapidly in response to the improving healthcare infrastructure, technological advancements, and government support and funding.

On the basis of Type of Limb, Arms Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for bionic arms across the globe. A bionic arm is an electromechanical device that attaches to the human body and attempts to replicate the functionality of a natural arm or hand.

On the basis of Technology, Hemostatic Agents Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for bionic prosthetics.

On the basis of End User, Hospitals and Clinics Segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of peripheral vascular disease and other chronic diseases across the world.

On the basis of Geography, North America is expected to hold a dominant position over the forecast period owing to increasing prevalence of peripheral vascular disease and other chronic diseases, increasing number of road accidents and/or trauma cases, and increasing demand for novel and advanced bionic prosthetics in the region.

Competitive Landscape:

Key players operating in the global bionic prosthetics market include 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, and WillowWood Global LLC, among others.

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Detailed Segmentation:

Global Bionic Prosthetics Market, By Type of Limb:

• Arms
• Legs
• Hands
• Feet

Global Bionic Prosthetics Market, By Technology:

• Myoelectric Technology
• Microprocessor Technology
• Targeted Muscle Reinnervation (TMR) Technology
• Osseointegration Technology
• Others
  
  

Global Bionic Prosthetics Market, By End-User:

• Hospitals and Clinics
• Rehabilitation Centers
• Individuals
• Others

Global Bionic Prosthetics Market, By Region:

• North America
  • By Country:
    • U.S.
    • Canada
• Latin America
  • By Country:
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
• Europe
  • By Country:
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
• Asia Pacific
  • By Country
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
• Middle East
  • By Country:
    • GCC Countries
    • Israel
    • Rest of Middle East
• Africa
  • By Country/Region:
    • South Africa
    • Central Africa
    • North Africa

Related Market Intelligence Reports:

Artificial Vital Organs And Medical Bionics Market, By Type (Artificial Vital Organs (Artificial Heart, Artificial Kidney, Artificial Liver, Artificial Pancreas, Artificial Lungs), Medical Bionics (Cochlear Implants, Vision Bionics, Exoskeletons, Bionic Limbs, Brain Bionics, Cardiac Bionics)), By End User (Hospitals, Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030

Prosthetics And Orthotics Market, By Type (Prosthetics and Orthotics) By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030

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