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| Global Bionic Prosthetics Market Size |
Bionic prosthetics are advanced artificial limbs that are attached to nerve
endings, blood vessels, and muscles. They provide more mobility and function
than traditional prosthetic devices through sensors and motors that respond to
the user's thoughts and movements. The growing cases of diabetes, vascular
diseases, and injuries have increased amputations globally. It is estimated
that over 185,000 major lower-limb amputations occur in the United States each
year.
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 2024 to 2031, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
The rising number of amputations due to various diseases and injuries has
created robust market potential for bionic prosthetics. As traditional
prosthetics have limitations, more advanced bionic prosthetics that mimic
natural body functions are gaining acceptance. With ongoing innovation and
falling costs of robotics technologies, it is expected that over the forecast
period, bionic prosthetics will increasingly replace conventional prosthetics,
driving significant market revenue growth. Effective rehabilitation and
government support initiatives will also contribute to the demand for bionic
prosthetics globally.
Porter’s Analysis
Threat of new entrants: The bionic prosthetics market requires significant
R&D investments and complex manufacturing processes. These factors limit
the threat of new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to
significant influence of doctors and insurers in purchasing decisions. However,
large hospitals and governments have moderate bargaining power.
Bargaining power of suppliers: A few large companies dominate the supply of
advanced materials, electronics and other components used in bionic
prosthetics. This gives them significant bargaining power over prosthetic
manufacturers.
Threat of new substitutes: Technological advancements are leading to new
alternatives like brain-machine interfaces. However, they are still in
development phase with limited adoption.
Competitive rivalry: The market is consolidated with large international
players. Intense competition on product innovation, pricing and quality is a
key characteristic.
SWOT Analysis
Strengths: Rapid technological advancements improving functionality. Growing
geriatric population driving demand.
Weaknesses: High costs limiting adoption. Reimbursement policies still
evolving.
Opportunities: Expanding into emerging markets. Collaboration with insurers to
improve access.
Threats: Stringent regulations delay market approvals. Reliance on few
component suppliers increases input costs.
Key Takeaways
Global
Bionic Prosthetics Market Size is expected to witness high growth at a CAGR of 5.0% from 2024 to 2031. By
2031, the market size is projected to reach US$ 2.59 Mn.
Regional analysis shows North America currently dominates due to supportive
reimbursement and advanced healthcare infrastructure. Asia Pacific is projected
to be the fastest growing market led by expanding medical services in China and
India.
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.
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