Bionic Prosthetics Market Growth Accelerated By Surging Demand For Replacement And Upgradation
Medical devices using robotic and bionic technologies are being employed to restore mobility to patients suffering from limb loss or paralysis. Bionic prosthetics offer movement restoration features in addition to aesthetic qualities through life-like coverings. Advances in material science, miniaturization and battery technology have enabled lightweight and durable prosthetics that can be customized according to patients’ lifestyles and physical activities. With innovations helping bionic prosthetics replicate complex hand and arm motions, as well as conduct sensorial feedback.
The global Bionic Prosthetics Market is estimated to be valued at Us$ 1.5 Bn in 2024 and is expected to exhibit a CAGR Of 5.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The surging demand for replacement and upgradation of outdated bionic prosthetics has been a key trend fueling the market growth. Technological advancement has enabled manufacturers to equip bionic prosthetics with sophisticated functionalities of human limbs through integrated sensors and robotic mechanisms. This has significantly improved patients’ mobility and quality of life. Along with high performance, latest bionic prosthetics offer aesthetically pleasing design and lightweight form factor for enhanced convenience. As people are opting for artificial replacements at a relatively younger age, the need for frequent upgradation is being witnessed. This has emerged as a major opportunity boosting replacement sales.
Segment Analysis
The global bionic prosthetics market is dominated by upper and lower extremity prosthetics. Lower extremity prosthetics held the largest market share of over 55% in 2024 due to the high incidence of limb loss or amputation associated with diabetes, vascular diseases, and trauma. This segment is expected to witness significant growth during the forecast period owing to the continuous technological advancements in prosthetic legs and feet making them more lifelike and functional.
Key Takeaways
The Global Bionic Prosthetics Market Demand is expected to witness high growth during the forecast period of 2023-2030.
North America held the largest share of over 35% in the market in 2024 due to the rising geriatric population and increased affordability of bionic prosthetics in the region. Europe held the second largest market share during the historical period and is expected to emerge as the fastest growing regional market owing to the favorable reimbursement policies of bionic prosthetics across major European countries.
Key players operating in the bionic prosthetics market are Sanofi, Pfizer Inc., Novartis AG, and Teva Pharmaceuticals. Sanofi held the leading market share of over 20% in 2024 owing to its wide commercialization of bionic prosthetics in developed markets and several ongoing R&D initiatives for developing advanced bionic prostheses. Novartis AG also occupied a significant market share and is focusing on strategic acquisitions to strengthen its foothold in emerging markets like China and India.
Get more insights on this topic :
Comments
Post a Comment