July 23, 2024

Biomedical Innovations To Boost The Growth Of Bionic Prosthetics Market

Market Overview:

Bionic prosthetics are artificially controlled limbs which utilize electromechanical and myoelectric components to replicate natural body functions. They are lightweight and cost-effective alternatives to traditional prosthetics. The components of bionic prosthetics include sensors, actuators, control processors and artificial neural connections which provide realistic biomechanical movements and tactile feedback. Advanced bionic prosthetics can restore sensory and motor functions similar to natural limbs through osseointegration technology which directly attaches the prosthesis to skeletal structures. This offers greater stability, mobility and comfort compared to socket prosthetics.

Market Key Trends:

The bionic prosthetics market is driven by rapid advancements in fields of biomechatronics and neuroscience. Developments such as tactile feedback sensors, muscle reinnervation techniques and targeted muscle reinnervation are enabling more intuitive interfaces between prosthesis and residual nerves. 3D printing technologies are being leveraged to manufacture customized bionic prosthetics based on individual anatomical features. Startups and research institutes are increasingly focusing on developing affordable and patient-specific solutions using these technologies. Growing prevalence of amputations due to trauma, diabetes and vascular diseases along with rising healthcare expenditures is also fueling the demand for bionic prosthetics worldwide.
Porter’s Analysis

Threat of new entrants: The threat is moderate due to high capital requirement to enter in this market. However, technological advancements have lowered the entry barriers to some extent.

Bargaining power of buyers: The bargaining power of buyers is high as there are several key players operating in the market providing a variety of prosthetics. This creates competition among players and gives more options to buyers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of raw materials have limited presence and prosthetic devices require specialized components from suppliers.

Threat of new substitutes: The threat of new substitutes is low as there are limited options for substitutes for bionic prosthetics used for mobility assistance.

Competitive rivalry: High as the market has presence of numerous international as well as regional players offering bionic prosthetics.

Key Takeaways

The Global Bionic Prosthetics Market Demand  is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing prevalence of amputations globally.

The North America region is expected to dominate the bionic prosthetics market during the forecast period. This is attributed to presence of advanced healthcare infrastructure and increasing prevalence of limb loss in the region.

Key players operating in the Bionic Prosthetics market are 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,WillowWood Global LLC.

Note:

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