Bionic
prosthetics are bionic implants used as a replacement for missing body parts,
mainly arms and legs. Commonly used bionic prosthetics include myoelectric
prosthetics, which use electromyography sensors to detect signals from the
residual muscles when the individual wants to move their prosthetic.
Myoelectric prosthetics allow for more mobility compared to body-powered or
passive prosthetics. Technological advancements are leading to more lifelike
and functional bionic prosthetics with multi-articulating fingers and joints
for improved dexterity and mobility.



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 Dynamics:

One of the key drivers for growth of the bionic prosthetics market is the
rising number of accidents leading to amputations. Road accidents, workplace
injuries, and combat-related injuries are leading causes of amputations
worldwide. Increasing motorization and urbanization have contributed to higher
road accidents in developing nations. According to the World Health
Organization (WHO), around 1.35 million people die each year as a result of
road traffic crashes. The increasing incidences of accidents are expected to
drive demand for bionic prosthetics for rehabilitation and restored mobility.
Furthermore, technological advancements are leading to better and more
affordable bionic prosthetics solutions, which is also expected to boost market
growth over the forecast period.



SWOT Analysis

Strength: Bionic prosthetics provide a closer simulation to natural body
functions compared to traditional prosthetics. They offer improved mobility,
dexterity and functionality for amputees. Some bionic prosthetics can even
process nerve signals and provide sensory feedback to the patient. Furthermore,
ongoing technological advancements are making bionic prosthetics more
affordable and accessible.

Weakness: Development and manufacturing of highly advanced bionic prosthetics
require substantial research investments and technological expertise. There are
also ongoing challenges to waterproofing and long-term durability of implants.
Initial costs of many bionic solutions can be prohibitively high for some
patients.

Opportunity: Rising incidence of amputations due to accidents, combat injuries
and diseases is driving the need for prosthetic solutions. Additionally,
growing geriatric population prone to limb loss creates a steady demand base.
Favorable reimbursement policies in some countries are encouraging adoption of
bionic prosthetics. Partnerships between manufacturers and research institutes
can help expand indications and features.

Threats: Stringent regulatory standards and long approval timelines can delay
market entry of novel bionic technologies. Ongoing trade conflicts impact
supply chains and global pricing dynamics. Intellectual property disputes between
innovators may stall further advancement in some areas.



Key Takeaways



Global
Bionic Prosthetics Market Size is expected to witness high growth over
the forecast period. Technological enhancements in areas of artificial
intelligence, robotics and material sciences are expanding treatment
possibilities. 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.

Regional
analysis related content comprises: North America currently dominates the
global market owing to presence of major players and favorable reimbursement
framework. Asia Pacific is anticipated to witness fastest growth by 2031
supported by rising medical tourism, healthcare investments and growing
incidence of amputations in heavily populated economies like India and China.



Key players related content comprises: 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. Strategic collaborations and
new product launches are helping these companies strengthen their global
presence. Further clinical trials and post-marketing surveillance studies will
expand applications manifold.

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