July 18, 2024

Bionic Prosthesis Segment (Lower Body Bionic Prostheses) Is The Largest Segment Driving The Growth Of Bionic Prosthetics Market

Market Overview:

Bionic prosthetics refers to artificial prostheses that are electronically operated or powered. They provide enhanced movement ability and restore lost sensory feedback to the patients. Developments in bionics and biomechatronics have led to significant advancements in the design and functionality of prosthetic devices.

Market key trends:

One of the key trends in the bionic prosthetics market is the shift towards more user-centric and personalized bionic devices. Manufacturers are focusing on customizing prosthetics based on individual anatomical structure, lifestyle needs, and preferences. Another major trend is the integration of myoelectric sensors and pattern recognition systems that allow prosthetics to detect nerve signals and muscle contractions for intuitive control and movement. Advancements in areas of material science, 3D printing, robotics, and power sources are also enhancing the performance of bionic prosthetics.

Market Trends
Bionic prosthetics market is experiencing advancements in technologies and designs to provide near-natural movements in prosthetic limbs. Myoelectric prosthetics are gaining popularity due to their control through electrical signals generated by muscles. Sensor-based bionic arms allow wearing flexible sleeves with sensors that detect nerve signals in residual limbs for intuitive functioning. Additive manufacturing is being utilized to 3D print lightweight socket liners and prosthetic covers for enhanced comfort and mobility.

SWOT Analysis
Strengths: Myoelectric and sensor technology provide practical advantages over traditional prosthetics.
Weaknesses: High cost of advanced bionic prosthetics limit widespread adoption.
Opportunities: Rising incidence of amputations due to diabetes, vascular diseases and accidents increase demand.
Threats: Stringent regulations for new product approval and reliance on limited manufacturers.

Key Takeaways

The Global Bionic Prosthetics Market Demand size was valued at US$ 1.5 Bn in 2023 and is expected to reach over US$ 2.5 Bn by 2030, expanding at a CAGR of 8.8%. North America dominated more than 30% market share in 2023 due to supportive insurance policies and favorable reimbursement structure in the region.

Regional analysis
North America is expected dominate the market during the forecast period supported by high healthcare spending and presence of major manufacturers. Asia Pacific is estimated to exhibit fastest growth owing to large patient population and improving access to advanced prosthetics in China and India.

Key Players
The key players in 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, and 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