Bionic prosthetics are artificial limbs or joints that are electronically powered and are controlled through small motors, microprocessors, and other electronic components. These bionic prosthetics provide enhanced functional abilities to amputees or people suffering from physical disabilities. Advancements in materials science, sensor technologies, computing power, and energy storage systems have enabled the development of highly dexterous and natural-feeling bionic prosthetic limbs.
The global Bionic Prosthetics Market is estimated to be valued at Us$ 1.5 Billion in 2023 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 Opportunity:
Rapid technological advancements is one of the major market opportunities in the bionic prosthetics market. Researchers and engineers across the world are continuously working on developing more human-like and natural bionic prosthetics using latest technologies such as myoelectric sensing, touch and pressure sensors, targeted muscle reinnervation, osseointegration, and others. Companies are focusing on mimicking the intricate movements of human hands, feet, knees, hips using robotic and prosthetic technologies. For example, researchers are developing prosthetic hands that can sense temperature and perform intricate gestures similar to a natural hand. Development of such advanced bionic prosthetics will help improve the quality of life of amputees and offer them near-normal functioning, thus driving the growth of the market.
Porter's Analysis
Threat of new entrants: New entrants in the bionic prosthetics market face high barrier to entry due to high requirement of capital investment for R&D and manufacturing. Also, existing players enjoy economies of scale and brand loyalty advantages.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many suppliers in the market offering differentiated products. However, need for customized prosthetics increases bargaining power of buyers.
Bargaining power of suppliers: A few globally established players dominate supplying of components like batteries, sensors and chips. This gives them considerable power over buyers.
Threat of new substitutes: Threat of substitutes is low as bionic prosthetics have distinct advantages over other substitutes; however, technological advancements may lead to new substitutes.
Competitive rivalry: The market is moderately competitive with presence of tier 1 players. Industry participants compete based on product design, performance and pricing.
SWOT Analysis
Strengths: Growing geriatric population suffering from limb loss, rapid technological advancements improving product features.
Weaknesses: High costs of bionic prosthetics limiting adoption, lack of reimbursement in developing nations.
Opportunities: Untapped growth potential in emerging markets, opportunities for product miniaturization and expanded applications.
Threats: Stringent regulatory approvals delaying product launch, reimbursed price controls affecting profits.
Key Takeaways
The Global Bionic Prosthetics Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 on account of rising prevalence of amputation and growing focus on product innovation.
Regional analysis:
North America dominates the global market accounting for over 35% share due to presence of major players, strong reimbursement policies and higher healthcare spending. Asia Pacific is projected to grow at the fastest pace during the forecast period owing to large patient base, increased awareness and healthcare reforms.
Key players operating in the bionic prosthetics market are Sanofi, Pfizer Inc., Novartis AG, Teva Pharmaceuticals Industries Ltd., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Johnson & Johnson, GlaxoSmithKline plc, Bayer AG, Eli Lilly and Company, Novo Nordisk, Allergan, Plc, Shire, AbbVie, and Amgen.
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