According to estimates, the global medical bionic implant and exoskeleton market will be valued US$ 742.0 million by 2023. In 2022, the market recorded a valuation of US$ 690.2 million. There is a strong 6.3% CAGR for the market from 2023 to 2033. It is anticipated that the market will have surged to US$ 1,361.90 million by the end of the forecast period.
A missing bodily part that may have been lost as a result of a serious illness, injury, or inherited deformity can be replaced with bionic accessories. People with spinal cord injuries (SCI) can use bionic aids, which are wearable therapeutic automated exoskeletons that transmit powered hip and knee movement, to stand up straight, turn, walk, and climb and dive stairs. The bionic forelimbs/hand bionics segment, which in 2021 had around 58.7% of the market for medical bionic implants and exoskeletons, was the largest market in terms of products.
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Medical bionic implants and exoskeletons are prosthetics or artificial devices crafted for mimicking the functioning of the original organs and supporting body movements. They are considered life-changing solutions for people suffering from various deformities or trauma and improve their quality of life. Bionic implants are known as high-margin cutting-edge reconstructive products due to which prominent players in the market are trying to add new technologies including 3D printing and sensors to their product portfolios for market expansion. The overall medical bionic implants and exoskeletons market accounted for around 10.1% of the total value share of the global prosthetics & orthotics market which stood at ~US$ 6.3 Billion in 2021.
Key Takeaways:
- Manufacturers of bionic devices comprise several opportunities as the geriatric population surges. Diseases associated with aging, including osteoarthritis, arthritis, and diabetes, are a primary cause of amputations. A significant hike in road accidents all over the world has fueled the growth of the global medical bionic implants and exoskeletons market.
- Manufacturers are introducing advanced 3D printing technology and microprocessor systems combined with user-friendly biomaterial. Key manufacturers in the market are focusing on technological innovations in robotics and exoskeletons to leverage untapped market opportunities. They are also expanding the value chain to forward integrate the market in developing economies.
- Medical staff must be properly trained and guided in order to make their patients feel safe and comfortable which will aid in increasing the adoption rate of these products. In addition to that, surging patient awareness about these products and their attractive advantages is anticipated to bolster the growth of the medical bionic implants and exoskeletons market across developing regions.
- It has been estimated that there is a total of 1.9 million amputees present in the U.S., and around 200 amputee-clinic teams are in operation throughout the country to provide extreme benefits to patients. The bionics expansion rate is also getting more grip in countries like India, China, Japan, and some European countries.
- Attributing the rising incidents of spinal cord injuries are spurring as a major factor propelling the growth of the medical bionic implants and exoskeletons market. According to the World Health Organization (WHO), around 250000 to 500000 people suffer from spinal cord injury due to road crashes, diseases, falls, and violence.
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Competitive Landscape:
The global medical bionic implants and exoskeletons market is fragmented due to the presence of several competitors in the global landscape. In order to meet consumer demands and expand their customer base, these companies are implementing effective strategies such as mergers and acquisitions, partnerships and collaborations, and new product launches.
More Insights into the Medical Bionic Implants and Exoskeletons Market:
According to the estimations done by Future Market Insights, the U.S. is anticipated to account for the largest market share of around 37.3% in 2022 and is anticipated to exhibit a lucrative CAGR of 8.1% throughout the forecast period.
China accounted for a market share of about 4.0% in the global medical bionic implants and exoskeletons market and it is anticipated to grow at a strong pace during the forecast period.
Key Companies Profiled:
- Otto Bock Inc.
- DJO Global Inc.
- Ossur Corporate
- Ekso Bionics
- Rex Bionics Ltd.
- Alter G
- ReWalk Robotics
- Invacare
- Hill-Rom Services
- Medtronic PLC.
- Mobius Bionics.
- Boston Scientific Corporation
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Key Market Segments Covered in Medical Bionic Implants and Exoskeletons Industry Research:
By Product:
- Bionic Forelimbs/Hand Bionics
- Wrist Bionics
- Bionic Elbow Braces
- Bionic Limbs
- Bionic Fingers
- Bionic Legs/Lower Limbs
- Bionic Knee Braces
- Ankle Bionics
- Bionic Foot Below Knee
- Exoskeletons & Suits
By Mode:
- Prosthetic Bionics
- External Bionics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
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