Bionic prosthetics are advanced artificial limbs that are attached to nerve endings, blood vessels, and muscles. They provide more mobility and function than traditional prosthetic devices through sensors and motors that respond to the user's thoughts and movements. The growing cases of diabetes, vascular diseases, and injuries have increased amputations globally. It is estimated that over 185,000 major lower-limb amputations occur in the United States each year.

The global bionic prosthetics Market is estimated to be valued at US$ 1.73 billion 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 Opportunity:
The rising number of amputations due to various diseases and injuries has created robust market potential for bionic prosthetics. As traditional prosthetics have limitations, more advanced bionic prosthetics that mimic natural body functions are gaining acceptance. With ongoing innovation and falling costs of robotics technologies, it is expected that over the forecast period, bionic prosthetics will increasingly replace conventional prosthetics, driving significant market revenue growth. Effective rehabilitation and government support initiatives will also contribute to the demand for bionic prosthetics globally.

Porter’s Analysis

Threat of new entrants: The bionic prosthetics market requires significant R&D investments and complex manufacturing processes. These factors limit the threat of new entrants.

Bargaining power of buyers: Individual buyers have low bargaining power due to significant influence of doctors and insurers in purchasing decisions. However, large hospitals and governments have moderate bargaining power.

Bargaining power of suppliers: A few large companies dominate the supply of advanced materials, electronics and other components used in bionic prosthetics. This gives them significant bargaining power over prosthetic manufacturers.

Threat of new substitutes: Technological advancements are leading to new alternatives like brain-machine interfaces. However, they are still in development phase with limited adoption.

Competitive rivalry: The market is consolidated with large international players. Intense competition on product innovation, pricing and quality is a key characteristic.

SWOT Analysis

Strengths: Rapid technological advancements improving functionality. Growing geriatric population driving demand.

Weaknesses: High costs limiting adoption. Reimbursement policies still evolving.

Opportunities: Expanding into emerging markets. Collaboration with insurers to improve access.

Threats: Stringent regulations delay market approvals. Reliance on few component suppliers increases input costs.

Key Takeaways

Global Bionic Prosthetics Market Size is expected to witness high growth at a CAGR of 5.0% from 2024 to 2031. By 2031, the market size is projected to reach US$ 2.59 Mn.

Regional analysis shows North America currently dominates due to supportive reimbursement and advanced healthcare infrastructure. Asia Pacific is projected to be the fastest growing market led by expanding medical services in China and India.

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.

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