The global medical bionic implant and exoskeleton market is projected to experience substantial growth, with a forecasted value of USD 1,361.90 million by 2033, according to a recent market analysis. This figure marks a significant increase from an estimated USD 742.0 million in 2023, reflecting a robust Compound Annual Growth Rate (CAGR) of 6.3%.
Key factors driving this growth include the rising prevalence of chronic conditions such as arthritis, where bionic implants offer enhanced mobility and relief. Manufacturers are also focusing on customization and comfort, developing bespoke implants that provide greater flexibility and improved range of motion. Technological advancements, including mind-controlled prosthetics, are further propelling market expansion by introducing more intuitive functionalities.
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The aging global population, susceptible to injuries and mobility issues, is contributing to the increased demand for bionic implants to support independence and functionality. Additionally, sports injuries and road accidents are driving adoption, as these technologies aid in recovery and rehabilitation, restoring lost abilities.
“This growth underscores the transformative impact of bionic implants and exoskeletons on enhancing the lives of individuals with disabilities and expanding healthcare possibilities,” said FMI. “As technology continues to advance and accessibility improves, we anticipate sustained market growth in the foreseeable future.”
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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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