The global medical bionic implant and exoskeleton market is poised for substantial growth, with estimates indicating a valuation of US$ 742.0 million by 2023, reflecting a significant increase from the recorded US$ 690.2 million in 2022. The market is projected to witness a robust 6.3% Compound Annual Growth Rate (CAGR) from 2023 to 2033, reaching an impressive US$ 1,361.90 million by the end of the forecast period.
The medical bionic implant and exoskeleton market play a vital role in enhancing the lives of individuals who have lost bodily parts due to serious illnesses, injuries, or inherited deformities. Bionic accessories offer a transformative solution, providing hope and improved mobility for those facing physical challenges.
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One notable application is in the realm of spinal cord injuries (SCI), where wearable therapeutic automated exoskeletons serve as game-changing tools. These exoskeletons facilitate powered hip and knee movement, enabling individuals to stand up straight, turn, walk, and navigate stairs with increased ease. This technology brings about a paradigm shift in rehabilitation and mobility support for individuals with SCI.
As of 2021, the bionic forelimbs/hand bionics segment dominated the market, capturing approximately 58.7% of the total market share for medical bionic implants and exoskeletons. This segment’s dominance underscores the significance of hand bionics in meeting the evolving needs of users and addressing a wide range of applications.
“The growth projections for the medical bionic implant and exoskeleton market highlight the increasing acceptance and demand for advanced technologies that enhance the quality of life for individuals facing physical challenges,” said Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.). “The innovation and development in bionic accessories, particularly in the bionic forelimbs/hand bionics segment, showcase the industry’s commitment to addressing diverse needs and improving overall patient outcomes.”
The anticipated market expansion not only signifies the technological advancements in the field of medical bionics but also emphasizes the growing awareness and adoption of these solutions across various healthcare settings globally.
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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