The demand for bionic products has witnessed impressive growth primarily because of greater awareness amongst patients, especially geriatric patients who may suffer from diabetes and obesity. The number of amputations performed on a yearly basis is also rising, directly benefiting the global medical bionic implants and exoskeletons market.
Valley Cottage, NY -- (SBWIRE) -- 02/15/2019 -- The global medical bionic implants and exoskeletons market stood at U$ 454.5 Mn in 2016. It is expected to expand at a CAGR of 7.5% during the period 2017-2027 to reach U$ 1,001.4 Mn.
Factors such as rising amputation rates, diabetes, arthritis, trauma cases and expanding ageing demographics have led to a higher number of bionic implants and exoskeletons procedures. According to National Center for Health Statistics, 185,000 new amputations are consistently being performed in the U.S every year. Advancement in new robotics technology (mind-controlled bionic limbs & exoskeletons) coupled with 3D printing is also positively impacting the growth of the market.
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Although Future Market Insights maintains a positive outlook on the global medical bionic implants and exoskeletons market, a high cost of the implants, budgetary restraints and inadequate reimbursement policies can hinder the market's growth.
The key trends that are expected to govern the global medical bionic implants and exoskeletons market in the near future are;
Valuable bionic products are increasingly penetrating the emerging markets as they are cost-effective and offer good quality.
Rising patient awareness is likely to prevent patients from opting for traditional medical procedures. This, in turn, is further expected to boost the demand for bionic products.
Manufacturers are adopting new automated channel systems, computer-navigated and robot-assisted 3D printing technology and smart implants, making bionic implant and exoskeletons procedures more credible and pragmatic for patients.
Bionic Forelimbs/Hand Bionics Account for Highest Revenue Share
As per Future Market Insights' findings, revenues from bionic forelimb/hand bionic implants are currently high. Throughout the forecast period, this segment is expected to account for a considerable revenues share of the market owing to vast improvements that are being made in bionic forelimb/hand functionality.
By mode, prosthetic bionic is expected to remain the most attractive segment in 2017 and beyond. This is primarily attributed to the increasing acceptance of bionic prosthetics coupled with rising amputation rates across the globe.
North America at the Forefront of Global Medical Bionic Implants and Exoskeletons Market
Availability of technologically advanced bionic limbs and exoskeletons coupled with rising amputation rates among the matured population is facilitating the growth of medical bionic implants and exoskeletons market in North America. In 2016, the region accounted for more than one-third revenue share of the global market. Future Market Insights anticipates that North America will remain the most attractive market for medical bionic limbs and exoskeletons during the assessment period. Meanwhile, the markets in Western Europe and Asia Pacific excluding Japan (APEJ) is expected to record healthy growth rates over 2027.
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Manufacturers are consistently trying to innovate, as bionic implants are considered a high margin cutting-edge reconstructive product. Otto Bock Inc., DJO Global Inc., Ossur Corporate, Ekso Bionics, Rex Bionics Ltd., Alter G, ReWalk Robotics are some of the leading players operating in the global medical bionic implants and exoskeletons market.