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.
As per data from the National Center for Health Statistics, 185,000 amputations are conducted in the U.S. every year and roughly 2 million people in the country are currently living with a lost limb. Rapid advancements in the global medical bionic implants and exoskeletons market have led to new and improved robotics technology. Medical device makers are looking at emerging economies mainly because of their large populations and continued demand for bionic replacements. In addition, a greater number of amputations coupled with improved capabilities of high-tech biomaterial based implants is contributing to the growth of the medical bionic implants and exoskeletons market.
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Government initiatives assist the medical bionic implants and exoskeletons market
National governments and regulatory bodies in several countries are taking collaborative measures to ensure that there is a constant demand for the medical bionic implants and exoskeletons market. The World Bank states that countries in the Asia-Pacific region and Europe have witnessed a marked rise in FDI. Emerging markets such as Malaysia, Mexico, Indonesia, and India have recorded much higher economic growth rates than developed nations. This is expected to drive higher investment across the healthcare sector in all of these countries, boosting the global medical bionic implants and exoskeletons market. Suppliers are hampered by budgetary constraints, yet they seek solutions that strike the perfect balance between quality and affordability for their end users. This has ensured high interest in organizations giving and exhibiting clinical, economical, and utilitarian solutions to potential clients.
Geriatric population typically has high limb amputation rates
The global geriatric population, particularly in developed nations should drive the demand for bionic prosthetic equipment as the risk of peripheral vascular disease, diabetes related gangrene cases, and osteoarthritis is higher amongst the older population. The elderly population is increasing across the globe and it is forecast to grow to nearly 2 billion in 2050 from just over 600 million in 2000. More than 4/5th of amputations are mainly due to diabetes and peripheral vascular disease and 65% amputations are on people above the age of 50 years.
Custom made bionics and advanced technologies are the trends to watch out for
Companies manufacturing custom implants in the global medical bionic implants and exoskeletons market compete in the field of traditional implants. However, custom made bionics are now available and they offer innumerable size and length options on account of the 3D printer and sensor technology. (Open Bionics being one example). In addition, manufacturers have focussed their attention on the production process and cost-effective design at the lowest possible cost, to sustain their competitive position in the global medical bionic implants and exoskeletons market. Mind-controlled bionic sensors are gaining a lot of traction now as they are specifically made to improve intra-operative flexibility, reduce stress-strain shielding, and increase motion range with biocompatibility and high-performance articulations. For e.g. – The Symbionic Leg by Ossur Corporate is the first bionic leg available in the global medical bionic implants and exoskeletons market. It is unique and novel as it joins a controlled power ankle with a microprocessor knee unit. An individual can dorsiflex their lower limbs and this significantly reduces the probability of falling.
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Bionic forelimbs – a massive segment poised to be worth almost US$ 600 Mn
The bionic forelimbs/hand bionics segment is a critical component of the global medical bionic implants and exoskeletons market and is expected to be worth just over US$ 285 Mn in 2017. This is predicted to rise to nearly US$ 585 Mn by the end of the forecast period in 2027 largely due to a high CAGR of 7.4% for the decade. Manufacturers would do well to actively target the bionic forelimbs/hand bionics segment in the global medical bionic implants and exoskeletons market.