The medical bionic implant and exoskeleton market is estimated to be worth USD 742.0 million in 2023. The market has registered a valuation of USD 690.2 million in 2022. From 2023 to 2033, the CAGR for the market is a solid 6.3%. By the end of the forecast period, the market is expected to have soared to USD 1,361.90 million.
Key Analysis in the Medical Bionic Implant and Exoskeleton Market:
Minimally invasive surgeries provide a solid alternative to bionic implants. The emergence of minimally-invasive surgeries is thus marked to impede the growth of the medical bionic implant and exoskeleton market.
| Attributes | Details |
|---|---|
| Market Value for 2023 | USD 742.0 million |
| Market Value for 2033 | USD 1,361.90 million |
| CAGR of Market for 2023 to 2033 | 6.3% |
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The medical bionic implant and exoskeleton market was tipped to be USD 519.4 million in value in 2018. The market likely progressed at a healthy CAGR of 7.4% from 2018 to 2022.
The popularity of bionic implants as a solution to replace missing body parts rose during the historical period. The pandemic resulted in several people suffering adverse medical conditions. Bionic implants were sought as a resort for people who lost body parts. By the end of the historical period in 2022, the medical bionic implant and exoskeleton market had reached a valuation of USD 690.2 million.
| Market Valuation (2018) | USD 519.4 million |
|---|---|
| Historical CAGR (2018 to 2022) | 7.4% |
| Historical Valuation (2022) | USD 690.2 million |
For 2023, the value of the medical bionic implant and exoskeleton market is anticipated to be USD 742.0 million. The growth of the market is predicted to be sturdy over the forecast period from 2023 to 2033, with a CAGR of 6.3%.
The popularity of bionic implants as a solution for missing body parts is expected to continue during the forecast period. The incidence of people getting injured or coming upon bodily harm is rising, necessitating bionic implants for proper functioning. Further, the number of people born with missing body parts is also increasing, leading to growth in the consumer base.
The market has to contend with the alternative of surgeries, though. Minimally invasive surgeries are becoming common, and many prefer surgery over bionic implants. By the end of the forecast period in 2033, the value of the market is predicted to have jumped to USD 1,361.90 million.
Principal Consultant
The medical bionic implant and exoskeleton market can be bifurcated into two segments: product type and distribution channel. Looking at the segments, the body part most required to be replaced by bionic implants becomes clear. The mode through which bionic implants are put into bodies also becomes clear.
Bionic forelimbs/hand implants dominate the medical bionic implant and exoskeleton market. In 2023, bionic forelimbs/hand implants are expected to account for an overwhelming 58.5% of the market share by product type.
The loss of hands, whether partial or complete, can considerably constrict the functioning of people. Thus, the help of bionic forelimbs/hand implants is sought to replace missing hands or forelimbs. Injuries and accidents resulting in damage to arms also contribute to the prevalent demand for bionic forelimbs/hand implants.
| Attributes | Details |
|---|---|
| Top Product Type | Bionic Forelimbs/ Hand Bionics |
| Market Share in 2023 | 58.5% |
Prosthetic bionics hold a significant share of the market. In 2023, prosthetic bionics are anticipated to have a whopping 80.7% market share by distribution channel.
Prosthetic bionic limbs help connect the mind and the body, allowing for better functioning. Thus, the popularity of prosthetic bionics is marked to continue unabated in the future.
| Attributes | Details |
|---|---|
| Top Distribution Channel | Prosthetic Bionics |
| Market Share in 2023 | 80.7% |
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The Asia Pacific is marked to be the region where the growth of the medical bionic implant and exoskeleton market is expected to be high. The region's rising population is one of the driving factors for the expected growth of the market in the region.
North America and Europe are two regions where the market has established a foothold. The progress in the two regions is marked to be slower than in the Asia Pacific, but opportunities still exist.
| Countries | CAGR (2023 to 2033) |
|---|---|
| United States | 2.8% |
| India | 9.4% |
| United Kingdom | 4.1% |
| Germany | 3.8% |
| China | 8.1% |
For the 2023 to 2033 forecast period, the CAGR for the United States is anticipated to be a consistent 2.8%. The increase in amputees as a result of accidents and injuries is leading to people in the United States resorting to bionic implants. However, there have also been controversies in the United States regarding bionic implants.
For example, Advanced Bionics LLC had to pay United States authorities USD 11.36 million for certain misleading information provided regarding the entity's cochlear implants. Thus, while there is opportunity for the market in the United States, there are also specific challenges.
India is one of the most promising countries for the market. For the forecast period, the CAGR of India is projected to be an encouraging 9.4%.
The popularity of sports activities is increasing in India, which is aided by government initiatives. The rise in people actively participating in sports also leads to sports injuries. In addition, paralympic athletes who take the help of bionic implants are also gaining visibility in the country.
China is another Asian country where the market is expected to flourish. For the forecast period, the CAGR for China is projected to be a promising 8.1%.
The rise in the industrial landscape of China has also led to an increase in workplace injuries. Challenges such as operating heavy machinery are leading to accidents in China. Thus, the market is seeing many customers in the country.
The United Kingdom holds a moderate potential for the market. For the 2023 to 2033 period, the CAGR for the market in the United Kingdom is a steady 4.1%.
Technological advancements are endearing bionic implants to consumers in the United Kingdom. People in the United Kingdom are intrigued with technological innovations like mind-controlled and 3D-printed bionic implants.
Germany is another European country showing promise for the market. For the 2023 to 2033 period, the CAGR for Germany is estimated to be an average of 3.8%.
The population of Germany is aging fast. The rising senior population ensures the number of patients with damaged organs remains high in Germany. Thus, there is consistent demand for bionic implants in Germany.
The market for medical bionic implants and exoskeletons is relatively fragmented. Key players are implementing the strategy of partnerships and collaborations to have a competitive edge. Technology plays a key role when market players look for ambitious product improvements. By investing in technology, market players can measure implants' efficiency and functioning.
Recent Developments in the Medical Bionic Implant and Exoskeleton Market
The size of the market is estimated to be USD 742.0 million in 2023.
The CAGR of the market is likely to record a growth of 6.3% from 2023 to 2033.
The market is expected to reach a valuation of USD 1,361.90 million in 2033.
Otto Bock Inc., DJO Global Inc., and Ekso Bionics are prominent players in the market.
Mind-controlled bionic implants and the rise of sports injuries.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Bionic Forelimbs/Hand Bionics 5.1.1. Wrist Bionics 5.1.2. Bionic Elbow Braces 5.1.3. Bionic Limbs 5.1.4. Bionic Fingers 5.2. Bionic Legs/Lower Limbs 5.2.1. Bionic Knee Braces 5.2.2. Ankle Bionics 5.2.3. Bionic Foot Below Knee 5.3. Exoskeletons & Suits 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mode 6.1. Prosthetic Bionics 6.2. External Bionics 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Otto Bock Inc. 17.2. DJO Global Inc. 17.3. Ossur Corporate 17.4. Ekso Bionics 17.5. Rex Bionics Ltd. 17.6. Alter G 17.7. ReWalk Robotics 17.8. Invacare 17.9. Hill-Rom Services 17.10. Medtronic PLC. 17.11. Mobius Bionics 17.12. Boston Scientific Corporation 18. Assumptions & Acronyms Used 19. Research Methodology
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Medical Bionic Implant and Exoskeleton Market
