An Incisive, In-depth Analysis on the Medical Bionic Implants And Exoskeletons Market
This study offers a comprehensive, 360 degree analysis on the Medical Bionic Implants And Exoskeletons market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Medical Bionic Implants And Exoskeletons market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Rising demand for exoskeletons and bionic limbs seen worldwide
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.
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.
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.
An increasing prevalence of diabetes and obesity in the global geriatric population is leading to a rise in the number of amputations every year. In the U.S. alone, nearly 2 million people are currently living with limb loss as per the National Center for Health Statistics. Such sobering statistics are the main reason why we at Future Market Insights have decided to prepare the report ‘Medical Bionic Implants and Exoskeletons Market: Global Industry Analysis 2012–2016 and Opportunity Assessment 2017 - 2027’. We have studied the global medical bionic implants and exoskeletons market for a 10 year period on the basis of key parameters including Y-o-Y growth rate, absolute dollar and incremental dollar opportunity.
The global medical bionic implants and exoskeletons market has been divided into seven geographic regions for the purpose of study. Each region has been studied in required detail in its own section of the medical bionic implants and exoskeletons market report. There are often regulations, norms, trends, or guidelines that may pertain only to a single region and these are analysed herein. The historical market size of major countries within the region for the period from 2012 to 2016 is contrasted with the anticipated forecast for the decadal study ending in 2027. The market attractiveness analysis concludes this important chapter and is particularly helpful for key stakeholders who need to make long-term, strategic investment decisions.
The medical bionic implants and exoskeletons market report begins with the executive summary that is concise yet comprehensive. It provides a market overview along with our analysts’ unique insights. A Wheel of Fortune gives you an attractive, easy-to-understand graphical representation of the link between the different segments that exist in the medical bionic implants and exoskeletons market. We have also spoken about the growth opportunities that exist in the medical bionic implants and exoskeletons market by classifying them into three categories on the basis of CAGR. (High, medium, and low growth)
There are a few assumptions made with respect to the medical bionic implants and exoskeletons market while certain acronyms have also been used for convenience. Both have been explained in a distinct section of the medical bionic implants and exoskeletons market report. Our readers are recommended to take a quick glance at this to dispel any confusion and fully understand the medical bionic implants and exoskeletons market with all of its nuances and technicalities. There are also a few forecast factors that could have an outsized impact on the medical bionic implants and exoskeletons market and their impact has been explained accordingly. Certain assumptions related to the forecast follow this section and readers are recommended to glance at them as well. The market introduction is a vital part of the medical bionic implants and exoskeletons market report. This is where we have mentioned the definition along with the taxonomy of the medical bionic implants and exoskeletons market.
Global Medical Bionic Implants and Exoskeletons Market Taxonomy
Keeping abreast of the latest trends is absolutely imperative if you wish to be one step ahead in a market as exciting and dynamic as the medical bionic implants and exoskeletons market. In our market dynamics section, we have looked at the drivers, restraints, and opportunities that exist in the medical bionic implants and exoskeletons market in great detail. The macroeconomic factors and the opportunity analysis are of particular relevance to you as a reader as they allow you to get a general idea of both the current as well as anticipated future prospects waiting to be tapped in the medical bionic implants and exoskeletons market.
A market analysis can scarcely be considered complete unless you conduct an in-depth SWOT analysis of the immediate competition. Our competition dashboard highlights the medical bionic implants and exoskeletons market structure, assesses and maps it on the basis of taxonomy and intensity. We have profiled the top companies in the medical bionic implants and exoskeletons market that are globally renowned. We have highlighted their key financial ratios, strategies adopted, and relevant recent developments so that you can get a thorough idea of what they are planning or have already accomplished and accordingly plan your course of action.
Truly unique research methodology with the X factor in every report
We at Future Market Insights take great pride in our tried-and-tested research methodology that we use for every report, including the medical bionic implants and exoskeletons market report. Our team of expert analysts begin with extensive primary and secondary research to formulate a discussion guide and create a list of key market players. After conducting several interviews, we validate the gathered data using the triangulation method. Lastly, we scrutinise this data using company tools to gain all the necessary insights that our valued clients need pertaining to the medical bionic implants and exoskeletons market.