Tremendous Growth Expected in Medical Bionics Market till 2023Posted by Pramod Arya on June 10th, 2021 Due to the increasing incidence of amputations, because of injuries and accidents, surging requirement for organ transplants, rising prevalence of organ failure, and the expanding pool of geriatric people in several countries, the global medical bionics market is exhibiting huge expansion. A traumatic amputation can occur because of brutal accidents and road crashes. The reattachment of a detached body part with the help of prosthetic limbs is possible only in rare cases.
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As per the Association for Safe International Road Travel (ASIRT), 2.35 million people all over the world are disabled or injured in the U.S. every year, and road accidents cost around 0.6 billion or an average of 0 per person in the country. Furthermore, as per the Organization for Economic Co-operation and Development (OECD), the prevalence of road accidents grew from 1.57 million in 2010 to 1.75 million in 2015 in the U.S.
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Depending on fixation type, the medical bionics market is bifurcated into implantable and non-implantable bionics. Of these, the implantable bionics category is predicted to exhibit huge expansion in the market in the upcoming years. This will be because of the growing incidence of chronic diseases and the surging requirement for organ transplants across the world. The market is also categorized, depending on product, into orthopedic, heart, ear, neural/brain, and vision/eye.
Out of these, the orthopedic category will demonstrate the fastest growth in the forthcoming years, as per the estimates of the market research firm P&S Intelligence. This is attributed to the growing incidence of upper and lower limb amputations. Globally, the medical bionics market is predicted to exhibit the highest CAGR in Asia-Pacific (APAC) in the coming years, mainly because of the surging geriatric population and the increasing prevalence of chronic diseases such as diabetes in the region.
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