Business Impacts of COVID-19 on Medical Bionics Market | Strategies of Major Industry Competitors

One of the major factors boosting the adoption of medical bionics is the rising number of amputations, caused due to injuries and accidents, across the world. For instance, as per the Association for Safe International Road Travel (ASIRT), 2.35 million people are injured or disabled in the U.S. annually and the road accidents cost almost $230.6 billion in the country. Furthermore, according to the observations of the Organization for Economic Co-operation and Development (OECD), the total road accidents increased in the U.S. from 1.57 million to 1.75 million from 2010 to 2015 respectively.

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The other key factors responsible for the surge in the demand for medical bionics are the soaring geriatric population levels and associated organ failure, rising prevalence of chronic diseases, and rapid technological advancements in medical sciences and surgical procedures. Driven by these factors, the global medical bionics market is expected to generate revenue of $28.1 billion by 2023, which is a massive increase from its value of $16.2 billion in 2017. The market is also predicted to progress at a CAGR of 10.1% during the forecast period (2018–2023).

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The medical bionics market is presently witnessing the increasing development of technologically advanced bionic implants by numerous healthcare companies, that would compete with the traditional implants. Nowadays, several vendors are offering custom-made bionics in different length and size options such as bionic hands by Open Bionics. In addition to this, the manufacturers are shifting their focus toward the development of cost-effective bionics, in order to sustain their position in the market.

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Geographically, Asia-Pacific (APAC) is expected to witness the fastest growth in the usage of bionics during the forecast period. This is primarily attributed to the booming population of the elderly, escalating chronic diseases prevalence, rising healthcare expenditure and per capita income, and rapid advancements in research on medical bionics in the region. Moreover, the region also has a high occurrence rate of diabetes amongst its people. As per the Asian Diabetes Prevention Initiative (ADPI), Asia is home to 60% of the total diabetics in the world, which is further pushing the growth of the medical bionics industry in the region.

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