How is Rising Prevalence of Road Accidents Contributing To Surge in Medical Bionics Market?

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 medical bionics widely available in the market are heart, ear, vision/eye, neural/brain, and orthopedic bionics. Amongst these, the heart bionics, owing to the soaring cardiac problems and ailments across the world, recorded the highest usage in 2017. For instance, almost 17.7 million people died as a result of cardiovascular diseases in 2015, which accounted for 31.0% of all global deaths. Of these deaths, 6.7 million people died due to stroke and 7.4 million people died as a result of coronary heart diseases. The orthopedic bionics are expected to register the highest usage during the forecast period.

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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.

Therefore, due to the soaring geriatric population levels across the world, rising number of accidents and injuries, and the rapid innovations and advancements in the field of medicine and surgery, the demand for medical bionics will witness exponential growth in future.

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