With the surging incidence of amputations because of injuries and road accidents, the demand for medical bionics is rising sharply. As per the Association for Safe International Road Travel (ASIRT), around 2.35 million people are disabled or injured in the U.S. every year and road accidents cost nearly $230.6 billion (or an average of $820 per person) in the country. Additionally, as per the Organization for Economic Co-operation and Development (OECD), road accidents surged in the U.S., that is from 1.57 million in 2010 to 1.75 million in 2015, which consequently pushed up the requirement for medical bionics
Besides the aforementioned factor, the growing incidence of road accidents is also driving the demand for medical bionics across the world. As per the World Health Organization (WHO), nearly 1.3 million deaths are recorded every year because of road accidents. A traumatic amputation can result in partial or full amputation. In some cases, it may be possible to re-attach the detached body part. In this process, the remaining part of the limb that has been detached is operated upon and a prosthetic limb is fixed.
These mishaps can be caused because of accidents at work or road accidents, such as motorcycle crashes or train crashes. Owing to these factors, the requirement for medical bionics is surging, which is fueling the expansion of the global medical bionics market. As per the estimates of the market research company, P&S Intelligence, the value of the market will rise from $16,226 million in 2017 to $28.1 billion by 2023. The market is also predicted to advance at a CAGR of 10.1% from 2018 to 2023.
Depending on fixation type, medical bionics are divided into implantable and non-implantable bionics. Between these, the demand for implantable bionics was found to be higher in 2017. This was because of the fact that a large number of people opted for organ transplants and the high incidence of chronic diseases across the world. Heart, orthopedic, neural/brain, ear, and vision/eye are the most widely used types of medical bionics. Out of these, the demand for orthopedic medical bionics is predicted to rise at the fastest pace in the coming years.
This will be because of the surging prevalence of upper and lower limb amputations, in which bionics are required. Geographically, the medical bionics market is expected to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the upcoming years. This is credited to the increasing prevalence of diabetes, mushrooming population of geriatric people, rising incidence of chronic illnesses, soaring healthcare expenditure, and escalating per capita income of people in the region. Additionally, the increasing research activities being conducted in the field of medical bionics is also driving the expansion of the medical bionics market in the region.
Hence, it can be said without any doubt that the demand for medical bionics will soar in the coming years, mainly because of the increasing incidence of injuries and amputations because of road accidents, mushrooming population of geriatric people, and rising prevalence of chronic diseases across the world.