by The Global Robotic Prosthetics Market Size Is Estimated To Be Valued At US$ 2.90 Bn In 2024 And Is Expected To Exhibit A CAGR Of 9.5% Over The Forecast Period 2024-2031, as highlighted in a new report published by CoherentMI
Market Overview:
Robotic prosthetics are bionic limbs that incorporate artificial intelligence and robotics to restore functionality similar to natural limbs. These prosthetics respond to electromyographic signals from residual muscles and provide sensory and motor feedback. Majorly used robotic prosthetics include upper-limb prosthetics and lower-limb prosthetics. Upper-limb prosthetics restore functionality of arms and hands through motor-controlled joints, while lower-limb prosthetics replace leg parts and enable mobility through powered ankle and knee joints. Robotic prosthetics offer improved versatility and ability to perform delicate actions compared to traditional prosthetics. Advancements in materials, sensor technology, power sources and control algorithms are enhancing capabilities of robotic prosthetics.
Market Dynamics:
Growing incidence of amputations due to injuries, accidents and diseases is a key driver for the global robotic prosthetics market. According to the National Limb Loss Information Center (NLLIC), over 185,000 amputations are performed annually in the U.S. alone. Moreover, increasing funding for prosthetics research by private and public organizations is also expected to boost the market growth over the forecast period. For instance, Defense Advanced Research Projects Agency (DARPA) invested over $80 million in research for next-generation bionic limbs between 2013 and 2020.
Second major driver for the market growth is rapid advances in neural interfacing technology. Researchers are working on creating direct interfaces between prosthetic devices and residual nerves or brain to restore near-natural sensory and motor control. Successful development of brain-machine interfaces (BMIs) can significantly improve functionality of robotic prosthetics.
Segment Analysis
The global robotic prosthetics market is dominated by the upper extremity robotic prosthetics segment owing to the increasing prevalence of amputation cases related to shoulders, arms, elbows, forearms and hands caused by accidents or diseases. Upper extremity robotic prosthetics are essential for day-to-day activities like grasping, lifting and carrying objects.
Pest Analysis
Political: Regulations around novel medical device development and market authorization are becoming more stringent, requiring extensive clinical testing before devices can be commercialized.
Economic: The rising healthcare expenditure across major economies and increasing insurance coverage for prosthetics are fueling the demand for high-end robotic prosthetics.
Social: Growing public awareness about rehabilitation therapies and advanced prosthetic options is encouraging amputees to opt for robotic prosthetics for improved quality of life.
Technological: Continuous technological advancements such as development of myoelectric sensors, dexterous robotic hands, modular prosthetic limbs and battery miniaturization are enhancing functionalities of robotic prosthetics.
Key Takeaways
The global robotic prosthetics market is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing incidence of amputations owing to road accidents, diabetes, and war injuries.
The North America robotic prosthetics market holds the largest revenue share currently and is expected to maintain dominance over the forecast period owing to presence of major players, rapid adoption of advanced technologies, and favorable reimbursement policies in the region.
Europe is also among the fastest growing markets for robotic prosthetics driven by rising geriatric population, increasing healthcare spending, and growing number of amputation cases.
Key players operating in the global robotic prosthetics market are Ottobock, Ossur, Blatchford Group, HDT Global, Fillauer LLC, Steeper Inc., Proteor, PROTUNIX, Endolite And Deka Research And Development Corporation. Key players are focusing on new product launches, investing in R&D and engaging in mergers & acquisitions to strengthen their market presence.
What are the key data covered in this Global Robotic Prosthetics Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Robotic Prosthetics Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Robotic Prosthetics Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- Global Robotic Prosthetics Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Robotic Prosthetics Market vendors
FAQ’s
Q.1 What are the main factors influencing the Global Robotic Prosthetics market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Robotic Prosthetics Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Robotic Prosthetics market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
- Source: CoherentMI, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
