Global Robotic Prosthetics Market, By Product Type (Prosthetic Arm, Prosthetic Knee, Prosthetic Feet/Ankle, Prosthetic Hand, and Others), Technology (MPC Prosthetics, Myoelectric Prosthetics), Extremity (Lower Body Prosthetics, Upper Body Prosthetics), End Use (Hospitals, Specialty Clinics, and Others) – Industry Trends and Forecast to 2029.
Robotic Prosthetics Market Analysis and Size
According to a study in Prosthetics and Orthotics International, as of 2017, more than 57 million amputations were caused by trauma worldwide. The market is expanding as a result of the rising number of amputations and the growing demand for better technologies to improve the quality of life for amputees.
Data Bridge Market Research analyses that the robotic prosthetics market which was USD 1,269.6 million in 2021, would rocket up to USD 2548.38 million by 2029, and is expected to undergo a CAGR of 9.10% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Robotic Prosthetics Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Prosthetic Arm, Prosthetic Knee, Prosthetic Feet/Ankle, Prosthetic Hand, and Others), Technology (MPC Prosthetics, Myoelectric Prosthetics), Extremity (Lower Body Prosthetics, Upper Body Prosthetics), End Use (Hospitals, Specialty Clinics, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Human Technology Inc. (U.S.), HDT Global (U.S.), Shadow Robot Company (U.S.), SynTouch, Inc. (U.S.), Ottobock (Germany), Endolite (India), Össur (U.S.), Artificial Limbs & Appliances Pty Ltd (Australia)
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Market Opportunities
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Market Definition
Robotic prosthetics is a term used to describe the specialised and medical process of creating mechanical limbs and fitting amputees with them. In order for this interaction to function like a normal limb, electrode arrays are implanted in the cerebral region in charge of regulating the development of touch.
Robotic Prosthetics Market Dynamics
Drivers
- Rising prevalence of vascular disorders
The increasing prevalence of vascular disorders, obesity, diabetes, and osteoarthritis contributed to an increase in amputation incidences, which in turn helped the market expand. The increasing demand for and advancements in robotic technology, as well as government initiatives like the Amputee Coalition and the CDC (Centers for Disease Control) to support the costs and acquisition of prosthetic devices for the amputee community, are key factors driving this business to incorporate.
- Rise in leg amputations
Additionally, an increase in leg amputations caused by cardiovascular collapse, combat deaths, tumefaction, and intrinsic abnormalities is predicted to boost the robotic prosthetics market from 2022 to 2029.
- Technological advancements
The overall growth of this market will be boosted by the increasing number of amputation instances on a global scale, significant advancements in the robotics field, and numerous initiatives performed by numerous governmental organisations.
Opportunities
- Growing use of various connectivity technologies
The increasing number of ulcers stands as a key factor boosting the growth of the global robotic prosthetics market. In addition, the growing use of various connectivity technologies such as microprocessor controllers, Bluetooth, and other robotic technology improvements will also help this market flourish in the coming years.
Restraints/Challenges
On the other hand, the high implantation and maintenance cost of robotic prosthetic devices will obstruct the market's growth rate. The lack of awareness among people in developing and less developed countries will challenge the market.
This robotic prosthetics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the robotic prosthetics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Robotic Prosthetics Market
The COVID-19 pandemic significantly impacted all industries due to rising costs for obtaining raw materials, rising transportation expenses, etc. In addition, the industry has slowed down as a result of the prohibition on cross-border transportation. The market has been significantly influenced by the rising number of R&D projects being undertaken in the field of artificial intelligence by the robotics and IT industries. The industry is experiencing unprecedented expansion due to the high level of global research being conducted in the area. The development of prosthetic materials is also contributing to the market's expansion. The above-mentioned elements helps the industry to grow.
Global Robotic Prosthetics Market Scope
The robotic prosthetics market is segmented on the basis of product type, technology, extremity and end use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Prosthetic Arm
- Prosthetic Knee
- Prosthetic Feet/Ankle
- Prosthetic Hand
- Others
Technology
- MPC Prosthetics
- Myoelectric Prosthetics
Extremity
- Lower Body Prosthetics
- Upper Body Prosthetics
End Use
- Hospitals
- Specialty Clinics
- Others
Robotic Prosthetics Market Regional Analysis/Insights
The robotic prosthetics market is analysed and market size insights and trends are provided by country, product type, technology, extremity and end use as referenced above.
The countries covered in the robotic prosthetics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the robotic prosthetics market due to improvements in robotics sectors, high penetration of technologically advanced products.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 owing to the increasing population and rising amputated cases, growing healthcare facilities in developing nations.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The Global robotic prosthetics market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Global robotic prosthetics market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Global robotic prosthetics market. The data is available for historic period 2010-2020.
Competitive Landscape and Robotic Prosthetics Market Share Analysis
The robotic prosthetics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to robotic prosthetics market.
Some of the major players operating in the robotic prosthetics market are:
- Human Technology Inc. (U.S.)
- HDT Global (U.S.)
- Shadow Robot Company (U.S.)
- SynTouch, Inc. (U.S.)
- Ottobock (Germany)
- Endolite (India)
- Össur (U.S.)
- Artificial Limbs & Appliances Pty Ltd (Australia)
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