Dublin, July 29, 2022 (GLOBE NEWSWIRE) -- The "Robotic Prosthetic Market By Product Type, By Technology, By Application, By End-Use, and By Region Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global robotic prosthetic market size is expected to reach USD 2,384.4 Million in 2028 and register a revenue CAGR of 8.9% over the forecast period, according to latest report. The increase in number of people with amputation and technological advancements are the primary factors driving the market growth.
According to the National Diabetes Statistics Report 2020 published by the Centers for Disease Control and Prevention (CDC), about 34.2 million people in the U.S., aged 18 years or older, had diabetes in 2018. This number is expected to grow to about 54.3 million by 2030. Type 2 diabetes is the most common type of diabetes, accounting for around 90% to 95% of all diagnosed cases of diabetes.
Robotic prosthetic devices are used in place of missing limbs or body parts. These devices help in improving the quality of life of people with amputations and provide them with the ability to perform their daily activities. The market for robotic prosthetics is expected to grow at a significant rate owing to the increasing number of people suffering from diabetes and other chronic diseases, which may lead to amputations. Moreover, the rising awareness about these devices and the technological advancements in these devices are some of the factors expected to drive the market growth over the forecast period.
Furthermore, rising cases of injuries, road accidents, and increasing geriatric population are also fuelling the growth of the robotic prosthetic market. According to WHO, road traffic accidents resulted in about 1.35 million deaths globally in 2016. Moreover, as per the stats published by National Highway Traffic Safety Administration (NHTSA), in the U.S., around 6,000 pedestrians were killed and around 85,000 injured in traffic crashes in 2016. Such a large number of accidents are estimated to create a demand for robotic prosthetic devices in the coming years.
The increasing adoption of robotic prosthetic devices is also attributable to the growing awareness about these devices among patients and physicians. In addition, government initiatives to promote the use of these devices are also expected to drive the growth of the robotic prosthetic market in the coming years. For instance, in January 2017, The Scottish government announced a new funding package of GBP4 million for transforming care for people living with limb loss in Scotland. This initiative is expected to create demand for robotic prosthetic devices in the country.
Some Key Highlights From the Report:
- By application, lower body extremities segment accounted for largest revenue share in 2020. The growth can be attributed to the rising number of lower limb amputations due to diabetes and vascular diseases. According to the World Health Organization (WHO), in 2015, around 1.6 million people underwent lower limb amputation globally. Moreover, technological advancements in robotic prosthetics such as powered knee & ankle systems are also expected to boost the segmental growth.
- By end-use, hospital segment accounted for largest revenue share in 2020. This can be attributed to rising number of accidents and increasing prevalence of diabetes and cancer, which are resulting in amputation. According to WHO, in 2015, around 1.9 million people worldwide underwent amputations due to diabetes. Moreover, as per Cancer Research UK, in 2018, there were 2.5 million cancer patients in the U.K., which is projected to increase to 4 million by 2030. Hence, rising number of cancer and diabetes patients is expected to propel growth of the robotic prosthetic market during the forecast period.
- Robotic prosthetic market in North America accounted for largest revenue share in 2020. This is attributed to well-established healthcare infrastructure and presence of leading market players in the region. Moreover, increasing investments by government bodies for developing advanced prosthetic devices is anticipated to support growth of the North American robotic prosthetic market over the forecast period. For instance, in September 2019, U.S.-based organization National Technical Institute for the Deaf (NTID) received a government grant of over USD 1 million from National Science Foundation (NSF), which will be used for developing bionic arm that can provide sensation to amputees.
Major players in the market include Artificial Limbs and Appliances, Endolite, Hansen Medical Inc., HDT Global Inc., Open Bionics, Ottobock, Ossur, ReWalk Robotics, Smith & Nephew, SynTouch Inc., The Shadow Robot Company, and Touch Bionics.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Robotic Prosthetic Market Segmentation & Impact Analysis
4.1. Robotic Prosthetic Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers' analysis
4.2.2.1. Increasing number of patients suffering from vascular diseases, arthritis, and congenital disorders.
4.2.2.2. Advancement in robotics technology
4.2.2.3. Government and nonprofit organizations' initiative to fund robotic prosthetic devices
4.2.3. Market restraints analysis
4.2.3.1. High implantation and maintenance cost of robotic prosthetic devices
4.2.3.2. Lack of awareness among people in developing and less developed countries.
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Chapter 5. Robotic Prosthetic Market By Product Type Insights & Trends
5.1. Product Type Dynamics & Market Share, 2021 & 2028
5.2. Prosthetic Arms
5.2.1. Market estimates and forecast, 2018 - 2028 (USD Million)
5.2.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
5.3. Prosthetic Ankle/Feet
5.3.1. Market estimates and forecast, 2018 - 2028 (USD Million)
5.3.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
5.4. Prosthetic Knees
5.4.1. Market estimates and forecast, 2018 - 2028 (USD Million)
5.4.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
5.5. Prosthetic Hands
5.5.1. Market estimates and forecast, 2018 - 2028 (USD Million)
5.5.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
5.6. Others
5.6.1. Market estimates and forecast, 2018 - 2028 (USD Million)
5.6.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
Chapter 6. Robotic Prosthetic Market By Technology Insights & Trends
6.1. Technology Dynamics & Market Share, 2021 & 2028
6.2. Bluetooth
6.2.1. Market estimates and forecast, 2018 - 2028 (USD Million)
6.2.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
6.3. Microprocessor
6.3.1. Market estimates and forecast, 2018 - 2028 (USD Million)
6.3.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
6.4. Myoelectric Technology
6.4.1. Market estimates and forecast, 2018 - 2028 (USD Million)
6.4.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
6.5. Targeted Muscle Reinnervation
6.5.1. Market estimates and forecast, 2018 - 2028 (USD Million)
6.5.2. Market estimates and forecast, B2018 - 2028 (USD Million)
Chapter 7. Robotic Prosthetic Market By Application Insights & Trends
7.1. Application Dynamics & Market Share, 2021 & 2028
7.2. Upper Body Extremities
7.2.1. Market estimates and forecast, 2018 - 2028 (USD Million)
7.2.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
7.3. Lower Body Extremities
7.3.1. Market estimates and forecast, 2018 - 2028 (USD Million)
7.3.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
Chapter 8. Robotic Prosthetic Market By End-Use Insights & Trends
8.1. End-Use Dynamics & Market Share, 2021 & 2028
8.2. Hospitals
8.2.1. Market estimates and forecast, 2018 - 2028 (USD Million)
8.2.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
8.3. Ambulatory Surgical Centers
8.3.1. Market estimates and forecast, 2018 - 2028 (USD Million)
8.3.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
8.4. Clinics
8.4.1. Market estimates and forecast, 2018 - 2028 (USD Million)
8.4.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
8.5. Others
8.5.1. Market estimates and forecast, 2018 - 2028 (USD Million)
8.5.2. Market estimates and forecast, By Region, 2018 - 2028 (USD Million)
Chapter 9. Robotic Prosthetic Market Regional Outlook
Chapter 10. Competitive Landscape
10.1. Market Revenue Share By Manufacturers
10.2. Manufacturing Cost Breakdown Analysis
10.3. Mergers & Acquisitions
10.4. Market positioning
10.5. Strategy Benchmarking
10.6. Vendor Landscape
Chapter 11. Company Profiles
11.1. Artificial Limbs and Appliances
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Technology Insights
11.1.4. Strategic Initiatives
11.2. Endolite
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Technology Insights
11.2.4. Strategic Initiatives
11.3. Hansen Medical Inc.
11.3.1. Company Overview
11.3.2. Financial Performance
11.3.3. Technology Insights
11.3.4. Strategic Initiatives
11.4. HDT Global Inc.
11.4.1. Company Overview
11.4.2. Financial Performance
11.4.3. Technology Insights
11.4.4. Strategic Initiatives
11.5. Open Bionics
11.5.1. Company Overview
11.5.2. Financial Performance
11.5.3. Technology Insights
11.5.4. Strategic Initiatives
11.6. Ottobock
11.6.1. Company Overview
11.6.2. Financial Performance
11.6.3. Technology Insights
11.6.4. Strategic Initiatives
11.7. Ossur
11.7.1. Company Overview
11.7.2. Financial Performance
11.7.3. Technology Insights
11.7.4. Strategic Initiatives
11.8. ReWalk Robotics
11.8.1. Company Overview
11.8.2. Financial Performance
11.8.3. Technology Insights
11.8.4. Strategic Initiatives
11.9. Smith & Nephew
11.9.1. Company Overview
11.9.2. Financial Performance
11.9.3. Technology Insights
11.9.4. Strategic Initiatives
11.10. SynTouch Inc.
11.10.1. Company Overview
11.10.2. Financial Performance
11.10.3. Technology Insights
11.10.4. Strategic Initiatives
11.11. The Shadow Robot Company
11.11.1. Company Overview
11.11.2. Financial Performance
11.11.3. Technology Insights
11.11.4. Strategic Initiatives
11.12. Touch Bionics
11.12.1. Company Overview
11.12.2. Financial Performance
11.12.3. Technology Insights
11.12.4. Strategic Initiatives
For more information about this report visit https://www.researchandmarkets.com/r/1zjy6w
