Burlingame, Dec. 21, 2023 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, global robotic prosthetics market is estimated to value at US$ 1.60 Billion in the year 2023, and is anticipated to reach a US$ 2.90 Billion by 2030, with growing at a CAGR of 9.5% during forecast period 2023-2030.
The global robotic prosthetics market is driven by two key drivers. Firstly, the increasing prevalence of amputations due to factors such as accidents, injuries, and chronic diseases is fueling the demand for robotic prosthetics. According to the World Health Organization, about 30 million people worldwide require prosthetic limbs, and this number is projected to increase in the coming years. Robotic prosthetics offer enhanced functionality and natural movements, which contribute to the high demand in the market. Additionally, advancements in technology, such as the development of neuroprosthetics and exoskeletons, are further propelling market growth.
Key Market Takeaways:
- The global robotic prosthetics market size is anticipated to witness a CAGR of 9.5% during the forecast period 2023-2030, owing to the increasing demand for advanced prosthetic solutions.
- On the basis of product type, the prosthetic legs/knees segment is expected to hold a dominant position, owing to the high prevalence of lower limb disabilities and the need for mobility assistance. Other types of prosthetics such as arms, feet/ankles, hands, and others also contribute to the market's growth.
- In terms of technology, microprocessor knees are expected to dominate the market due to their advanced features and benefits. However, there is also a demand for myoelectric and body-powered prosthetics, as they cater to different patient needs.
- Hospitals are expected to be the dominating end users of robotic prosthetics, as they provide comprehensive healthcare services and have the necessary infrastructure to support prosthetic fittings and rehabilitation. Prosthetic clinics, rehabilitation centers, and other healthcare facilities also contribute to the market's growth.
- In terms of region, North America is expected to hold a dominant position over the forecast period, due to the presence of well-established healthcare infrastructure, increasing adoption of advanced technologies, and a higher prevalence of disabilities requiring prosthetic solutions.
- The key players operating in the global robotic prosthetics market include Ottobock, Ossur, Blatchford Group, HDT Global, Fillauer LLC, Steeper Inc., Proteor, PROTUNIX, Endolite, and Deka Research and Development Corporation. These companies focus on technological advancements, product development, mergers and acquisitions, and strategic collaborations to gain a competitive edge in the market.
Read the complete market research report, "Global Robotic Prosthetics Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.
Market Trends:
The Global Robotic Prosthetics Market is witnessing two key trends. Firstly, the integration of artificial intelligence and machine learning algorithms in robotic prosthetics is gaining traction. These technologies allow the prosthetic limbs to adapt to the user's movement patterns and automatically adjust their functionality to provide a more natural and accurate limb movement. This trend is enhancing the user experience and improving the overall quality of life for individuals with amputations.
Secondly, the growing adoption of 3D printing technology in the manufacturing of robotic prosthetics is another prominent trend in the market. 3D printing enables the customization and personalization of prosthetic limbs, providing a better fit and comfort for the users. Moreover, it reduces the manufacturing time and costs, making the prosthetics more accessible to a larger population.
Recent Development:
- In September 2022, Ossur introduced the POWER KNEE, the world’s first actively powered microprocessor prosthetic intended for people with amputations above the knee or with other limbs.
- In May 2023, AMBER unveiled AMBER Lucid-1, a compact robotics arm with seven axes and an AI-powered actuators.
Market Opportunities:
Increasing Demand for Robotic Prosthetics
The global robotic prosthetics market share is set to witness significant growth in the coming years. With advancements in technology, there is an increasing demand for robotic prosthetics, especially for individuals with limb disabilities. Robotic prosthetics offer improved mobility, enhanced functionality, and a better quality of life for patients.
The market for prosthetic legs/knees is expected to dominate the segment, as it is the most common requirement for individuals with lower limb disabilities. Prosthetic arms, feet/ankles, hands, and other types of prosthetics also contribute to the market's growth.
Technological Advancements in Robotic Prosthetics
Technological advancements in robotic prosthetics are driving the market's growth. The development of microprocessor knees is a significant trend in the market, as they offer better control, stability, and a more natural gait for users. Furthermore, the integration of myoelectric technology and body-powered technology has enhanced the functionality of prosthetics, allowing users to perform complex movements with ease.
The market for microprocessor knees is expected to dominate the technology segment due to its superior features and benefits. However, there is also a demand for other technologies such as myoelectric and body-powered prosthetics, as they cater to different patient needs.
Global Robotic Prosthetics Market Segmentation:
- By Product Type
- Prosthetic Legs/Knees
- Prosthetic Arms
- Prosthetic Feet/Ankles
- Prosthetic Hands
- Others
- By Technology
- Microprocessor knees
- Myoelectric technology
- Body-Powered Technology
- Others
- By End User
- Hospitals
- Prosthetic Clinics
- Rehabilitation Centers
- Others
- By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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In conclusion, the global robotic prosthetics market offers immense opportunities for growth and development. The increasing demand for advanced prosthetic solutions and technological advancements in the field are driving the market's growth. With North America dominating the market and key players focusing on innovation, the future looks promising for the robotic prosthetics industry.
Top Questions Answered in this Report:
- What factors are impeding the growth of the Global Robotic Prosthetics Market?
- What are the primary drivers fueling the growth of the Global Robotic Prosthetics Market?
- Which segment stands out as the leading component in the Global Robotic Prosthetics Market?
- Who are the key players actively participating in the Global Robotic Prosthetics Market?
- Which region is poised to take the lead in the Global Robotic Prosthetics Market?
- What is the projected CAGR for the Global Robotic Prosthetics Market?
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