Robotics Prosthetics Market to Accrue at a CAGR of 9.30% during 2022-2030

Pune, India, 2022 /press release/- Market Research Future Published a Half-Cooked Research Report on Robotics Prosthetics   Market Research Report.

Robotics prosthetics are artificial limbs that are controlled by robotics and can improve the functions of a missing body part and also restore its normal functions gradually. Technological advancements are doing wonders in the medical science bringing unique innovation in the field of medical robotics and prosthetics. These innovations have bettered the robotics prosthetics further helping them to garner colossal prominence, allowing a substantial increase in their uptake.

Robotics prosthetics are increasingly witnessing and augmenting demand worldwide. The increasing number of severe accidents, certain diseases, and injuries that demand amputation of one or two limbs are acting as a major driving force pushing up the demand for robotic prosthetics and hence, its market value on the global platform. 

The Robotics Prosthetics Market is expected to reach USD 1,269.6 Million by 2030 at 9.30% CAGR during the forecast period 2022-2030.

Growing number of geriatric population is furthering the market size globally. Spreading awareness among people about the availability of these prosthetics and their advantages plays a major role impacting the market growth positively.

Additional factors substantiating the market growth include the ever-increasing population and urbanization. Improving economic conditions worldwide foster the market growth, enabling access to the quality life, and improved health care, also increasing consumers’ purchasing power. Furthermore, seminal efforts and substantial amounts invested by the market players into the development of these prosthetics and technologies are paying off well, driving the market growth.

On the other hand, factors such as inadequate reimbursement policies for the purchase of robotics prosthetics are estimated to obstruct the market growth, especially in the developed economies. Nevertheless, advent integration of ubiquitous technologies such as Artificial Intelligence (AI) along with the 3-D imaging will support the market growth, influencing the market growth positively.

Although recent achievements in the field of electronics have provided promising technology for prosthetic systems, the development of a bionic tactile-perception system that exhibits integrated stimuli sensing and neuron-like information-processing functionalities in a low-pressure regime remains a challenge.

Global Robotics Prosthetics Market – Segmentations

MRFR has segmented its analysis into five key dynamics for enhanced understanding.By-Products             : Prosthetic Arms, Prosthetic Legs/Knees, Prosthetic Feet/Ankles, and Prosthetic Hands among others. By Technologies      : Bluetooth, Microprocessor Knees, and Myoelectric Technology among others. By Applications       :  Lower Body and Upper Body Extremity among others. By End-Users           : Hospitals, and Clinics among others. By Regions              :  North America, Europe, APAC and the Rest-of-the-World.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Robotics Prosthetics Market Research Report

Global Robotics Prosthetics Market – Geographical Analysis

North America accounted for the leading market for robotics prosthetics, globally, followed by the markets in the European & Asia Pacific region, respectively. The market is growing due to the significant contributions from the burgeoning market of the US backed by the prevalence of osteoporosis and low bone mass at the femur neck, rising at an alarming rate.

Moreover, factors such as high expenditures on healthcare, continually developing technology, along with the increasing reported cases of orthopedic diseases occurrences that are increasing demand for the robotics prosthetics are propelling the market growth in the region. Continuing with the same trends, the region is estimated to create a larger revenue pocket in the global market throughout the review period.

The European region accounts for another lucrative market for robotics prosthetics, standing at the second-largest position, globally.  The Europe robotics prosthetics market is predominantly driven by the growing per capita income, rising support for R&D activities from public and private organizations, and the well-established healthcare penetration across the region. Also, the increasing investment in health care and rising number of patients needing robotics prosthetics in the region foster the market growth.

The Asia Pacific region is rapidly emerging as a promising market for robotics prosthetics. The growing markets of India & China backed by the vast population, availability of funds, spreading awareness and availability of medical technologies and treatments are projected to contribute significantly to the regional market growth.

Additionally, the increasing demand for quality devices in the healthcare is projected to lead to the increasing use of advanced equipment, this in turn, is expected to widen the market size of robotics prosthetics in the region. Besides, the availability of low-cost treatments, especially in India attracts a huge patient pool from other countries which as is expected to drive the market growth India and consecutively in the APAC region.

Global Robotics Prosthetics Market – Competitive Landscape

The global Robotics Prosthetics market appears to be fiercely competitive and fragmented with many well-established players having the global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.

Key Players:

Some of the eminent leaders of the market include Touch Bionics Inc. (U.S.), HDT Global Inc (U.S.), SynTouch, LLC (U.S.), Stryker Corporation (U.S.), Shadow Robot Company (U.K), Smith & Nephew (U.K), ReWalk Robotics (Israel), Aethon (U.S.), Medrobotics Corporation (U.S.), Intuitive Surgical, Inc. (U.S.), KUKA Roboter GmbH (Germany), Mazor Robotics Ltd. (Israel), Transenterix, Inc. (U.S.), Hansen Medical, Inc. (U.S.), and ZOLL Medical Corporation (U.S.)

Industry/ Innovation/ Related News:

September 19, 2018 – A team of Chinese researchers from China developed a skin-inspired tactile sensor for smart prosthetics. The tactile sensor is based on giant magneto-impedance (GMI) material embedded with an air gap and shows desirable sensitivity and low detection limit but also exhibited transduction of digital-frequency signals like human stimuli responses. These features of the GMI-based tactile sensor show potential for its applications in smart prosthetics, especially prosthetic limbs that can functionally replace natural limbs.

September 15, 2018 – Two youngsters from India - Hamayal Choudhry and Samin Khan published their study for a low-cost robotic prosthesis they have created using the 3D technology called the smartARM, which has gained international accolades.

These youngsters are students of University of Ontario Institute of Technology, and Cognitive computer science at the University of Toronto built this smart arm with a high level of functionality with a low-cost to respond to the heavy costs of prosthetics especially for growing kids