Robotics Prosthetics Market Size

Global Robotic Prosthetics Market Overview

The Robotics Prosthetics Market Size was valued at USD 0.72 Billion in 2023. The Global Robotics Prosthetics industry is projected to grow from USD 0.76 Billion in 2024 to USD 1.34 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.49% during the forecast period (2024 - 2032). You must know that Robotics Prosthetics is considered a fake limb, which upgrades the individual's capacity and way of life with a missing body part. Advanced Robotics Prosthetics help to re-establish the ordinary capacity of the missing limbs effectively. Today fake limbs can be constrained by PC, cerebrum, and sensation with trendsetting innovation. Expanding interest for the cutting edge innovation, developing geriatric populace, and expanding pervasiveness of various sicknesses drive the market development of Robotic Prosthetics to a great extent. 

According to the Robotic Prosthetics Market report distributed by International Osteoporosis Foundation, in 2017, around one of every three ladies and one out of five men matured more than fifty years will probably experience the ill effects of delicacy break during their excess lifetime. Likewise, in the United Kingdom, around 536,000 individuals experience the ill effects of delicacy breaks every year, incorporating 79,000 hip cracks. The increase in breaks, expanding mindfulness among individuals towards the utilization of inventive advances and high medical care spending, have energized the Market development. 

Be that as it may, accessibility of costly treatment and helpless repayment arrangements in the creating locales of the world are a portion of the variables, which might restrain the Market development during the forecasted time frame. Some of the additional factors validating the Market development incorporate the consistently expanding populace and urbanization. Further developing monetary conditions overall encourage the Robotics Prosthetics industry development, empowering admittance to the quality life, and further developed medical care, likewise expanding customers' buying power. 

Moreover, the Market players put fundamental efforts and considerable sums into improving these prosthetics. Innovations are taking care of well, driving the growth of the  Market Outlook. 

But, factors, such as insufficient repayment approaches for acquiring advanced mechanics prosthetics, are assessed to hinder the market development, particularly in the created economies. Incorporating universal advances like Artificial Intelligence alongside 3-D imaging will uphold the Market development, emphatically affecting market development. 

COVID 19 Analyses

The COVID-19 outbreak has impacted the growth and development of the Robotics Prosthetics industry. The general market has been affected by COVID-19, and the development rate was also affected in 2019-2020. Our most recent examination, points of view, and bits of knowledge on the administration matter most to the organizations and associations about the market, which is driving through the COVID-19 emergency to overseeing hazard and digitizing tasks to convey confided in data and encounters to the leaders. The Market viewed a decline in the growth of the market in the beginning. But now with the rise in the use of Robotics Prosthetics in different places like medical care, airport, and other places is expected to enhance the growth of the market in the estimated future period. 

Blackrock Neurotech, a company that is a pioneer in the field of brain-computer interface (BCI) technology, and Phantom Neuro, a neurotech startup that was recently established and provides a high-precision system for the lifelike control of robotic orthopedic technologies, have formed a groundbreaking alliance. This announcement was made in April 2022. Phantom Neuro's patent-pending Phantom X system, which provides patients with highly accurate, virtually real-time control of current and next-generation assistive devices, such as exoskeletons and prosthetics, will be partnered with Blackrock in research and development.

Phantom X's research and development path to clinical trials will be expedited by Blackrock's engagement and its contribution to Phantom Neuro's recent financing announcement. This work was motivated by the discrepancy between the actuality of patients and the technological advancements in robotics, a significant portion of whom opt not to use a prosthesis. The Phantom X system facilitates intuitive prosthetic control by implanting small, low-risk, flexible sensors beneath the epidermis within an amputation stump or injured limb. Based on the intended movements of an individual, these sensors detect muscle signals as the muscles contract. The electrical activity is wirelessly transmitted from the body and decoded into the intended movements. These movements are then executed within a robotic mechanism, resulting in near-lifelike control of the assistive device, whether it is a prosthetic that replaces a missing limb or an exoskeleton that assists in walking.

In May 2024, ADNOC (Abu Dhabi National Oil Company) from the United Arab Emirates initiated a trial of the Robotic fuelling arm as part of its aims to provide clients with an AI-driven experience. The robotic arm reaches out towards the car, opens the fuel tank lid and places its nozzle inside using sensors and cameras.

In May 2024, the SoftBank Group’s Arm chip business is planning to begin making chips as early as 2019. Through this move, Masayoshi Son, CEO of Soft Bank Group, wants to change it into a giant artificial intelligence enterprise by spending ¥10 trillion ($64bn). By spring 2025 when ARM will have established an AI chip branch in the UK and produce a prototype.

In Feb. 2024, GITAI, which is based in California, tested an autonomous robotic arm system at the International Space Station (ISS). In January, on Northrop Grumman's 20th Commercial Resupply Services (NG-20) mission supported by ISS National Laboratory®, a pair of mechanical arms were launched to the orbiting laboratory; these are S2, which are two meters long each.

In January 2024, Penn State researchers received a $4 million grant from the U.S. National Science Foundation in January for improving robotic prosthesis for amputees.

The UBC engineers made a ‘robot skin’ marked breakthrough in October 2023 with Honda researchers. This new soft sensor developed by UBC and Honda researchers is smart, stretchable and highly sensitive, enabling various applications, including robotics and prosthetics.

Vulcan Augmetics, which is a Vietnam-based start-up for robot prosthetics, has just confirmed undisclosed investment in October 2023 from Singapore’s Quest Ventures on October 2023. Vulcan’s technology encompasses wearables, biometric sensing as well as customizable robotics for upper limb amputations.

For example, Steeper brought out Myo Kinisi's hand under the Myoelectric System in September 2021, offering amputees the ability to grasp objects more efficiently with an auto grip feature.

Robotic Prosthetics Market Trends

Major Drivers of the Market

The worldwide increase in many removal cases inferable from different danger factors like mishaps, serious wounds, carcinogenic tumors in the bone or muscles of appendages, and appendage disease is key driving variables for the growth and development of the Robotic Prosthetics Market all over the world. Some different causes like weight, diabetes, vascular illness, stroke, and joint pain additionally add to the expanding number of removal cases, development of clinical gadget industry have sped up the Market, upheld by imaginative item improvement by central members on the lookout, and coordination of IT into medical services prompting an expansion in new advancements in this field. The major drivers of the Market are enhancing the market growth in the estimated time frame. 

• Significant Opportunities For The Market

An addition in leg removals owed to cardiovascular breakdown, fight fatalities, tumefaction, and genetic variations are the major opportunities in the Market. These opportunities are expected to support the business for Robotics Prosthetics during the expected time of 2024 to 2032.

• Market Restraints

The expenses for all the surgery required for working Robotics Prosthetics are exceptionally high, restraining the growth of the Market. These restraining factors prevent the development of the Robotics Prosthetics industry and make it difficult for the market to grow in the estimated time frame.

• Cumulative Growth Analysis

Robotics Prosthetics additionally gives you point by point market investigation for each country development in medical services consumption for capital hardware, introduced base of various sort of items for robotic prosthetics market, the effect of innovation utilizing lifeline bends, and changes in medical care administrative situations and their effect on the market of robotic prosthetics. The effective use and high demand of Robotics Prosthetics in the market are developing the growth of the Market for the forecasted period. 

Robotics Prosthetics Market Segment Insights

Robotics Prosthetics technology Insights

Robotics Prosthetics Extremity Insights

Robotics Prosthetics Region Insights