Robotic prosthetics refer to prosthetic limbs that are powered by embedded computing systems and use mechanical actuators and sensors to move and interact with the environment in a human-like manner. Advantages of robotic prosthetics over traditional prosthetics include improved mobility, dexterity and sensory feedback. They can sense subtle interactions with objects and respond accordingly, providing a more natural movement. The growing geriatric population globally is increasing the demand for advanced prosthetics to improve quality of life.
The Global Robotic Prosthetics Market is estimated to be valued at US$ 1.60 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024-2031.
Key Takeaways
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 players are engaged in developing innovative products with advanced features through extensive R&D activities. For instance, in 2022, Ottobock launched the C-Brace Genium X3 feet featuring new multi-axis technology that mimics the foot's natural movement during walking.
The growing geriatric population globally is driving the demand for advanced Robotic Prosthetics. According to the United Nations, the number of people aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion by 2050. With age, complications related to preexisting medical conditions and accidents lead to amputations, thus fueling the demand.
Technological advancements are also supporting the growth of the market. Developments in fields of materials, electronics and software are helping manufacturers develop prosthetics with limb-like properties in terms of sensory, cognitive and motor functions. The use of lightweight materials, advanced actuators and control algorithms is improving the function and performance.
Market Trends
The use of 3D printing and additive manufacturing techniques in prosthetics development is gaining traction in the market. 3D printing allows for fast production of custom prosthetics tailored to the patient's body and needs. It also reduces manufacturing costs significantly. Another trend is the integration of myoelectric sensors that can read electrical signals generated by muscle movements and help control prosthetic functions in a natural way.
Market Opportunities
The growing demand from developing countries due to accidents, congenital defects and impact of lifestyle diseases represents a major opportunity for players. Increased funding and awareness programs by governments and insurers are also supporting the market growth. The development of robotic prosthetics with enhanced capabilities such as touch and thermal sensation using latest haptic technologies provides huge scope for innovations.
Impact of COVID-19 on Global Robotic Prosthetics Market Growth
The COVID-19 pandemic significantly impacted the global robotic prosthetics market. During the initial months of the outbreak in early 2020, production and supply chain disruptions affected the availability of prosthetic components and devices. Moreover, non-essential medical procedures were put on hold to prioritize COVID care. This hampered the demand for robotic prosthetics in the short term.
However, with the resumption of elective surgeries and relaxation of lockdown restrictions from mid-2020, the market saw a gradual recovery. In the post-COVID era, the adoption of advanced robotic prosthetics is anticipated to rise steadily owing to several factors. One of the key drivers is the growing incidence of amputations due to comorbidities like diabetes which increase vulnerability to COVID infection. There is a heightened focus on improving access to cutting-edge prosthetic solutions to enable affected individuals to regain mobility and independence.
Going forward, market players are expected to focus on leveraging digital technologies like IoT, AI and cloud computing to develop next-gen intelligent prosthetics. Partnerships between healthcare organizations and startups will help facilitate remote consultations and create sustainable payment models to make high-end prosthetics affordable for more patients globally.
Geographical Regions with Highest Value Concentration in Global Robotic Prosthetics Market
North America accounts for the largest share of the global robotic prosthetics market in terms of value. Advanced healthcare infrastructure, favorable reimbursement policies, high purchasing power and growing elderly population prone to limb loss are some of the key factors driving the North American market. Europe holds the second largest value share owing to increasing government funding for assistive device development and a supportive regulatory environment for medical robotics adoption in countries like Germany, France and the UK.
Fastest Growing Region in Global Robotic Prosthetics Market
The Asia Pacific region is expected to grow at the fastest pace over the forecast period in the global robotic prosthetics market. This can be attributed to rising incidence of diabetes and accidents in developing Asia Pacific countries leading to amputations. Also, improving economic conditions are enhancing affordability and access to sophisticated prosthetics. Initiatives by NGOs, corporates and governments to raise awareness on robotic rehabilitation are facilitating the market growth momentum in the Asia Pacific region.
What Are The Key Data Covered In This Global Robotic Prosthetics Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Robotic Prosthetics's growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Robotic Prosthetics and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Robotic Prosthetics Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Robotic Prosthetics vendors
FAQ’s
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Q.4 Which of the top Global Robotic Prosthetics companies compare in terms of sales, revenue, and prices?
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
