The intense need for in-depth understanding of the “Robotics Prosthetics Market -Forecast to 2027″ coupled with its high growth potential necessitated the development of this report by Market Research Future. The report specifically focuses on the key industry development trends and forces that shapes the market, but not limited to only commercial nature, but which encompasses a broad range such as social, technological and others.
MarketResearchFuture.com adds “Robotics Prosthetics Market -2018 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2027” reports to its database.
The robotics prosthetics market is dominated by the Americas owing to continually developing technology and increasing prevalence of orthopedic diseases. According to the study published by Centers for Disease Control and Prevention, in 2015, the prevalence of osteoporosis and low bone mass at the femur neck in the United States are more in adults aged 50 years. Moreover, the prevalence of osteoporosis was highest among Mexican-American adults that is 24.9% followed by non-Hispanic white adults, 15.7%.
Europe holds the second position in the global robotics prosthetics market owing to the government support for research & development and availability of funds for research. This is expected to continue driving the European market over the forecasted period. For instance, countries like Germany and France are increasing investment in the healthcare domain.
The Asia Pacific is a huge market. Whereas a country like India and China are considering fastest growing region due to increasing aging population, growing awareness about new technology, and availability of funds. Additionally, they are open to adopting new technology, and best treatment option from developed countries in order to improve the quality of life for their citizen. Furthermore, increasing demand for quality devices in the healthcare is projected to lead to the use of advanced equipment, which, in turn, is likely to increase the market growth of the robotics prosthetics in the region. Increasing demand for quality product attract the focus of market players in this region, thus, they are introducing the advanced technology to maximize the profit in this region. Also, the lower cost of treatment in India attracts patient population from other countries.
On the other hand, in the Middle East and Africa holds the lowest market share owing to the incapability of investment and poor healthcare infrastructure.
Key Players in the Robotics Prosthetics Market:
The global robotics prosthetics market is highly fragmented with the presence of many local players and international players. The main focus of these players is cost reduction and innovation to ensure sustainability. In addition, the international players implemented growth strategies through collaborations and partnerships to expand their overall market share.
Touch Bionics Inc. and Touch Bionics Limited. (U.S.), HDT Global (U.S.), SynTouch Inc. (U.S.), Shadow Robot Company (U.K), SynTouch, LLC (U.S.), Shadow Robot Company (UK), Stryker Corporation (U.S.), Smith & Nephew (U.K), Aethon (U.S.), ReWalk Robotics (Israel), Medrobotics Corporation (US), KUKA Roboter GmbH (Germany), Intuitive Surgical, Inc. (U.S.), Mazor Robotics Ltd. (Israel), Hansen Medical, Inc. (U.S.), Transenterix, Inc. (U.S.), and ZOLL Medical Corporation (U.S.).
Robotics Prosthetics Market-Overview:
In healthcare, robots are now most widely used for various purposes such as surgery. The demand for robotic prosthetic is found to be increasing across the globe, especially in the developed countries of Americas and Europe. Increasing number of amputation cases, as a result of severe injuries to various body parts drives the market. Furthermore, the rising prevalence of obesity, diabetes, vascular disease, stroke, and arthritis also contribute to the increasing number of amputation cases.
According to the estimates published by the Amputee Coalition, approximately 185,000 amputations are performed in the U.S each year. According to the EksoZeroG, in 2015, 625,000 occupational injuries occurred in the manufacturing and construction industries and the U.S. alone spends USD 21 billion per year on workplace-related injuries that drains productivity.
Additionally, the market is expected to show extensive growth in Asia Pacific regions, especially in China. International Diabetes Federation stated that about 420 million adult population worldwide was suffering from diabetes in 2016, which is increasing at the rate of 8.4% per year and is expected to reach 625 million by 2040.
As per the Lancet study, China, and India have high diabetic population as compared to other Asian countries. The number of diabetic population in China has increased from 20.4 million in 1980 to 102.9 million in 2014. In India, the diabetic population roused from 11.9 million in 1980 to 64.5 million in 2014. Prevalence of diabetes has more than doubled for men in India and China and 50% among women in China and 80% among women in India.
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Strategic approaches adopted helped the major players in the market to sustain their growth and develop their business in various geographical areas across the globe. Agreements and collaborations, mergers and acquisitions, and new product launches are various strategies followed by the key players.
HDT Global, headquartered in the US, is a robotics prosthetics manufacturing company. It is the first company to develop an electrically powered prosthetic hand with five independently powered fingers and the company continues to be a pioneer in upper limb prosthetics.
Touch Bionics Inc. and Touch Bionics Limited:
- Touch Bionics Inc. and Touch Bionics Limited. Is a leading provider of prosthetic technologies and supporting services designed to ensure the best possible outcomes for people with upper limb deficiencies. I-limb ultra is the major product manufacture by the company.
- May, 2016: Touch Bionics Inc. and Touch Bionics Limited. Introduced digitally controlled supro wrist. It is based on i-mo technology in conjunction with our new digital electrodes, which helps to move both wrist and fingers simultaneously to perform a particular task with free movement.
SynTouch, LLC is a company that offer various product under robotic prosthetics, and sensor technology. The major products offered by the company are hand prosthetics for patients that have under gone amputation. BioTac and BioTac SP sensors are the most popular biomimetic tactile devices used across the world.
Market Growth in America:
There is an increasing demand for robotic prosthetics owing to increasing number of injuries in the U.S. and Canada as well as rising demand for technological advanced devices and equipment’s by healthcare institutes. According to the International Osteoporosis Foundation (2013), approximately 1.4 million Canadians and 44 million people in the US are suffering with either osteoporosis or low bone mass. Increasing awareness among the people towards the use of innovative technologies and high healthcare spending of the people has fuelled the market growth. The growth of medical device industry also accelerates the market, supported by innovative product development by key players in the market, and availability of medical technologies.
The global robotics prosthetics market is segmented on the basis of product, by technology, application, and end user.
On the basis of the product, it is segmented into prosthetic arms, prosthetic feet/ankles, prosthetic legs/knees, prosthetic hands, and others.
On the basis of the technology, it is segmented into prosthetic foot materials, Bluetooth, microprocessor knees, myoelectric technology, and others.
On the basis of the application, it is segmented into the lower body extremity and upper body extremity.
On the basis of the end user, it is segmented into hospitals, clinics, and others.
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