The Global Robotics Prosthetics Market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 9.5% during the forecast period (2016-2027). Robotics prosthetics can be referred to as an artificial limb, which improves the lifestyle and function of a person with a missing body part.
The rising number of trauma cases and accidents and surging incidences if chronic diabetes has increased the number of amputation surgeries in the U.S. Robotics prosthetics help to mimic the functionality and appearance of missing body parts. The type of prosthetics always depends on the stability, size, use, type, and age of the person. Thus, consumers prefer customized robotics prosthetics depending on their requirements. The soaring demand for customized prosthetics will thus drive the robotic prosthetics market in the foreseeable future.
The advent of mind-controlled humonics is considered one of the most vital robotic prosthetic trends that is likely to impact the market growth, especially in the U.S. It helps to fulfill the unmet needs of volitional control and lost sensation and development of aesthetics like gestures, which is not possible with orthopedic prosthetics. With sensory feedback technology, humonics offer mind-controlled and user-centric prosthetics, thereby providing users complete control. Such advancements are estimated to encourage the market growth in the long run.
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On the contrary, robotic prosthetics are not well covered under insurance policies, which is likely to deter the market growth. Additionally, these prosthetics are expensive, thus making them inaccessible to the users. This is likely to restrict the market growth in the foreseeable future.
Key Players – 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.
The top players operating in the robotics prosthetics market include
- Touch Bionics Inc. (U.S.),
- HDT Global Inc (U.S.),
- Shadow Robot Company (U.K),
- SynTouch, LLC (U.S.),
- Smith & Nephew (U.K),
- Stryker Corporation (U.S.),
- ReWalk Robotics (Israel),
- Aethon (U.S.),
- KUKA Roboter GmbH (Germany),
- Medrobotics Corporation (U.S.),
- Mazor Robotics Ltd. (Israel),
- Intuitive Surgical, Inc. (U.S.),
- Transenterix, Inc. (U.S.),
- Hansen Medical, Inc. (U.S.), and
- ZOLL Medical Corporation (U.S.).
Industry Update – Robotics Prosthetics Market:
August 2019: An all-new electronic skin system, Asynchronous Coded Electronic Skin is equipped with ultra-high responsiveness and is capable of pairing with any sensor skin layers in order to function efficiently as an electronic skin. This artificial nervous system can give prosthetic devices and robots a sense of touch, which is better than human skin.
June 2019: A mechatronics graduate from Simon Fraser University has designed a 3D printed humanoid robot finger that can mimic the strength and tenderness of a human hand. Robots equipped with these flexible fingers can be used to help people with mobility challenges as well as limb differences.
Regional Analysis – Robotics Prosthetics Market:
Geographically, the robotics prosthetics market spans across Europe, Asia Pacific, America, and the Middle East & Africa.
Considering the global scenario, America is likely to dominate the robotics prosthetics market, mainly due to constantly developing technology, coupled with the rising incidences of orthopedic diseases. As per a study published in 2015 by Center of Disease Control and Prevention, the incidences of low bone mass at the femur neck and osteoporosis in the U.S. are more prevalent in adults of 50 years. This has further contributed to the market growth in America.
Europe acquires the second position in the global market due to high support from the government for R&D activities, coupled with the high availability of funds for research. Countries like France and Germany are increasing their investments in the healthcare domain, which is further supporting the regional market’s growth.
Meanwhile, the Asia Pacific is likely to register a significant growth rate, with countries like China and India considered to expand at the fastest rate owing to the presence of geriatric population, high availability of funds, and rising awareness regarding latest technologies. The region is open to embrace the latest technologies and best treatment options from developed nations to improve the lives of their citizens. The surging demand for quality devices in the healthcare sector is estimated to increase the regional market’s growth. Moreover, the low treatment cost in India is a major factor driving the market’s course.
The Global Robotics Prosthetics Market has been segmented on the basis of technology, product, application, and end user.
By product, the market is segmented into prosthetic feet/ankles, prosthetic arms, prosthetic hands, prosthetic legs/knees, and others.
By technology, the market is segmented into Bluetooth, prosthetic foot materials, myoelectric technology, microprocessor knees, and others.
By application, the market comprises lower body extremity and upper body extremity.
The end users segment comprises clinics, hospitals, and others.
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