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
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
Middle East & Africa, Asia Pacific, the Americas and Europe are the key markets for robotics prosthetic.
Largest portion of the robotics prosthetics market is controlled by the Americas. Robust demand for robotic prosthetics in the United States (U.S.) results in regional dominance. Government support in the form of investments for developing technologically advanced prosthetic limbs for veterans and soldiers benefits the market. The Centers for Disease Control and Prevention revealed in 2015 that the high number of osteoporosis cases as well as low bone mass at the femur neck in the U.S. are prevalent mostly in adults aged 50 years. Besides, the highest prevalence of osteoporosis has been recorded among Mexican-American adults accounting for 24.9%, with the condition affecting about 15.7% of the non-Hispanic white adults. These factors are promoting market growth in the region, MRFR reports.
Europe stands as the second-biggest market for robotics prosthetics. The market growth is in response to the growing government support with respect to research and development in the robotics prosthetics fields. France and Germany witness massive investment in the healthcare domain, which makes them the top contributing countries in the region.
Asia Pacific notes the fastest growth rate in the worldwide market. In the region, India and China could note fast-track growth on account of the expanding aging population and the mounting awareness about advanced technology. Surging amount of funds for research and development, as well as the availability of best treatment options, add to the market strength. Increasing demand for sophisticated healthcare facilities as well as gadgets also pushes market growth to a great extent. Another critical factor could be the lower cost of treatment compared to other regions.
Middle East and Africa accounts for the smallest market for robotics prosthetics due to scarce investment and substandard healthcare infrastructure.
Segmentation – Robotics Prosthetics Market
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.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
TOC Continued…
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