Robotics Prosthetics Market Overview
Market Research Future (MRFR) predicts a lucrative run for the global robotics prosthetics market at the rate of 9.5% during the forecast period (2018-2027).
Market Potential and Key Barriers
The expansion of the amputee population due to a rise in accidents, diabetes, vascular disease, and frostbite has led the market to greater heights in recent years. The data published by Amputee Coalition reveals that there are close to 2.1 million amputees in the United States (U.S.). The Statistics Brain Research Institute says that about 82% of the amputations were caused by vascular disease, 22% of the total cases occurred due to trauma, and 4% were related to congenital disabilities. On this basis, increasing prevalence of vascular diseases and diabetes have high chances of elevating the demand for robotics prosthetics in the following years.
Rising number of technologically sophisticated products like RHEO KNEE, SYMBIONIC LEG 3, POWER KNEE, and PROPRIO FOOT is projected to uplift product awareness across various regions. In related news, Ossur had developed a mind-controlled prosthetic leg in 2015; which is currently undergoing a series of clinical trials. Boost in research and development (R&D) activities coupled with growing investment by private and public companies to upgrade prosthetic products could do wonders for the market in the speculated timeframe.
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Several initiatives by the government along with nonprofit organizations like Douglas Bader Foundation, CDC, Amputee Coalition and Limbless Association to aid the amputees are prompting the private vendors to invest more in the market. In addition, as April is the Limb Loss Awareness month, this belief helps spread awareness about the limb loss community and also assist those affected by limb loss in achieving their full potential.
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.
Players leading the robotics prosthetics market, include Touch Bionics Inc. (US), SynTouch, LLC (US), HDT Global Inc (US), Stryker Corporation (US), Smith & Nephew (UK), Shadow Robot Company (UK), ReWalk Robotics (Israel), Medrobotics Corporation (US), Aethon (US), Intuitive Surgical, Inc. (US), Mazor Robotics Ltd. (Israel), KUKA Roboter GmbH (Germany), Transenterix, Inc. (US), ZOLL Medical Corporation (US), and Hansen Medical, Inc. (US), among others.
The report is segmented into five dynamics to widen the scope of understanding,
By-Products: Prosthetic Arms, Prosthetic Legs/Knees, Prosthetic Feet/Ankles, and Prosthetic Hands, among others.
By Technologies: Bluetooth, Microprocessor Knees, and Myoelectric Technology, among others.
By Application: Lower Body and Upper Body Extremity, among others.
By End-users: Hospitals, and Clinics, among others.
By Regions: Europe, North America, APAC, and the Rest-of-the-World (RoW).
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