Robotic Prosthetics Market – Overview

Robotic prosthetics is gaining popularity due to its effectiveness and ability to restore some of the movement in the limbs. Market intense reports related to the healthcare industry amid others lately have been made available by Market Research Future which issues reports on this industry. The Robotic Prosthetics Market Size is projected to grow with a CAGR of 9.5 percent approximately during the forecast period.

Compact robotic technologies have contributed majorly towards the expansion of the market in recent times. This growth trend has been carried further by investment from government authorities. As robotic prosthetics restore most of the everyday functions of an individual, end users are increasingly demanding them. The market is also encouraged by the development of low cost options that are made of lighter materials and using cheaper production methodologies. This has prompted increased inflows of investment that are being directed towards product developments such as position-sensing capabilities, high-resolution tactile capabilities and a neural interface for intuitive and natural closed-loop control to name a few. As a result, the market is set to demonstrate a vigorous growth pace by 2027.

Global Competitive Analysis

The opportunities for growth and innovation have increased at a rapid pace transforming the landscape of the market. The competitors in the market have been spurred to devise strategic road-maps that capitalize on the positive market cues. Engaging and converting prospective opportunities is modifying the growth pace of the market considerably. The momentum of the market’s growth has altered the competitive background of the market. The vital trends and players have established a positive tone for development. By making sure demand and supply are in balance, the competitors can unlock new opportunities for growth. The key players and trends have created a positive tone for development.

Touch Bionics Inc. (U.S.), HDT Global Inc (U.S.), SynTouch, LLC (U.S.), Shadow Robot Company (U.K), Stryker Corporation (U.S.), Intuitive Surgical, Inc. (U.S.), Smith & Nephew (U.K), ReWalk Robotics (Israel), Aethon (U.S.), Hansen Medical, Inc. (U.S.), KUKA Roboter GmbH (Germany), Mazor Robotics Ltd. (Israel), Transenterix, Inc. (U.S.), ZOLL Medical Corporation (U.S.) are some of the chief contenders in the robotics prosthetics market globally.

Industry Segments

The robotics prosthetics market is segmented on the basis of application, technology, product, and end users. The product based segmentation of the market comprises of prosthetic feet/ankles, prosthetic arms, prosthetic hands, prosthetic legs/knees and others. The segmentation based on technology consists of Bluetooth, prosthetic foot materials, myoelectric technology microprocessor knees and others. By application, the market is segmented into upper body extremity and lower body extremity. Lastly, on the basis of the end user, the market is segmented into clinics, hospitals, and others.

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Detailed Regional Analysis

The Americas region controls the regional analysis of the robotics prosthetics market due to constantly developing technology and growing prevalence of orthopedic diseases. The European region has the second position in the robotics prosthetics market due to government backing for research & development and accessibility of funds for research. These factors are anticipated to continuing driving the European market over the forecasted period. As a result of this, countries like Germany and France are raising investment in the healthcare domain.

The Asia Pacific region is an enormous market. China and India are regarded as rapidly developing regions owing to rise in aging population, mounting awareness about new technology, and accessibility to funds. Moreover, they are adopting new technology and implementing the best in class treatment option from technologically advanced countries in order to improve the quality of life for their citizens. The growing demand for quality devices in the healthcare sector is anticipated to encourage the use of advanced equipment, which, in turn, is expected to grow the market for robotic prosthetics in the region. Growing demand for quality products has also been seen as an instrumental factor in attracting the focus of market competitors in this region. They are encouraging the growth of advanced technology to make the most profit in this region. Also, the lesser cost of treatment in India has increased the appeal for the patient population as compared to other nations. Alternatively, in the Middle East and African region has the lowest market portion due to poor healthcare infrastructure and the incapability of investment.