PUBLISHER: The Business Research Company | PRODUCT CODE: 1415645
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415645
“Robotic Prosthetics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on robotic prosthetics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for robotic prosthetics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The robotic prosthetics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Robotic prosthetics are artificial limbs or prostheses designed to replace a missing body part that may have been lost due to trauma, disease, or congenital disability. They are designed to work along with human brain signals and incorporate robotics, electronics and materials science to replicate the functionality and appearance of natural limbs as closely as possible.
The main product types of robotic prosthetics are prosthetic arms, prosthetic knees, prosthetic feet or ankles, prosthetic hands and others. A prosthetic arm refers to an artificial device that replaces a missing arm, which may be lost through trauma, disease, or a condition present at birth. The various technology includes microprocessor-controlled prosthetics and myoelectric prosthetics with various extremities such as lower-body prosthetics and upper-body prosthetics. These are used by various end-users such as hospitals, specialty clinics and others.
The robotic prosthetics market research report is one of a series of new reports from The Business Research Company that provides robotic prosthetics market statistics, including robotic prosthetics industry global market size, regional shares, competitors with a robotic prosthetics market share, detailed robotic prosthetics market segments, market trends and opportunities and any further data you may need to thrive in the robotic prosthetics industry. This robotic prosthetics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The robotic prosthetics market size has grown strongly in recent years. It will grow from $1.57 billion in 2023 to $1.73 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to prevalence of chronic diseases, growing geriatric population, growing amputee population, government initiatives.
The robotic prosthetics market size is expected to see rapid growth in the next few years. It will grow to $2.54 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to increase in funding for medical robot research, rise in traumatic injuries, growing demand for sustainable and eco-friendly prosthetics, awareness about prosthetic solutions . Major trends in the forecast period include advances in material science and technology, wearable technology integration, advancements in prosthetic technology, sensory feedback systems, advancements in neuroprosthetics.
The increasing prevalence of orthopedic diseases is set to drive the expansion of the robotic prosthetics market in the foreseeable future. Orthopedic diseases encompass a range of conditions and ailments affecting the musculoskeletal system, which comprises muscles, bones, nerves, and joints. Within the realm of orthopedics, robotic prosthetics play a vital role, offering crucial applications in the treatment and correction of musculoskeletal disorders and injuries. These applications include limb replacement, gait rehabilitation, and the advancement of precision in orthopedic surgical procedures. For instance, as of July 2022, data from the World Health Organization (WHO), a United Nations agency headquartered in Switzerland responsible for global public health, revealed that approximately 1.71 billion individuals worldwide are affected by musculoskeletal conditions. These conditions encompass a range of issues such as low back pain, neck pain, fractures, other injuries, osteoarthritis, amputation, and rheumatoid arthritis. Consequently, the increasing prevalence of orthopedic diseases is a driving force behind the growth of the robotic prosthetics market.
Increasing rates of amputations are anticipated to drive the growth of the robotic prosthetics market in the coming years. Amputation is a surgical procedure involving the removal of part or the entire limb or extremity from the body. The growing frequency of amputations is a significant factor fueling the development and adoption of robotic prosthetics. As the number of amputations rises, there is an increasing demand for robotic prosthetic solutions. For example, a study published in the JAMA Network Open Medical Journal by the American Medical Association in March 2022 reported a noticeable increase in amputation rates, with an annual rise from 13.5 per 100,000 population to 14.8 per 100,000 population, marking an increase of 9% to 16% after the expansion. As a result, the upward trend in amputation rates is poised to stimulate market growth in the robotic prosthetics sector.
The elevated expenses associated with prosthetics have the potential to negatively impact the expansion of the robotic prosthetics market. Robotic prosthetics are artificial limbs or body parts crafted to replace or enhance the function of natural limbs or organs that are missing or damaged. The cost of robotic prosthetics is typically higher compared to traditional prosthetics due to the utilization of advanced technology and materials in their fabrication. For example, in November 2022, Orthotic Prosthetic Center Inc., a prosthetic provider based in the United States, reported that a basic prosthetic leg can be priced at less than $10,000 for uninsured patients, while a computerized prosthetic leg that can be controlled through muscle movements may cost $70,000 or more. As a result, the high expenses associated with prosthetics act as a barrier to the growth of the robotic prosthetics market.
Leading companies in the robotic prosthetics market are making strides by introducing innovative implant systems as part of their strategy to solidify their position in the industry. An implant system in the medical context serves the purpose of replacing a missing joint or bone or providing support to a compromised bone. For example, in April 2023, Integrum, a Sweden-based medical equipment manufacturer, received regulatory approval for its OPRA Implant System in Australia. The OPRA Implant System represents a groundbreaking bone-anchored prosthesis that employs osseointegration to establish a direct connection between the prosthesis and the human body. This innovative approach enables the seamless attachment of an artificial limb directly to the skeleton. Furthermore, the patent coverage of this product extends beyond its application in transfemoral scenarios to encompass a broader range of long bone prosthetic applications, including those involving the upper arm or lower leg.
In November 2021, Ottobock, a German medical device manufacturer, completed the acquisition of SuitX for an undisclosed sum. Through this acquisition, Ottobock's objective is to broaden its range of offerings in exoskeletons, prosthetics, and orthotics, particularly to cater to individuals with spinal cord injuries, and to promote the global acceptance and utilization of exoskeleton technology. SuitX, headquartered in the United States, is a company known for its specialization in the research and development of both occupational and medical exoskeletons, including products based on robotics.
Major players in the robotic prosthetics market are Ottobock SE and Co. KGaA, Ossur hf., Blatchford Limited, HDT Global Inc., DEKA Research & Development Corp., Cyberdyne Inc., College Park Industries Inc., Neuralink Corp., Touch Bionics Ltd., Myomo Inc., Kinova Inc., Open Bionics Ltd., Sarcos Technology and Robotics Corporation, SynTouch LLC, Ekso Bionics Holdings Inc., Fillauer LLC, WillowWood Global LLC, Shadow Robot Company Limited, Infinite Biomedical Technologies LLC, Marsi Bionics S.L., Aether Biomedical Pvt Ltd., Coapt LLC, Esper Bionics Inc., Psyonic Inc., Vincent Systems GmbH .
North America was the largest region in the robotic prosthetics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in robotic prosthetics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the robotic prosthetics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The robotic prosthetics market consists of revenues earned by entities by providing prosthetic maintenance and support such as training and rehabilitation and regular checkups. The market value includes the value of related goods sold by the service provider or included within the service offering. The robotic prosthetics market also includes sales of bionic limbs, upper limb prosthetics, lower limb prosthetics and microprocessor-controlled prosthetics. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.