Robotics Prosthetics Market
Global robotics prosthetics market is witnessing a constant rise over the past few years. Increasing product and technology are the latest trends in the robotics prosthetics industry. Other robotics prosthetics market trends include the development of a prosthesis with an interface that does not require a brain implant to coordinate the movements, invasive procedures.
Also, the usages carbon fiber material to make prosthesis is the latest shift among several other robotics prosthetics trends. There had been significant numbers of researches performed to find a material that is much more life-like material and gives greater comfort and confidence for amputees. These innovations have not only improved the functionalities of prosthesis but have also enabled them to garner significant market prominence.
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As a result, the uptake of robotics prosthetics has been increasing widely, allowing its market to garner huge traction on a global level. According to Market Research Future (MRFR), the global robotics prosthetics market is projected to perceive exponential increase by 2027, growing at approximately 9.5% CAGR throughout the review period (2016 – 2027).
Augmenting market demand majorly attributes to the increasing numbers of severe accidents, diseases, and injuries that require amputation of one or two limbs. Besides, the increasing geriatric populations are expanding the size of the prosthetics market further on the global front. Furthermore, the spreading awareness among people about the availability and advantages of robotics prosthetics acts as a significant tailwind pushing the market growth.
Robotics Prosthetics Market – Segments
The analysis has been segmented into five major dynamics.
By-Products: Prosthetic Arms, Hands & Legs, Prosthetic Knees, Feet & Ankles, and others.
By Technology: Microprocessor, Bluetooth, Myoelectric Technology, and others.
By Application: Lower & Upper Body Extremity, and others.
By End-users: Hospitals and Clinics, and others.
By Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Based on the technology, the market is segmented into Bluetooth, microprocessors, myoelectric technology, targeted muscle reinnervation, 3D printing, and others. The Bluetooth technology offers small wireless range battery operated assistance. Prosthetics developed with these technologies have a motor inside that mimics the motions of the other limb.
Microprocessors technology is mainly used for prosthetics involving the above-knee body parts. Microprocessor knees have an internal computer inside that monitors the fluid in the knee to ease the process of walking. The technology prevents buckling by monitoring fluid in the knee using the microprocessor in the knee.
The myoelectric technology uses a battery & electric motors to detect muscle, nerve, and EMG activity, which is then translated into movement via motors in the prosthetics. Targeted muscle reinnervation combined with myoelectric technology involves a surgery that reassigns nerves to control the limb into another part of the body.
Robotics Prosthetics Market – Regional Analysis
North America possesses the largest share in the global robotics prosthetics market. Rising prevalence of disorders such as osteoporosis and low bone mass at the femur neck drive a huge share in the robotics prosthetics market. Moreover, factors such as the high healthcare expenditures and significant technological advances, alongside the rising occurrences of orthopedic diseases, create a massive demand for the robotics prosthetics. The North American market is projected to create a larger revenue pocket over the review period, continuing with the same robotics prosthetics market trends.
Europe takes the second-leading position in the global robotics prosthetics market. Factors such as the rising per-capita healthcare expenses and growing support for R&D activities from the public & private sectors boost the regional market growth. Besides, the well-penetrated healthcare sector in the region and increasing investments made to develop healthcare technologies, alongside the rising number of patients seeking robotic prosthetics in the region, foster the growth of the robotics prosthetics market in Europe.
The robotics prosthetics market in the Asia Pacific region is growing briskly. The market is predominantly led by the growth in the population and economy, spreading awareness, and the availability of funds & advanced medical technologies. Markets in India and China are contributing to the regional market growth, significantly. Also, augmenting demand for quality prosthetics is projected to widen the size of the prosthetics market. The robotic prosthetics market in India is attracting a vast patient pool from other countries due to the availability of cost-competitive prosthetic systems. This is expected to drive the market growth in the APAC region.
Robotics Prosthetics Market – Competitive Analysis
The robotics prosthetics market appears highly competitive and fragmented due to several well-established players forming a competitive landscape. Key Players are motivated to bring innovations in their product line & technology and focus on R&D in order to develop the technology further. To drive market competition, players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch. Multinational companies acquire small yet promising companies from emerging markets. The market structure is rapidly changing due to the increasing strategic approaches between private practice centers and technology providers.
Robotics Prosthetics Market Major Players:
Players active in the robotics prosthetics market, include Touch Bionics Inc. (US), Smith & Nephew (UK), ReWalk Robotics (Israel), SynTouch, LLC (US), Shadow Robot Company (UK), HDT Global Inc. (US), KUKA Roboter GmbH (Germany), Stryker Corporation (US), Aethon (US), Medrobotics Corporation (US), Intuitive Surgical, Inc. (US), Transenterix, Inc. (US), Mazor Robotics Ltd. (Israel), Hansen Medical, Inc. (US), and ZOLL Medical Corporation (US), among others.
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Robotics Prosthetics Industry/ Innovation/ Related News:
October 03, 2019 — Precision Valve & Automation Inc. (PAV – the US), a global supplier of precision valve solutions, announced the acquisition of Create Orthotics & Prosthetics (the US), a provider of 3D printed orthotic & prosthetic devices. The company said that the deal aligns with its strategy to move into medical additive manufacturing, which would further expand its product line beyond the traditional core electronics assembly market.
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