Global Robotic Prosthetics Market is Anticipated to Witness High Growth Owing to Technological Advancements

Global Robotic Prosthetics Market is Anticipated to Witness High Growth Owing to Technological Advancements

Robotic prosthetics are artificial body parts or limbs that work with motorized assistance. They include robotic legs, arms, hips, and ankles. Advancements in robotics and bionics have enabled greater mobility and functionality in prosthetics. Robotic prosthetics offer improved fine motor skills, powered articulation, sensory feedback and functional capabilities beyond passive prosthetics. The growing geriatric population suffering from age-related disabilities and the increasing number of amputations due to Diabetes, vascular diseases and accidents have fueled the demand for bionic limbs.

The Global Robotic Prosthetics Market is estimated to be valued at US$ 1.60 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024-2031.

Key Takeaways 

Key players operating in the Global Robotic Prosthetics are Ottobock, Ossur, Blatchford Group, HDT Global, Fillauer LLC, Steeper Inc., Proteor, PROTUNIX, Endolite and Deka Research and Development Corporation. These players are focusing on developing technologically advanced products with customized functionalities.

The key opportunities in the Robotic Prosthetics market include growing funding for laboratory-grown tissues and implants, expansion into emerging markets through distribution partnerships and collaboration with healthcare providers. There is also scope for development of low-cost bionic limbs for developing nations.

Globally, companies are collaborating with research institutes to gain technological expertise and expand into new regions. For instance, Ottobock has collaborated with Fraunhofer IPA in Germany on robot-assisted prosthetic technologies. Fillauer partnered with Touch Bionics to launch a prosthetic hand with enhanced gripping functions in Europe.

Market Drivers

Rising incidence of limb loss and amputations due to age-related disorders and accidents is a major market driver. It is estimated that by 2050, the number of people requiring a lower limb prosthesis will grow by over 40% compared to 2005 estimates. The growing funding from governments and insurers for high-cost robotic prosthetics is also fueling market growth.

Market Restrains

High cost of technologically advanced robotic prosthetics remains a key challenge, especially in developing countries. The lack of adequate reimbursement policies further hinders their widespread adoption. Weight, bulkiness and limited functionality of current offerings also restraint market prospects to some extent. Batteries need regular recharging and wear and tear of components increases repair and maintenance costs over time.

Segment Analysis

The global robotic prosthetics market is dominated by upper extremity prosthetics segment. About 80% of amputations worldwide involve the upper limbs. Upper extremity prosthetics aid amputees in performing fine motor tasks and gripping objects. Technological advancements are enabling more dexterous and functional upper limb prosthetics that replicate the movements of biological hands and arms.

The global robotic prosthetics market is also gaining traction in the lower extremity prosthetics segment. It constitutes about 15% share currently. Robotic leg prosthetics have features resembling biological ankles and knees to provide more natural gait and stability during walking and movement. Microprocessor-controlled knee and ankle joints in robotic lower limb prosthetics are helping improve mobility for leg amputees.

Global Analysis

Regionally, North America dominates the global robotic prosthetics market currently. The favorable reimbursement policies for medically necessary prosthetics, growing geriatric population, rising prevalence of diabetes and vascular diseases are driving the demand in the region. Europe holds the second largest share due to major players headquartered in the region and increasing funding for healthcare innovation. However, Asia Pacific is emerging as the fastest growing regional market for robotic prosthetics. Rising medical tourism, growing healthcare spending, and improving access to advanced technologies are fueling the growth of robotic prosthetics market in Asia Pacific. Countries like China, India, Japan and South Korea are expected to showcase high adoption in the coming years.

What Are The Key Data Covered In This Global Robotic Prosthetics Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Global Robotic Prosthetics's growth between 2024 and 2031.

:- Accurate calculation of the size of the Global Robotic Prosthetics and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Global Robotic Prosthetics Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Global Robotic Prosthetics vendors

FAQ’s

Q.1 What are the main factors influencing the Global Robotic Prosthetics?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Global Robotic Prosthetics companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Global Robotic Prosthetics’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

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Author Bio:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)