by Robotic prosthetics aim to restore or replace lost limb function through electromechanical devices. These devices use mechanical parts, electric motors and sensors to power artificial arms, legs, hands and feet. They allow wearers to perform tasks by mimicking natural motions through sensors that detect neural signals or muscle activity. Advancements in bionics and artificial intelligence are fueling innovations in robotic prosthetics.
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 from 2024 to 2031.
Robotic Prosthetics offer advantages like enhanced mobility, fine motor skills, durability and low maintenance over traditional prosthetics. The increasing incidence of amputations due to various medical conditions and injuries has boosted demand for effective prosthetic solutions.
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 companies are investing in R&D to develop advanced robotic prosthetics using technologies like neuromuscular electrical stimulation and pattern recognition systems.
The growing occurrence of diabetes, vascular diseases and road accidents globally has increased the demand for prosthetic devices. According to WHO, every year over 1 million people suffer amputations due to diabetes-related complications. This rising prevalence of amputations and disabled population requires prosthetic replacement and rehabilitation, positively impacting market revenues.
Major players are expanding their business globally, especially in developing regions to tap the increasing requirements. For instance, Ossur acquired College Park Industries to strengthen its prosthetic portfolio and manufacturing capabilities in India. Similarly, Ottobock set up new production facilities in Mexico to cater to the Latin American market.
Market Key Trends
The use of bionics and AI in robotic prosthetics is a key trend. Developers are working on neurobionics that can interpret complex neural signals to offer fine tactile feedback for prosthetic hands. Pattern recognition algorithms also allow prostheses to identify intended motions through machine learning of muscle electrophysiology data. This is enhancing functionality towards regaining near-natural movements.
Porter’s Analysis
Threat Of New Entrants: High upfront investment costs discourage new competitors from easily entering the robotic prosthetics market.
Bargaining Power Of Buyers: Individual consumers have little buying power given the highly specialized nature of robotic prosthetics.
Bargaining Power Of Suppliers: A few key component suppliers exist, giving them some bargaining leverage over robotic prosthetic manufacturers.
Threat Of New Substitutes: Alternative assistive technologies may emerge but robotics is firmly established for prosthetic applications.
Competitive Rivalry: Large firms dominate with extensive R&D budgets and product lines while smaller startups introduce niche innovations.
Geographical Regions
North America currently holds the highest value share in the global robotic prosthetics market due to favorable reimbursement policies and supportive healthcare infrastructure for adoption of advanced technology prosthetics.
The Asia Pacific region is projected to experience the fastest growth over the forecast period. Improving economic conditions are enabling greater healthcare access and expendituare. In addition, an aging population is driving the demand for high-end prosthetic solutions to enhance quality of life.
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?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
