Vancouver, British Columbia, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The global advanced prosthetics and exoskeletons market is projected to reach a value of USD 5.43 Billion at 10.2% CAGR by 2028, according to latest analysis by Emergen Research. Introduction of Artificial Intelligence in more modern healthcare facilities, improvements in the medical sector, and advancements in robotics technology are among some of the key factors driving market growth.
Lower limb prosthetics are most widely used in countries across the globe. Most cases of accidents require lower limb prosthetics for surgery. Unlike various other medical devices, prosthetic limbs are not mass-produced or readily available for purchase at a majority of local pharmacies or medical stores. Diabetes, vascular diseases, and road and industrial accidents account for significantly high demand for lower limb prosthetics and solutions as a result of loss of limb or amputations. Lower-limb prostheses offer a user increased stability while standing and walking, and also offers a high level of comfort and shock absorption during such activities.
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The global advanced prosthetics and exoskeletons market is expected to remain highly competitive and fragmented, with major and new entrants accounting for significant market share.
Further key findings in the report
- In July 2018, Cyberdyne Inc. acquired the Photoacoustic Imaging business of PreXion Corporation, which is a subsidiary of Funai Kosan Co. Ltd. Cyberdyne Inc. is a Japanese robotics and technology company that markets and distributes HAL robotic exoskeleton suits.
- Based on product type, the market is segmented into lower limb, upper limb, and full body. The lower limb segment is expected to register a CAGR of 11.6% CAGR during the forecast period.
- North America is major market for advanced prosthetics and exoskeletons. Rising number of motor and industrial accidents, increase in prevalence of chronic diseases, and increasing number of multispecialty healthcare centers are contributing significantly to overall growth of the market in the region. The market in the United States is a significant revenue contributor to the North America market, and the trend is expected to continue over the forecast period.
- Key players operating in the global advanced prosthetics and exoskeletons market are Bionik Laboratories Corporation, ReWalk Robotics, AlterG Inc., Bauerfeind AG, Cyberdyne Inc., DJO Global Inc., DeRoyal Industries Inc., Blatchford Group, Ossur hf, and Willow Wood Global LLC.
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For this report, Emergen Research has segmented the global advanced prosthetics and exoskeletons market based on diagnosis type, application, end-use, and region:
- Product Type Outlook (Revenue: USD Billion; Volume: Thousand Units; 2018–2028)
- Lower Limb
- Upper Limb
- Full Body
- Application Outlook (Revenue: USD Billion; Volume: Thousand Units; 2018–2028)
- Hospitals
- Clinics
- Orthotic and Prosthetic Centers
- Others
- Mobility Outlook (Revenue: USD Billion; Volume: Thousand Units; 2018–2028)
- Stationary
- Mobile
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- Regional Outlook (Revenue: USD Billion; Volume: Thousand Units; 2018–2028)
- North America
- U.S.
- Canada
- Europe
- Russia
- UK
- Germany
- France
- BENELUX
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest of MEA
- North America
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