LONDON, March 05, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Robotic Prosthetics Global Market Report 2024, the robotic prosthetics industry has experienced robust growth, driven by technological advancements and rising amputation rates.
Forecasting Market Expansion
The robotic prosthetics market, valued at $1.57 billion in 2023, is projected to reach $1.73 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 9.9%. Looking ahead, rapid growth is anticipated, with the robotic prosthetics market expected to achieve a value of $2.54 billion by 2028, growing at a CAGR of 10.1%.
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Unveiling Growth Drivers
Rising amputation rates serve as a significant driver propelling the growth of the robotic prosthetics market. With an increasing number of amputations performed annually, there is a growing demand for advanced robotic prosthetic solutions. The need for innovative prosthetic technologies is underscored by a notable rise in the amputation rate, as reported by the JAMA Network Open Medical Journal.
Spotlight on Industry Leaders
Major players in the industry, including Ottobock SE and Co. KGaA and Össur hf., are leading the way in introducing innovative implant systems to enhance their market position. For instance, Integrum's OPRA Implant System, approved for use in Australia, represents a significant advancement in bone-anchored prostheses, enabling direct skeletal attachment of artificial limbs. Additionally, Ottobock's acquisition of SuitX reflects the company's commitment to expanding its portfolio of exoskeletons and fostering the adoption of robotic prosthetic technologies.
Understanding Regional Dynamics
While North America emerged as the largest region in the robotic prosthetics market in 2023, driven by robust healthcare infrastructure, the Asia-Pacific region is expected to witness the fastest growth. This robotic prosthetics market growth can be attributed to increasing healthcare investments and a rising prevalence of amputations in the region.
Diving into Market Segments
The robotic prosthetics market covered in this report is segmented –
1) By Product Type: Prosthetic Arm, Prosthetic Knee, Prosthetic Feet Or Ankle, Prosthetic Hand, Other Products
2) By Technology: Microprocessor-Controlled Prosthetics, Myoelectric Prosthetics
3) By Extremity: Lower Body Prosthetics, Upper Body Prosthetics
4) By End User: Hospitals, Specialty Clinics, Other End Users
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Stakeholders in the robotic prosthetics industry can leverage comprehensive market insights to drive strategic decision-making and foster business growth. By analyzing market trends, identifying emerging opportunities, and understanding competitive dynamics, companies can develop innovative solutions, forge strategic partnerships, and expand their market presence to address evolving healthcare needs.
As the robotic prosthetics market continues to evolve, stakeholders must remain agile and proactive in navigating dynamic market landscapes. By prioritizing innovation, collaboration, and patient-centric care, the industry can drive advancements in prosthetic technologies and improve outcomes for individuals with limb loss worldwide. Through the strategic utilization of technological innovation and partnerships, companies can position themselves for success in this rapidly growing robotic prosthetics market.
Robotic Prosthetics Global Market Report 2024 by The Business Research Company provides insights on the robotic prosthetics market size, robotic prosthetics market segments, robotic prosthetics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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