Dublin, March 11, 2024 (GLOBE NEWSWIRE) -- The "Global Robotic Prosthetics Market by Product Type, by Technology prosthetics, by End User, and By Region" report has been added to ResearchAndMarkets.com's offering.
The global robotic prosthetics market size was estimated to be USD 1.61 billion in 2023 and is expected to reach USD 4.12 billion by 2034 with a CAGR of 8.91% during the forecast period 2024-2034. Rising amputation rates, advancement in robotics technology, growing demand for improved quality of life, government initiatives and support, and integration with emerging technologies will drive the market growth. 
Further advancements in robotics, such as machine learning and artificial intelligence (AI), led to the development of increasingly complex and versatile robotic prostheses. Automated prosthetic devices move more naturally and with greater precision because of improved feedback systems and sensor technology. For instance, in 2023, the British business Touch Bionics, which specializes in upper-limb prostheses, had its assets bought by Ossur. With this acquisition, Ossur will be able to reach more clients and diversify its product line.
By product type, the lower limb prosthetics segment accounted for the highest revenue-grossing segment in the global robotic prosthetics market in 2023 owing to the advancements in technology, which led to the development of highly sophisticated and customizable lower limb prosthetics. For instance, Ottobock introduced the Genium X3, a revolutionary bionic knee, in 2022. Its design aims to make it easier to operate than earlier models. Additionally, the upper limb prosthetics segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing focus on restoring functionality and dexterity for individuals with upper limb amputations.
By technology, the myoelectric prosthetics segment accounted for the highest revenue-grossing segment in the global robotic prosthetics market in 2023 owing to the seamless integration of sophisticated myoelectric control technology, enabling users to achieve more natural and intuitive control over their prosthetic limbs. For instance, Ossur bought Touch Bionics in 2023. Innovative prosthetic hands from Touch Bionics, such as the i-Limb, and the bebionic hand, are well-known. Additionally, the microprocessor-controlled prosthetics segment is predicted to grow at the fastest CAGR during the forecast period owing to the increased emphasis on enhancing user mobility and stability through advanced control mechanisms.
By end-user, the hospitals segment accounted for the highest revenue-grossing segment in the global robotic prosthetics market in 2023 owing to the increased adoption of robotic prosthetic technologies for rehabilitation and patient care, with hospitals being at the forefront of integrating these advanced solutions into their comprehensive healthcare services. For instance, Open Bionics introduced the Hero Arm in 2022, a novel prosthetic arm that is intended to be simple and inexpensive to produce. Additionally, the prosthetic clinics segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing recognition of the specialized expertise and tailored services offered by prosthetic clinics, as well as an increasing focus on personalized care for individuals with limb loss.
The North American region is anticipated to have the highest revenue share during the forecast period owing to the robust technological infrastructure, a high prevalence of limb loss cases, and widespread adoption of advanced medical technologies. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rising awareness of advanced healthcare technologies, an increasing prevalence of limb loss cases, and expanding efforts to enhance accessibility to prosthetic solutions.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Product Type, Technology, and End-User
- Market Forecast for 5 Regions and 17+ Countries
- Company Profiles of the Top 10+ Major Market Players
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $1.61 Billion |
| Forecasted Market Value (USD) by 2034 | $4.12 Billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Research Methodology
2. Introduction
2.1. Market Definition
2.2. Global Robotic Prosthetics Market Overview
3. Executive Summary
4. Market Environment Analysis
4.1. Porter's 5 Forces Analysis
4.2. PESTEL Analysis
4.3. SWOT Analysis
5. Market Dynamics
6. COVID-19 Impact Analysis
7. Robotic Prosthetics Market: Product Type Estimates & Trend Analysis
7.1. Product Type Segment Opportunity Analysis
7.2. Lower limb prosthetics
7.3. Upper limb prosthetics
8. Robotic Prosthetics Market: Technology Estimates & Trend Analysis
8.1. Technology Segment Opportunity Analysis
8.2. Myoelectric prosthetics
8.3. Microprocessor-controlled prosthetics
8.4. Brain-computer interface (BCI) prosthetics
9. Robotic Prosthetics Market: End-User Estimates & Trend Analysis
9.1. End-User Segment Opportunity Analysis
9.2. Hospital
9.3. Prosthetic clinics
9.4. Rehabilitation centers
10. Regional Market Analysis
10.1. Regional Market Opportunity Analysis
11. North America Robotic Prosthetics Market
12. Europe Global Robotic Prosthetics Market
13. Asia Pacific Global Robotic Prosthetics Market
14. Latin America Global Robotic Prosthetics Market
15. MEA Global Robotic Prosthetics Market
16. Competitor Analysis
16.1. Company Market Share Analysis, 2023
16.2. Major Recent Developments
17. Company Profiles
- Ossur
- Ottobock
- Fillauer
- Endolite
- Blatchford Group
- Touch Bionics
- HDT Global
- Open Bionics
- Freedom Innovations
- Vincent Systems
- Bionik Laboratories
- Myomo Inc.
- Ekso Bionics
- Rewalk Robotics
- Prosthetic Laboratories of Rochester.
For more information about this report visit https://www.researchandmarkets.com/r/a367gd
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