New York, USA, June 08, 2023 (GLOBE NEWSWIRE) -- Robotic Prosthetics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Robotic Prosthetics Market Research Report Information By Products, Technology, Application, and End Users - Global Forecast till 2030, the market is projected to reach USD 1,269.6 million by 2030 at 9.30% CAGR during the forecast period 2022-2030.
Market Scope:
The worldwide increase in many removal cases inferable from different danger factors like mishaps, serious wounds, carcinogenic tumors in the bone or muscles of appendages, and appendage disease is key driving variables for the growth and development of the Robotics Prosthetics Market all over the world. Robotic prosthetics are regarded as a false limb that improves the function and manner of life of a person who is missing a body component. Advanced robotic prosthetics effectively restore the normal function of the lost limbs. With cutting-edge technology, synthetic limbs can now be restricted by PC, brain, and sensation. The growth of this robotic prosthetics market is greatly influenced by rising elderly population, rising interest in cutting-edge innovation, and rising prevalence of various diseases.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 1269.6 million |
| CAGR | 9.30% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Products, Technology, Application and End Users |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing prevalence of different diseases drive the growth of this market |
| Increasing demand for the advanced technology |
Robotic Prosthetics Market Competitive Dynamics:
The major key players in the market of Robotics Prosthetics are mentioned below
- HDT Global Inc (U.S.)
- ZOLL Medical Corporation (U.S.)
- Smith & Nephew (U.K)
- Hansen Medical, Inc. (U.S.)
- Transenterix, Inc. (U.S.)
- Touch Bionics Inc. (U.S.)
- Aethon (U.S.)
- Re Walk Robotics (Israel)
- Syn Touch, LLC (U.S.)
- Shadow Robot Company (U.K)
- Stryker Corporation (U.S.)
- Medrobotics Corporation (U.S.)
- KUKA Roboter GmbH (Germany)
- Intuitive Surgical, Inc. (U.S.)
- Mazor Robotics Ltd. (Israel)
Robotic Prosthetics Market Trends
Market Drivers
The market development has been energized by the rise in breaks, rising public awareness of the use of innovative innovations, and high medical care spending. The market is primarily driven by the rapid innovation in the robotics industry, which is utilizing artificial intelligence, 3D printing, and rising demand for specialized bionic prosthetics. Another important factor in the surge in demand for robotic prosthetics is the high rate of amputation owing to accidents, chronic illnesses, and congenital diseases. The steadily growing population and urbanization are some of the other factors supporting market growth. Overall improving financial conditions support the growth of the robotics prosthetics business by enabling access to a high standard of living, improving medical treatment, and increasing consumers' purchasing power.
The global rise in the number of removal cases resulting from various risk factors, such as accidents, severe wounds, cancerous tumors in the bone or muscles of appendages, and appendage disease, is one of the main factors driving the growth and development of the robotic prosthetics market worldwide. Additional contributing factors to the rising number of removal cases include obesity, diabetes, vascular disease, stroke, and joint pain. The market for clinical devices has grown quickly, supported by creative product development by key stakeholders looking for advancements, and the integration of IT into medical services has sped up this process. The main market drivers are accelerating market expansion in the anticipated time frame.
Market Limitations
A few of the factors that could impede the market's growth during the anticipated time frame include the availability of expensive treatment options and hopeless repayment plans in the world's developing nations. In addition, obstacles including inadequate financing methods for purchasing advanced mechanical prosthetics are thought to impede market growth, particularly in developed economies.
COVID-19 Analysis:
The growth and development of the robotic prosthetics sector have been influenced by the COVID-19 outbreak. COVID-19 had an impact on the market as a whole, and it also slowed down development in 2019 and 2020. The organizations and associations in the market, which is navigating the COVID-19 emergency to managing risk and digitizing tasks to provide trusted data and experiences to the leaders, care most about our most recent analysis, points of view, and bits of knowledge on the administration. The market initially noticed a slowdown in market expansion. However, the increased use of robotic prosthetics in a variety of settings, including hospitals, airports, and other locations, is anticipated to accelerate market expansion over the foreseeable future.
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Robotic Prosthetics Market Segmentation:
By technology
In 2020, MPC innovation dominated the market, and it is anticipated that it will continue to grow at a lucrative rate during the projected time span. Myoelectrical prosthetics is anticipated to grow at the fastest rate within the projected time range. The wearer is not subjected to any additional pressure or muscular effort as the prosthetics operate on electric force. Over the anticipated time range, it is anticipated that this advantage of myoelectrical innovation over MPC will drive part development.
By Extremity
The lower limit, which dominated the market in 2020, is also anticipated to grow at the fastest clip during the estimated time frame. The increased prevalence of vascular diseases and expanding removals of the lower appendage are projected to propel section development. In addition, the launch of innovative products by major players is anticipated to fuel the growth of the Robotics Prosthetics Market over the estimated time frame.
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Robotic Prosthetics Market Regional Analysis
2020 will see North America dominate the robotic prosthetics market, accounting for 43.5% of global sales. Expanding medical care use, improvements in automated space, and a strong government commitment to encourage mechanical innovation in the U.S. are the key factors driving the development of the market. The American robotic prosthetics market is being developed primarily by the United States. The prevalence of muscular diseases in the area has contributed to the rise in popularity of robotic prosthesis. A few other factors influencing business sector development are high medical care speculations and the existence of a developed medical care sector with a preference for the acceptance of trendsetting innovation. Surprisingly, Mexican Americans are at a high risk for osteoporosis and are therefore helpless against bone problems that can necessitate the use of robotic prosthetics.
Based on growing interest in the automated area and increased demand of medical services, the Asia Pacific region is anticipated to experience the fastest growth.
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