Robotic Prosthetics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
The medical robotics industry has undergone significant development. From the introduction of robots to perform basic activities such as assistance in surgical procedures and endoscopy, medical robots are now used in a wide range of applications such as neurosurgeries, microsurgeries, radiology, emergency response, and prosthetics. Robots are also used in non-medical applications in hospitals. Currently, a wide range of medical robots are available commercially. Large scale research is being conducted to introduce breakthrough technologies in medical robots. Robotic limbs and present-day prosthetics are described as mechanical limbs, which are managed by nerve impulses and microprocessors. Companies operating in prosthetics field is developing into building exoskeletons. Exoskeletons are artificially intelligent and wearable. It is a bionic device that helps in enabling partially handicapped patients to walk again. Such kinds of robotic prosthetics have moved to actual physical replacement from simply esthetic replacement with all biological limb functions.
Progressions in the processors used in the myoelectric arms has allowed developers to make improvements in fine-tuned control of the prosthetic. Technological advancements, increase in cases of amputation across the globe, and initiatives by nonprofit organizations and government organizations to facilitate the funding of robotic prosthetic devices are some of the factors driving the global robotic prosthetics market. Severe injuries, cancerous tumors in bones or muscles of limbs, accidents, limb infections, and frostbites have increased the number of amputations. Other causes such as diabetes, obesity, vascular disease, arthritis, and stroke also add to the number of amputation cases. According to Amputee Coalition, approximately 185,000 amputations are performed in the U.S each year. This is expected to boost the demand for robotic prosthetics during the next few years.
The global robotic prosthetics market can be segmented based on product type, technology, application, end-user, and geography. In terms of product type, the global robotic prosthetics market can be divided into prosthetic arm, prosthetic knee, prosthetic feet/ankle, prosthetic hand, and others. Based on application, the global robotic prosthetics market can be bifurcated into upper body extremity and lower body extremity. Based on technology, global robotic prosthetics market can be split into MPC prosthetics, myoelectric prosthetics, and others. In terms of end-user, the global robotic prosthetics market can be classified into hospitals, specialty clinics, and others. Increase in usage of connectivity technologies such as myoelectric technology, Bluetooth, and microprocessor controller has propelled the demand for robotic prosthetic devices. Additionally, developments in materials science have augmented the use of carbon fiber and thermoplastics materials in the manufacture of robotic amputation devices, which is enhancing the overall effectiveness of robotic prosthetic devices. Rise in adoption of these technologically advanced products and growing awareness about these advancements in developed nations are some of the factors estimated to drive the global robotic prosthetics market during the forecast period.
In terms of geography, the global robotic prosthetics market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of value, North America is expected to dominate the global robotic prosthetics market due to the high demand for robotic prosthetics in the U.S. Dominance of the region can also be ascribed to the initiatives of the U.S. Government to invest in technologically advanced prosthetic limbs for soldiers and veterans. The robotic prosthetics market in Europe and Asia Pacific is projected to expand significantly owing to several factors such as increase in adoption of robotic prosthetics and technological advancements.
Key players operating in global robotic prosthetics market include Touch Bionics, Inc., Human Technology Inc., HDT Global, Shadow Robot Company, SynTouch, Inc., Ottobock, Endolite, and Össur Americas.
The report offers a comprehensive evaluation of the robotic prosthetics market. It does so via in-depth qualitative insights, historical data, and verifiable projections about robotic prosthetics market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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