February 24, 2024
Robotic Prosthetics Market

Advancement In Bionic Technology Anticipated To Openup The New Avenue For Global Robotic Prosthetics Market

The Global Robotic Prosthetics Market is estimated to be valued at US$ 2.90 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Overview:

Robotic prosthetics are bionic limbs that incorporate artificial intelligence and robotics to restore functionality similar to natural limbs. These prosthetics respond to electromyographic signals from residual muscles and provide sensory and motor feedback. Majorly used robotic prosthetics include upper-limb prosthetics and lower-limb prosthetics. Upper-limb prosthetics restore functionality of arms and hands through motor-controlled joints, while lower-limb prosthetics replace leg parts and enable mobility through powered ankle and knee joints. Robotic prosthetics offer improved versatility and ability to perform delicate actions compared to traditional prosthetics. Advancements in materials, sensor technology, power sources and control algorithms are enhancing capabilities of robotic prosthetics.

Market Dynamics:

Growing incidence of amputations due to injuries, accidents and diseases is a key driver for the global robotic prosthetics market. According to the National Limb Loss Information Center (NLLIC), over 185,000 amputations are performed annually in the U.S. alone. Moreover, increasing funding for prosthetics research by private and public organizations is also expected to boost the market growth over the forecast period. For instance, Defense Advanced Research Projects Agency (DARPA) invested over $80 million in research for next-generation bionic limbs between 2013 and 2020.

Second major driver for the market growth is rapid advances in neural interfacing technology. Researchers are working on creating direct interfaces between prosthetic devices and residual nerves or brain to restore near-natural sensory and motor control. Successful development of brain-machine interfaces (BMIs) can significantly improve functionality of robotic prosthetics.

Segment Analysis :

The global robotic prosthetics market is dominated by the upper extremity robotic prosthetics segment owing to the increasing prevalence of amputation cases related to shoulders, arms, elbows, forearms and hands caused by accidents or diseases. Upper extremity robotic prosthetics are essential for day-to-day activities like grasping, lifting and carrying objects.

PEST Analysis:

Political: Regulations around novel medical device development and market authorization are becoming more stringent, requiring extensive clinical testing before devices can be commercialized.
Economic: The rising healthcare expenditure across major economies and increasing insurance coverage for prosthetics are fueling the demand for high-end robotic prosthetics.
Social: Growing public awareness about rehabilitation therapies and advanced prosthetic options is encouraging amputees to opt for robotic prosthetics for improved quality of life.
Technological: Continuous technological advancements such as development of myoelectric sensors, dexterous robotic hands, modular prosthetic limbs and battery miniaturization are enhancing functionalities of robotic prosthetics.

Key Takeaways:

The Global Robotic Prosthetics Market  is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing incidence of amputations owing to road accidents, diabetes, and war injuries.

The North America robotic prosthetics market holds the largest revenue share currently and is expected to maintain dominance over the forecast period owing to presence of major players, rapid adoption of advanced technologies, and favorable reimbursement policies in the region.

Europe is also among the fastest growing markets for robotic prosthetics driven by rising geriatric population, increasing healthcare spending, and growing number of amputation cases.

Key players operating in the global robotic prosthetics market are Ottobock, Ossur, Blatchford Group, HDT Global, Fillauer LLC, Steeper Inc., Proteor, PROTUNIX, Endolite and Deka Research and Development Corporation. Key players are focusing on new product launches, investing in R&D and engaging in mergers & acquisitions to strengthen their market presence.

*Note:
1. Source: CoherentMI Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it