Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Robotic Prosthetic market.
Trusted Business Insights presents an updated and Latest Study on Robotic Prosthetic Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Robotic Prosthetic market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Robotic Prosthetic Market
The global robotic prosthetic market size was valued at USD 1.1 billion in 2020 and is anticipated to witness a lucrative growth of 8.1% over the forecast period 2021-2027. Key factors driving this market include increasing the number of amputation cases at a global level, advancements in robotic space, and initiatives taken by government organizations, such as Centers for Disease Control (CDC) and nonprofit organizations like Amputee Coalition, to facilitate funding and purchases of prosthetic devices for amputee population. Moreover, an increase in limb amputations due to cardiovascular disease, war casualties, tumors, and congenital anomalies is further anticipated to drive the market for robotic prosthetics.
Also, the growing prevalence of vascular disease, obesity, stroke, diabetes, and arthritis led to an increase in the number of amputation cases. According to the estimates provided by the American Academy of Physical Medicine and Rehabilitation in 2019, approximately 30,000 – 40,000 amputations were performed in the U.S. Then, according to the Public Health England (PHE), 27,465 amputations were reported in England between 2015 – 2018. There was a rise of 14 percent as compared to that in 2012-2015. These estimates represent an increase in demand for these devices, which is expected to have a positive impact on the market for robotic prosthetics.
The increasing usage of connectivity technologies such as Bluetooth, microprocessor controller, and myoelectric technology has resulted in increasing the demand for such devices. Furthermore, the advancements in material sciences have introduced the use of thermoplastics and carbon fiber materials in manufacturing robotic amputation devices, which is improving the overall efficiency and reducing the cost of devices. The increased adoption of these advanced products in developed countries and awareness about these advancements are the other factors expected to drive the market for robotic prosthetics over the forecast period.
Government agencies such as the CDC and Defense Advanced Research Projects Agency (DARPA) are undertaking and supporting research and innovations in this field. This increasing government involvement in robotic prosthetics is also an important factor anticipated to increase the demand for these devices over the forecast period. For instance, CDC is funding the ˜Amputee Coalition National Limb Loss Resource Center that offers funds to people with an amputee. DARPA has funded researchers for developing robotic limb prosthetics. Also, DARPA has initiated the ˜Revolutionizing Prosthetics Program for innovating robotic prosthetics.
The U.S government is increasingly investing in research related to robotic technology, which is used in amputation. In the area of robotic upper limb prosthetics, the DEKA arm was developed by DEKA Research and Development Corp. with the funding support of USD 40 million from DARPA under its Revolutionizing Prosthetic Program. DEKA arm is an advanced prosthetic arm capable of performing multiple power-driven movements. Its approval by the FDA in 2016 paved the way for its manufacturing and marketing in the Veterans Affairs (VA) health system.
Technology Insights: Robotic Prosthetic Market
Based on technology, the market for robotic prosthetics is segmented as Microprocessor Controlled (MPC) prosthetics and myoelectric prosthetics. In 2019, MPC prosthetics accounted for the largest revenue share owing to the easy availability of products using this technology as opposed to myoelectric products. Moreover, increasing research for developing novel devices that use MPC technology is an important factor responsible for the largest revenue share of this segment.
However, myoelectric prosthetics technology segment is anticipated to grow at the fastest growth rate of 10.3% over the forecast period. Some of the key factors attributing towards this segment growth include the advantages associated with myoelectric prosthetics such as mobility and the use of electro signals for limb movement. Furthermore, an increasing number of R&D initiatives undertaken by key players and new product launches using this technology is expected to increase the market over the forecast period.
Based on extremity, the global robotic prosthetic market is segmented into upper body extremity and lower body extremity. In 2019, lower body extremity segment held the largest market share. Moreover, the segment is also anticipated to grow at the fastest rate of 9.5% over the forecast period. Large availability of lower body extremity devices in the market for robotic prosthetics, launch of new products by key players, and an increasing number of lower body amputation cases across the globe are the leading factors driving the market.
Moreover, the demand for lower body prosthetics by the geriatric and disabled population is growing at a rapid pace, which is one of the important factors anticipated to increase the usage of these devices over the forecast period. Also, the technological advancements in upper and lower limb robotic prosthetics and the growing adoption of advanced polymers in developing novel prosthetics are the other factors driving the market. This large requirement for lower body robotic prosthetics is anticipated to drive market growth over the forecast period.
Regional Insights: Robotic Prosthetic Market
In 2019, North America lead the market for robotic prosthetics with a revenue share of 43.5%. High penetration technologically advanced products, high healthcare spending, improvements in robotics sectors, and favorable government initiatives to support robotic technology are some of the key drivers responsible for the largest revenue share. Moreover, various initiatives undertaken by the government bodies to prevent amputations in the region are further anticipated to drive the market for over the forecast period.
However, Asia Pacific is anticipated to grow at the fastest rate during the forecast period. Rising geriatric population prone to diabetes and ulcers, on-going investments in robotics, and improving healthcare infrastructure in emerging economies such as India and China are the major factors driving the market. Moreover, increasing medical tourism in the region is further expected to generate the demand for robotic prosthetics in the market.
Robotic Prosthetic Market Share Insights
Some of the key players in this market are
- HDT Global
- EndoliteSynTouch, Inc.
- Touch Bionics, Inc.
- Shadow Robot Company
- Ã–ssur Americas.
The market is highly fragmented due to the presence of many large and small-scale manufacturers. Owing to the highly fragmented nature, players are constantly trying to strengthen their positioning through various strategies, such as mergers & acquisitions, product innovations, and modifications in the existing products.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global robotic prosthetic market report on the basis of technology, extremity, and region:
Technology Outlook (Revenue, USD Million, 2016 – 2027)
- MPC Prosthetics
- Myoelectric Prosthetics
Extremity Outlook (Revenue, USD Million, 2016 – 2027)
- Lower Body Prosthetics
- Upper Body Prosthetics
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