The global robotic prosthetic market size is expected to reach USD 2,384.4 Million in 2028 and register a revenue CAGR of 8.9% over the forecast period, according to latest report by Reports and Data. Emergence of mind-controlled humonics is considered one of the most important factors to impact market revenue growth.
Furthermore, rising cases of injuries, road accidents, and growing incidence of chronic diabetes are increasing the number of amputation surgeries being carried out. Robotic prosthetic helps to restore lost functions of missing body parts, along with improving aesthetic appearance. The kind of prosthetic to be used depends on size, type, use, and steadiness and age of the individual. People are increasingly opting for personalized robotic prosthetic, which is expected to increase their demand and thus, drive market growth during the forecast period.
Increasing expenditure on research development to incorporate smart mechatronics and sophisticated sensing and control for achieving lost sensorimotor functions is enabling incorporation of modern technology in devices. This is generating growth opportunities in the global market.
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Robotic prosthetic is not covered under insurance policies in some countries, which may restrict growth of the market. Moreover, robotic prosthetic products are costly, which makes them out of reach to a large section of the population. This may also hamper market growth over the forecast period.
Top Companies Profiled in the Report Include:
- Artificial Limbs and Appliances
- Hansen Medical Inc.
- HDT Global Inc.
- Open Bionics
- ReWalk Robotics
- Smith Nephew
- SynTouch Inc.
- The Shadow Robot Company
- Touch Bionics.
Robotic Prosthetic Market Overview:
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
Some Key Highlights From the Report -
- By application, lower body extremities segment accounted for largest revenue share in 2020. Wide accessibility of lower body extremity devices, launch of new and advanced robotic prosthetic products, and rise in the number of people with lower body amputation are factors driving growth of this segment.
- By end-use, hospital segment accounted for largest revenue share in 2020. Growth of this segment can be attributed to rising cases of severe injuries and road accidents across the globe. Increase in the number of patients suffering from physical trauma, adoption of advanced technologies around the world, and sustainable reimbursement policies are also contributing to market growth.
- Demand for robotic prosthetic is increasing due to its ability to make a limb function normally after the loss of the natural limb. Increasing prevalence of various diseases that result in loss of limb is driving market growth.
- Robotic prosthetic market in North America accounted for largest revenue share in 2020, which can be attributed to factors such as increasing expenditure on healthcare, increasing number of hospitals, and advancement in robotics technology used in robotic prosthetic. Government initiatives to advance robotic technology and prevent amputations are also expected to support regional market growth.
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For this report, Reports and Data has segmented the global robotic prosthetic market based on product type, technology, end-use, application, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
- Prosthetic Arms
- Prosthetic Ankle/Feet
- Prosthetic Knees
- Prosthetic Hands
Technology Outlook (Revenue, USD Million; 2018-2028)
- Myoelectric Technology
- Targeted Muscle Reinnervation
Application Outlook (Revenue, USD Million; 2018-2028)
- Upper Body Extremities
- Lower Body Extremities
End-Use (Revenue, USD Million; 2018-2028)
- Ambulatory Surgical Centers
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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