Robotics Prosthetics Market – Scenario
Robotic prosthetics are artificial limbs which combine the prosthetics with robotics to offer fully functional prosthetics which allow patients to carry out normal functions with their artificial limbs. This factor alone has boosted the robotic prosthetics market. Market Research Future’s survey of the global robotics prosthetics market has found that the growth of the market is anticipated at a CAGR of 9.5% during the forecast period from 2016 to 2027.
Robotics prosthetics are increasingly witnessing and augmenting demand worldwide. The increasing number of severe accidents, certain diseases, and injuries that demand amputation of one or two limbs are acting as a major driving force pushing up the demand for robotic prosthetics and hence, its market value on the global platform.
Considering the rapid expansions the market perceives currently and the potential this market holds to grow further, Market Research Future (MRFR) in its recently published study report asserts that the global robotics prosthetics market will garner exponential accruals by 2027 posting 9.5% CAGR during the review period (2016 – 2027).
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Growing number of geriatric population is furthering the market size globally. Spreading awareness among people about the availability of these prosthetics and their advantages plays a major role impacting the market growth positively.
Additional factors substantiating the market growth include the ever-increasing population and urbanization. Improving economic conditions worldwide foster the market growth, enabling access to the quality life, and improved health care, also increasing consumers’ purchasing power. Furthermore, seminal efforts and substantial amounts invested by the market players into the development of these prosthetics and technologies are paying off well, driving the market growth.
On the other hand, factors such as inadequate reimbursement policies for the purchase of robotics prosthetics are estimated to obstruct the market growth, especially in the developed economies. Nevertheless, advent integration of ubiquitous technologies such as Artificial Intelligence (AI) along with the 3-D imaging will support the market growth, influencing the market growth positively.
Key Players :
The Global Robotics Prosthetics Market is highly fragmented with the presence of many local players and international players. The main focus of these players is cost reduction and innovation to ensure sustainability. In addition, the international players implemented growth strategies through collaborations and partnerships to expand their overall market share.
SynTouch, LLC, Transenterix, Inc., Intuitive Surgical, Inc., Touch Bionics Inc., Mazor Robotics Ltd., Stryker Corporation, HDT Global Inc, Medrobotics Corporation, Hansen Medical, Inc., KUKA Roboter GmbH, ZOLL Medical Corporation, Smith & Nephew, ReWalk Robotics, Aethon, and Shadow Robot Company
Latest Industry News
September 19, 2018 – A team of Chinese researchers from China developed a skin-inspired tactile sensor for smart prosthetics. The tactile sensor is based on giant magneto-impedance (GMI) material embedded with an air gap and shows desirable sensitivity and low detection limit but also exhibited transduction of digital-frequency signals like human stimuli responses. These features of the GMI-based tactile sensor show potential for its applications in smart prosthetics, especially prosthetic limbs that can functionally replace natural limbs.
September 15, 2018 – Two youngsters from India – Hamayal Choudhry and Samin Khan published their study for a low-cost robotic prosthesis they have created using the 3D technology called the smartARM, which has gained international accolades.
These youngsters are students of University of Ontario Institute of Technology, and Cognitive computer science at the University of Toronto built this smart arm with a high level of functionality with a low-cost to respond to the heavy costs of prosthetics especially for growing kids.
Market Segmentation :
MRFR has segmented its analysis into five key dynamics for enhanced understanding.
By-Products: Prosthetic Arms, Prosthetic Legs/Knees, Prosthetic Feet/Ankles, and Prosthetic Hands among others.
By Technologies: Bluetooth, Microprocessor Knees, and Myoelectric Technology among others.
By Applications: Lower Body and Upper Body Extremity among others.
By End-Users: Hospitals, and Clinics among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
Regional Analysis :
North America accounted for the leading market for robotics prosthetics, globally, followed by the markets in the European & Asia Pacific region, respectively. The market is growing due to the significant contributions from the burgeoning market of the US backed by the prevalence of osteoporosis and low bone mass at the femur neck, rising at an alarming rate.
Moreover, factors such as high expenditures on healthcare, continually developing technology, along with the increasing reported cases of orthopedic diseases occurrences that are increasing demand for the robotics prosthetics are propelling the market growth in the region. Continuing with the same trends, the region is estimated to create a larger revenue pocket in the global market throughout the review period.
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The European region accounts for another lucrative market for robotics prosthetics, standing at the second-largest position, globally. The Europe robotics prosthetics market is predominantly driven by the growing per capita income, rising support for R&D activities from public and private organizations, and the well-established healthcare penetration across the region. Also, the increasing investment in health care and rising number of patients needing robotics prosthetics in the region foster the market growth.
The Asia Pacific region is rapidly emerging as a promising market for robotics prosthetics. The growing markets of India & China backed by the vast population, availability of funds, spreading awareness and availability of medical technologies and treatments are projected to contribute significantly to the regional market growth.
Additionally, the increasing demand for quality devices in the healthcare is projected to lead to the increasing use of advanced equipment, this in turn, is expected to widen the market size of robotics prosthetics in the region. Besides, the availability of low-cost treatments, especially in India attracts a huge patient pool from other countries which as is expected to drive the market growth India and consecutively in the APAC region.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
LIST OF TABLES
Table 1 Robotics Prosthetics Industry Synopsis, 2017-2027
Table 2 Global Robotics Prosthetics Market Estimates And Forecast, 2017-2027, (USD Million)
Table 3 Global Robotics Prosthetics Market By Region, 2017-2027, (USD Million)
Table 4 Global Robotics Prosthetics Market By Products, 2017-2027, (USD Million)
Table 5 Global Robotics Prosthetics Market By Technology, 2017-2027, (USD Million)
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LIST OF FIGURE
Figure 1 Research Process
Figure 2 Segmentation For Global Robotics Prosthetics Market
Figure 3 Segmentation Market Dynamics For Robotics Prosthetics Market
Figure 4 Global Robotics Prosthetics Market Share, By Products 2016
Figure 5 Global Robotics Prosthetics Market Share, By Technology 2016
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