Robotics Prosthetics Market Current Dynamics, Business Opportunities, Trends, Size, Share, Growth of Top Companies and Foreseen by 2027

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 represent immense promise for advanced medical technology, which is in high demand. Medical advancements are being achieved at a rapid pace, and the ability of robotics prosthetics to promote normal limb function after the loss of a natural limb is in high demand. The increasing prevalence of various chronic diseases which can result in limb loss is a key factor driving the growth of the global market. The expanding geriatric population is another driver of the global robotics prosthetics market — increasing cases of fragility fractures combined with an increase in awareness regarding innovative medical technology. Increasing spending on healthcare as well as investments in R&D in the advancement of existing technology are some other factors contributing to the growth of the market.

Robotic prosthetics are not well covered in insurance reimbursement policies which has been a challenge to the adoption of robotic prosthetics. Moreover, robotics prosthetics are expensive, which makes them inaccessible, thus restraining market growth.

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Global Robotics Prosthetics Market – Competitive Landscape

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.

Some of the eminent leaders of the market include Touch Bionics Inc. (U.S.), HDT Global Inc (U.S.), SynTouch, LLC (U.S.), Stryker Corporation (U.S.), Shadow Robot Company (U.K), Smith & Nephew (U.K), ReWalk Robotics (Israel), Aethon (U.S.), Medrobotics Corporation (U.S.), Intuitive Surgical, Inc. (U.S.), KUKA Roboter GmbH (Germany), Mazor Robotics Ltd. (Israel), Transenterix, Inc. (U.S.), Hansen Medical, Inc. (U.S.), and ZOLL Medical Corporation (U.S.)

Industry/ Innovation/ Related News:

December 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.

Regional Analysis

The Americas which comprise of North America and South America are also subdivided into various country level markets. Among these, the U.S leads growth for the Americas regional robotics prosthetics market. The regions high prevalence of orthopedic diseases has resulted in the high demand for robotic prosthetics. High healthcare investments and the presence of a developed healthcare sector which has an affinity toward the adoption of advanced technology are some other factors driving market growth. Notably, Mexican Americas have a high risk for osteoporosis and as such are vulnerable to bone issues that may result in a need for robotic prosthetics.

Europe is a significant market which has a strong affinity toward R&D as evidenced by government support, via encouraging regulations. The high availability for funds toward investments in R&D is driving the growth of the robotics prosthetics market.

The Asia Pacific is a highly promising market due to its sheer size. The region has an immense patient population with growing awareness regarding advanced medical technology. The presence of a rapidly expanding geriatric population is a key driver of the market. The region's healthcare sector is undergoing heavy reforms as well as witnessing increasing investments. Increasing demand among patients for high-quality treatment options is driving international market players to focus on the region. The region also significant in the medical tourism market and as such is likely to attract more patients as the quality of healthcare improves.

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.

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.

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