Press release
Robotics Prosthetics Market Top 10 Countries Overview, Key Development, Upcoming Opportunities and Business Insights by Intuitive Surgical, Inc., Touch Bionics Inc., Mazor Robotics Ltd., Stryker Corporation, etc
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. 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.Compact robotic technologies have contributed majorly towards the expansion of the market in recent times. This growth trend has been carried further by investment from government authorities. As robotic prosthetics restore most of the everyday functions of an individual, end users are increasingly demanding them. The market is also encouraged by the development of low cost options that are made of lighter materials and using cheaper production methodologies. This has prompted increased inflows of investment that are being directed towards product developments such as position-sensing capabilities, high-resolution tactile capabilities and a neural interface for intuitive and natural closed-loop control to name a few. As a result, the market is set to demonstrate a vigorous growth pace by 2027.
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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.
Regional Analysis
The Americas region controls the regional analysis of the Robotics Prosthetics Market due to constantly developing technology and growing prevalence of orthopedic diseases. The European region has the second position in the robotics prosthetics market due to government backing for research & development and accessibility of funds for research. These factors are anticipated to continuing driving the European market over the forecasted period. As a result of this, countries like Germany and France are raising investment in the healthcare domain.
The Asia Pacific region is an enormous market. China and India are regarded as rapidly developing regions owing to rise in aging population, mounting awareness about new technology, and accessibility to funds. Moreover, they are adopting new technology and implementing the best in class treatment option from technologically advanced countries in order to improve the quality of life for their citizens. The growing demand for quality devices in the healthcare sector is anticipated to encourage the use of advanced equipment, which, in turn, is expected to grow the market for robotic prosthetics in the region. Growing demand for quality products has also been seen as an instrumental factor in attracting the focus of market competitors in this region. They are encouraging the growth of advanced technology to make the most profit in this region. Also, the lesser cost of treatment in India has increased the appeal for the patient population as compared to other nations. Alternatively, in the Middle East and African region has the lowest market portion due to poor healthcare infrastructure and the incapability of investment.
Market Segmentation
The Robotics Prosthetics Market is segmented on the basis of application, technology, product, and end users. The product based segmentation of the market comprises of prosthetic feet/ankles, prosthetic arms, prosthetic hands, prosthetic legs/knees and others. The segmentation based on technology consists of Bluetooth, prosthetic foot materials, myoelectric technology microprocessor knees and others. By application, the market is segmented into upper body extremity and lower body extremity. Lastly, on the basis of the end user, the market is segmented into clinics, hospitals, and others.
Key Players in the Robotics Prosthetics Market:
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
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Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
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
TOC Continued…
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Statistical Report, Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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