The global robotic prosthetics market is developing at a significant pace owing to rising incidences of road accidents and increasing severity of orthopedic diseases, particularly in developing nations. Robotic prosthetics help the impaired to regain mobility and improve their quality of life to a great extent. Technological advancements are enabling prosthetics to mimic human movements and capabilities more accurately through sensors and microprocessors. The use of lightweight, high-strength materials further enhances user comfort.
Global Robotic Prosthetics Market is estimated to be valued at USD 1.81 Bn in 2024 and is expected to reach USD 3.30 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9% from 2024 to 2031.
Key Takeaways
Key players operating in the robotic prosthetics are Ottobock, Deka Research and Development Corp, SynTouch LLC, Touch Bionics. Main product types are lower extremity prosthetics, upper extremity prosthetics, and exoskeletons.
Key opportunities in the Robotic Prosthetics market Demand include growing acceptance of technologically advanced robotic prosthetics among young amputees and increased R&D investments by developed nations into developing affordable solutions customized for specific needs and environments.
Global expansion of major players through partnerships and acquisitions remains a significant focus area. For instance, Ottobock strengthened its market position in North America by acquiring Freedom Innovations in 2021.
Market Drivers and Restraints
High prevalence of limb amputation due to various health conditions is a major driver for the robotic prosthetics market. According to WHO estimates, over 1 million people undergo leg amputation annually due to diabetes and related complications. This is expected to fuel demand.
Growing popularity of recreational and adventure sports also contributes to amputations, thereby creating a need for high-performance bionic solutions. Rapid technological advancement is enabling more human-like and responsive prosthetics.
However, high costs associated with sophisticated robotic prosthetics limit their adoption, especially in developing nations. Lack of sufficient reimbursement further restrains the market to a certain extent.
Segment Analysis
Robotic prosthetics market can be segmented into upper limb and lower limb prosthetics. Upper limb prosthetics dominate the market currently as loss of upper limbs is more common compared to lower limbs. Advances in myoelectric technology has enabled more dexterous and intelligent upper limb prosthetics to perform complex hand motions and grasp capabilities.
The lower limb prosthetics segment is expected to witness faster growth during the forecast period. This is attributed to growing number of amputations due to diabetes and other conditions affecting mobility. Technological advances in prosthetic feet and knees have improved mobility and comfort for amputees. Microprocessor controlled knees and feet offer biomechanical advantages over traditional ones.
Global Analysis
North America dominates the Robotic Prosthetics Market Regional Analysis currently due to high healthcare spending and rapid adoption of advanced technologies. Presence of leading prosthetic manufacturers and high reimbursement rates in US and copyright has propelled market growth.
Asia Pacific is poised to be the fastest growing regional market during the forecast period. Increasing incidence of limb loss diseases such as diabetes, growing aging population, and improving healthcare infrastructure in countries such as China and India offer high growth potential. Rising medical tourism and procedural volumes will further augment the regional market in coming years.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)