Robotics Prosthetics Companies Information: By-Products (Prosthetic Arms, Prosthetic Feet/Ankles), Technology (Bluetooth, Myoelectric Technology) Application (Lower Body, Upper Body Extremity) And End Users (Hospitals, Clinics) – Global Forecast till 2027
According to Market Research Future (MRFR), the global Robotics Prosthetics Companies is expected to witness significant growth by 2027. In its recently published analysis, MRFR also asserts that the market would register a CAGR of approximately 9.5% throughout the review period (2016 – 2027). Improving economic conditions, worldwide play a major role in impacting market growth, positively.
The Global Robotics Prosthetics Market is rising pervasively, mainly due to technological advancements that are doing wonders in the field of medical science, bringing unique innovation. These innovations have enabled the robotics prosthetics to garner significant market prominence, improving their functionalities. As a result, the uptake of these prosthetics has been increasing on a global level.
The augmenting market demand is majorly led by the increasing numbers of severe accidents, diseases, and injuries that require amputation of one or two limbs. Also, the growing number of geriatric populations is furthering the market size globally. Besides, the spreading awareness among people about the availability and advantages of these prosthetics acts as a significant tailwind pushing up the value of robotic prosthetics market.
Conversely, inadequate reimbursement policies for the purchase of robotics prosthetics are projected to impede the growth of the market, especially in the developed economies. Nevertheless, rising integration of technologies such as Artificial Intelligence (AI) and 3D imaging would support the market growth, improving functionalities of robotics prosthetics.
Robotics Prosthetics Market Major Players:
Players leading the robotics prosthetics market, include Touch Bionics Inc. (US), SynTouch, LLC (US), HDT Global Inc (US), Stryker Corporation (US), Smith & Nephew (UK), Shadow Robot Company (UK), ReWalk Robotics (Israel), Medrobotics Corporation (US), Aethon (US), Intuitive Surgical, Inc. (US), Mazor Robotics Ltd. (Israel), KUKA Roboter GmbH (Germany), Transenterix, Inc. (US), ZOLL Medical Corporation (US), and Hansen Medical, Inc. (US), among others.
Robotics Prosthetics Market – Segments
The report is segmented into five dynamics to widen the scope of 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 Application: Lower Body and Upper Body Extremity, among others.
By End-users: Hospitals, and Clinics, among others.
By Regions: Europe, North America, APAC, and the Rest-of-the-World (RoW).
Robotics Prosthetics Market – Regional Analysis
North America dominates the global robotics prosthetics market. The largest share of the market attributes to the significant contributions from the US market, which is growing by leaps and bounds. Besides, the rising prevalence of disorders such as osteoporosis or low bone mass at the femur neck, which is rising at an alarming rate.
Moreover, high healthcare expenditures and constant technological advancements, alongside the rising occurrences of orthopedic diseases are creating a massive demand for the robotics prosthetics. The region is estimated to create a larger revenue pocket in the global market throughout the review period, continuing with the same trends.
Europe stands second in the global robotics prosthetics market, in terms of size as well as market value. Factors such as the rising per-capita income, growing support for R&D activities from public & private entities, and the well-penetrated healthcare sector across the region boosts the regional market growth. The market is also driven by the increasing investments in healthcare and the rising number of patients seeking robotic prosthetics in the region.
The Asia Pacific robotics prosthetics market is rapidly emerging as a promising market globally. Markets in India & China, heading with the vast population, spreading awareness, and the availability of funds & advanced medical technologies are contributing to the regional market growth, significantly.
The increasing demand for quality prosthetics is projected to widen the size of the regional market, increasing the use of advanced equipment. Besides, the availability of low-cost treatments, especially in India that attracts a vast patient pool from other countries is expected to drive the market growth India and consecutively in the APAC region.