Robotic Prosthesis Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4309
Robotic prosthesis market size is expected to grow significantly from 2019 to 2025.
Robotic prosthesis market is primarily driven by growing demand for prosthetic implants owing to due to rise in number of accidents, severe injuries, tumors as well as congenital anomalies. Growing investments in R&D to integrate intelligent mechatronics, advanced sensing and control for attaining higher order lost sensorimotor functions, have enabled introduction of advanced technology within the devices thereby, offering several opportunities for industry growth.
Furthermore, focus of market players on development of advanced prosthetic implants as well as technologies will serve to be positive impact rendering factor in the business growth. Availability of advanced prostheses with sensors that enable wearers to exert fine motor control through ultrasound signaling to enable voluntary movements will thus, spur the robotic prosthesis market size. However, high cost associated with robotic prostheses may restrain business growth in the developing and under-developed countries over the forecast period.
Upper extremity prostheses segment is estimated to witness lucrative growth during the analysis timeframe. Technological advancement in the processors used in robotic arms have enabled developers to aid fine-tuned control of the prosthetics. For instance, Adroit manipulator arm, developed by HDT Global, offers exceptional strength, dexterity and speed, that matches the capabilities of a human arm. Availability of such products will spur segment size over the analysis period.
Myoelectric technology segment generated considerable revenue in 2018 and will witness significant growth over the analysis timeline. Prosthetic implants based on this technology utilize electrical tension generated from voluntarily contracted muscles by placing sensors against the skin at the site of amputation. Advantages associated with myoelectric prosthesis such as improved cosmetic appeal, beneficial for light everyday activities as well as application in patients with phantom limb pain will prove beneficial for segment growth.
Hospitals segment accounted for substantial revenue share in 2018 and will witness robust growth during the forthcoming years. Segment growth is attributed to growing incidence of road accidents and trauma cases worldwide. Growing patient preference towards hospital settings owing to availability of skilled healthcare professionals, accessibility to advanced technologies and favorable reimbursement policies will augment segment growth over the coming years.
North America robotic prosthesis market is poised to show lucrative growth over the forecast period owing to rising investments in R&D activities. Technological innovations in prosthetics and growing demand for advanced products will upsurge the regional business growth. Well-developed healthcare facilities and strong foothold of major market players will foster North America robotic prosthetic devices industry growth.
Some of the prominent players operating in robotic prosthesis market include Touch Bionics, HDT Global, Open Bionics, SynTouch, Ossur, Shadow Robot, Ottobock and Endolite. Industry players are focusing their efforts on novel product launches and strategic alliance such as mergers and acquisitions to gain more revenue and maintain market position.
Robotic Prosthesis Market, By Product, 2014-2025 (USD Million)
- Upper extremity prostheses
- Lower extremity prostheses
Robotic Prosthesis Market, By Technology, 2014-2025 (USD Million)
- Myoelectric technology
- Targeted muscle reinnervation
Robotic Prosthesis Market, By End-use, 2014-2025 (USD Million)
- Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Touch Bionics
- HDT Global
- Shadow Robot
- Open Bionics
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