Robotic Prosthesis Market Size will witness traction between 2021 and 2027 owing to the rising adoption of connectivity technologies and the higher progressions in material sciences. The growing pervasiveness of cardiovascular disorders, like stroke, obesity, diabetes, arthritis, and vascular diseases, has led to a mounting number of limb amputation cases. According to the Amputee Coalition of America, about 2 million individuals live with limb loss in the U.S. Due to this, the surging health awareness among consumers has resulted in the rise in several government initiatives.
Robotic prosthetics can be addressed as the technical and medical procedure of creating artificial limbs as well as lifting them on individuals that undergo amputation surgery. The increasing advancements in robotic technology on account of the mounting R&D activities, mainly in the U.S. will act as a significant determinant for the industry expansion.
On the basis of products, the lower body segment is set to show notable proceeds owing to the increasing incursion of advanced polymers for the development of novel prosthetics. The mount in the instances of lower body amputation and dock cases worldwide has made way for the higher technological advancements, impelling the rise in the number of product launches by leading market players. The abundance of lower body extremity devices along with the expanding geriatric and disabled population are other factors driving the segment growth.
Robotic prosthetics market size from the microprocessor-controlled (MPC) prosthetics technology will attain notable momentum. The rising number of research activities for the generation of novel devices deployed with MPC technology is a prominent trend influencing the market dynamics.
On the other hand, the myoelectric technology segment will record a considerable revenue share led by the mounting number of R&D initiatives for novel product launches. The increasing obligation for enhanced cosmetic appeal and mobility coupled with higher acceptance for light everyday activities will further fuel the industry progression.
Demand for robotic prosthetics in hospitals, based on end-use, will observe a surge impelled by the rising number of trauma cases and road accidents worldwide. The presence of positive reimbursement scenarios and skilled healthcare professionals will also act as a booster for the higher patient preference towards hospital settings.
North America is anticipated to emerge as a lucrative revenue pocket for the robotic prosthetics market through 2027. This is on account of the presence of favorable government initiatives to bring advancements in the robotics sectors for preventing amputations. The escalating healthcare spending in the region has given rise to the growing deployment of technologically advanced products. The spiraling R&D investments along with the access to well-developed healthcare facilities will additionally favor the regional proliferation.
Shadow Robot, Ottobock, SynTouch, Touch Bionics (Ossur), HDT Global, Endolite, Open Bionics, and Ossur are some renowned robotic prosthesis industry participants across the globe.
Technological innovations and strategic partnerships, including acquisitions, and mergers are some of the key marketing measures employed by these firms to enhance their competitive value. These leaders are also coming up with novel product developments to expand their offering base and global presence.
For instance, in July 2019, HDT Global announced its plans of providing a robotic arm and manipulator to QNA (QinetiQ North America) in a bid to support the Common Robotic System-Individual (CRS(I)) program of the U.S. Army.
In another instance, in November 2019, Össur joined forces with Alfred Mann Foundation (AMF) to enter a milestone agreement to further develop and license the latter’s implanted myoelectric sensor (IMES®) system. This helped both the firms to continue their exploration of mind-controlled prosthetic technologies.
The ongoing coronavirus pandemic not only disturbed the global economy but was also responsible for the closure of a massive number of businesses worldwide. However, the demand for robotic prosthetics substantially flourished considering the rising utilization of robotics in healthcare digitization for the management of infected patients.
The ongoing research activities to bring innovations also added to the market potential. For instance, in September 2021, Cleveland Clinic researchers designed a first-of-its-kind bionic arm to assist patients having upper-limb amputations to allow the wearers to think, behave as well as function as a person without an amputation.
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