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Prosthesis Market size growth over 2023-2032 can be credited to the emergence of cutting-edge technologies including artificial intelligence and 3D printing in the healthcare sector. As a step forward in technological evolution, 3D printing is leveraged to limit traditional manufacturing constraints and create complex designs while minimizing wastage and turnaround time. These advancements are contributing to the development of robotic prosthetic arms and hands for the growing amputee population globally.
Based on statistics from the Amputee Coalition, in the U.S., nearly 185,000 amputations occur each year, and a staggering 3.6 million people will be living with limb loss by 2050. The rise in amputation rates will escalate the demand for robotic prosthesis control systems to help regain motor capabilities and restore sensory feedback.
A prosthetic refers to an artificial replacement of body parts including hips, knees, or legs, designed for functional and cosmetic reasons. Most robotic-powered prostheses are in nascent stages, with multiple research prototypes yet to be translated for commercial applications.
Rapid technological innovation and the high prevalence of chronic conditions including diabetes are some of the key reasons behind the global robotic prosthesis market expansion. According to the International Diabetes Federation estimates, in 2021, 537 million people are diagnosed with diabetes worldwide. Such factors will boost the need for robotic leg prostheses for diabetic patients requiring amputations due to foot ulcers. Moreover, the increased incidence of rheumatoid arthritis is projected to strengthen the industry outlook over the forecast period.
The lower body will emerge as a prominent product segment for the robotic prosthesis market by 2032, on account of the rising number of geriatric and disabled people. Based on the WHO’s report, in 2022, around 1.3 billion people experience a disability globally. Furthermore, the growing rate of lower limb amputations among patients with peripheral vascular diseases and diabetes will drive robotic prosthesis demand, especially in the U.S.
Based on the technology, the robotic prosthesis market size from the microprocessor-controlled prosthetics segment will rise substantially over the estimated timeline. Compared to conventional prostheses and joints, MPC alternatives ensure effective stabilization and reduce the chances of falls and acute injuries. The technology also provides more stability for amputees on different steps, slopes, and terrains. Programming advancements and the introduction of well-established technologies are therefore slated to promote the usage of MPC prostheses.
Regionally speaking, the Asia Pacific robotic prosthesis industry value will garner considerable profits between 2023 and 2032, as a result of the growing burden of diabetes. As per the WHO’s data, by 2045, the Southeast Asian region is likely to witness a 68% increase in diabetes prevalence, thereby bolstering the requirement for prostheses for patients with foot ulcers. In addition, the high emphasis on automation platforms and government initiatives to implement robotic process automation solutions will create robust demand for robotic prosthetics in the region.
The competitive landscape of the robotic prosthesis market comprises companies such as Össur hf., Open Bionics, Endolite, HDT Global, Touch Bionics (Össur), SynTouch, Ottobock, and Shadow Robot, among others. These companies are focusing on product range expansion and other strategies to strengthen their presence in the global market.
Russia and Ukraine are the second and fifth-largest producers of titanium, a metal gaining widespread acceptance in industrial sectors including medical instruments. This metal is utilized in the manufacture of prosthetic joints, limbs, and other medical components. Due to the aftermath of the Russia-Ukraine war and economic sanctions, the robotic prosthesis industry demand may therefore likely witness a steady decline over the forthcoming years.