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Robotic Prosthetics Market Size, By Technology (Microprocessor-controlled (MPC) Prosthetics, Myoelectric Prosthetics), By Extremity (Upper Body Prosthetics, Lower Body Prosthetics), By End-use & Forecast, 2032

  • Report ID: GMI5430
  • Published Date: Feb 2023
  • Report Format: PDF

Robotic Prosthetics Market Size

Robotic Prosthetics Market size was worth more than USD 1 billion in 2022 and is anticipated to record over 10.5% CAGR from 2023-2032. Increasing prevalence of diabetes will accelerate industry growth.
 

Robotic Prosthetics Market

Increasing number of limb amputation procedures performed worldwide is expected to drive the demand for robotic prosthetics. The growing need for limb amputation can be attributed to the rising prevalence of diabetes in developed and developing countries, driven by unhealthy dietary habits, and sedentary lifestyles. As per the National Diabetes Foot Care Audit (NDFA), nearly 60,000 diabetic patients in England suffer from diabetic foot ulceration (DFU). Diabetes-related health complications, such as poor blood circulation and nerve damage are one of the leading causes of ulcers and peripheral artery disease, necessitating advanced limb amputation procedures and implants, subsequently helping the industry growth.

High cost of devices may impede adoption of robotic prosthetics

The higher costs associated with the purchase and maintenance of robotic prosthetics could restrain the robotic prosthetics market outlook. Robotic prosthetics showcase a high level of sophistication and need regular maintenance and replacement of parts annually, a few of which are covered by insurance. For instance, on average, robotic prosthetic costs between USD 20,000 to USD 100,000 based on the models and functions. The development of this next-generation medical implant relies on extensive R&D and innovation, which adds to the overall cost of robotic prosthetics. This scenario is indicating a key challenge for the expansion of market across developing and underdeveloped regions.
 

Robotic Prosthetics Market Analysis

Global Robotic Prosthetics Market Share, By Technology

Robotic prosthetics market valuation from microprocessor-controlled (MPC) prosthetics reached over USD 782 million in 2022. The surging demand for MPC prosthetics can be attributed to their advanced functional capabilities including the ability to monitor, switch, and adjust the control systems placed in the knee. For instance, in September 2022, AOTT published a study demonstrating the efficacy of microprocessor-controlled prosthetic knees (MPK) in patients with unilateral transfemoral amputations (TFAs) to ensure a better quality of life and locomotor capabilities. The growing emphasis on MPC prosthetics to improve patient recovery has fostered extensive R&D initiatives.
 

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Global market for robotic prosthetics was worth more than USD 1 billion in 2022 and is projected to record more than 10.5% CAGR from 2023-2032.

Microprocessor-controlled (MPC) prosthetics reached over USD 782 million in 2022 due to advancements in smart limbs and knee prosthetics.

Europe robotic prosthetics market size is poised to surpass USD 945 million by 2032 owing to presence of favorable government initiatives for boosting innovation in robotic prosthetics.

Ossur, Psyonic, Mobius Bionics, Axile Bionics, Proteor, RSL Steeper, Brain Robotics, ProtUnics, Motorica, Myomo are some of the key manufacturers of robotic prosthetics.

Robotic Prosthetics Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 14
  • Tables & Figures: 573
  • Countries covered: 25
  • Pages: 210
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