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Robotic Prosthetics Market size to surpass $2.8 Bn by 2032

  • Published Date: February 23, 2023

Robotic Prosthetics Market size is projected to reach over USD 2.8 billion by 2032, according to a new research report by Global Market Insights Inc.

The rising incidences of accidents and trauma injuries will accelerate the demand for robotic prosthetics. As per the World Health Organization (WHO), nearly 1.25 million fatalities are reported each year due to car crashes and road traffic accidents. Moreover, several trauma centers have recorded a substantial rise in trauma injuries, thus accelerating the need for implants and prosthetics.

However, the presence of strict regulatory frameworks pertaining to the commercial use of robotic prosthetics could hamper industry growth. Several agencies such as the Food & Drug Administration (FDA) are implementing stringent regulatory compliance procedures, leading to penalties in case of non-compliance and loss of resources.

The U.S. FDA classifies robotic prosthetics as Class II devices, which require a solid level of scrutiny and extensive preclinical and clinical reviews for pre-market approvals due to the potential risks associated with these devices. Hence, the time-consuming documentation and stringent product regulations may hinder the robotic prosthetics market gains.

Rising advancements in AI-powered myoelectric prosthetics to drive industry expansion

Myoelectric prosthetics is anticipated to expand at over 11.5% CAGR by 2032. Myoelectric prosthetics are gaining significant momentum owing to the ongoing advancements in upper limb prosthetics and arm amputations. These devices help to reduce harnessing and offer a myriad of benefits, including multiple grip patterns, strength, and natural hand movements.

Myoelectric prosthetics also facilitate a more natural maneuverability and intuitive mobility of upper limbs. Additionally, the increasing use of artificial intelligence (AI) to improve the ability of myoelectric prosthetics to perform activities similar to natural human movement will also foster significant developments and R&D, thus influencing the market development.

Browse key industry insights spread across 210 pages with 561 market data tables & 12 figures & charts from the report, Robotic Prosthetics Market Size By Technology (Microprocessor-controlled (MPC) Prosthetics, Myoelectric Prosthetics), By Extremity (Upper Body Prosthetics {Prosthetic Arm, Prosthetic Hand}, Lower Body Prosthetics {Prosthetic Knee, Prosthetic Ankle}), By End-use (Hospitals, Specialty Clinics), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents:

Increasing progression for upper body prosthetics to counter limb loss to foster industry revenue

The robotic prosthetics industry share from upper body prosthetics reached over USD 373 million in 2022. The surging value for upper body prosthetic devices such as prosthetic hands, prosthetic arms, and others can be attributed to the increasing risk of limb loss associated with health conditions, such as diabetes, trauma, and vascular diseases.

Furthermore, upper body prosthetics offer multiple advantages including improved reintegration, restoration of sensation, better controllability, and incarnation of artificial limbs.

Surging need for customized healthcare in specialty clinics to boost adoption of robotic prosthetics

Specialty clinics held 49% share of the robotic prosthetics market in 2022. Specialty clinics worldwide are increasingly attracting patients that seek advanced specialized care and novel prosthetic devices. These centers allow the customization of prosthetics based on patient needs and problems. Specialty clinics are also designed to cater to patients with specific health issues such as geriatric care, cardiovascular diseases, and orthopedics. The rising incidences of cancer has further emphasized the demand for specialty care centers for the treatment and management of different cancers.

Rapid uptake of novel medical technologies to influence robotic prosthetics industry in APAC

Asia Pacific robotic prosthetics market size is projected to witness a 10.5% CAGR by 2032. Asia Pacific is home to countries such as India, China, and Japan with continuously increasing geriatric populations and fast-paced developments in the healthcare sector. The rising prevalence of road accidents and trauma injuries has also accelerated the need for robust healthcare services and solutions including advanced prosthetic devices.

Moreover, favorable acceptance of state-of-the-art technologies and the rapid adoption of cutting-edge AI solutions and robotics to enhance the output of surgeries and other procedures will positively impact the industry expansion across APAC.

New deals and agreements to boost robotic prosthetics industry development

Ossur, Blatchford Group, Ottobock, Fillauer LLC, Open Bionics, Psyonic, Mobius Bionics, Axile Bionics, Proteor, RSL Steeper, Brain Robotics, ProtUnics, Motorica, Myomo are some of the leading companies in the global robotic prosthetics market.

Authors: Rupali Swain, Subodh Kharad