Robotic Prosthetics Market Scope
Growing demand for advance upper and lower extremity prostheses particularly in Asian region, has resulted from the prevalence of amputation. Present prosthetics are sometimes cumbersome to use and monitor, and they only have minimal functional reconstruction. In addition, the failure to normalize anthropomorphic biomechanics with a prosthesis raises the likelihood of long-term health problems including asthma, skin breakdown, and discomfort. Latest developments in bionic prosthetic production carry a lot of promise for limb damage recovery and improving quality of life. Some of these threats could be reduced for future generations if new prosthetic devices are widely used. Unfortunately, high processing costs and a lack of consistency in insurance policies are significant obstacles to prosthetic adoption. In many developing countries, these factors are compounded, particularly where awareness and access to prosthetic technology are not universal.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Touch Bionics Inc. (United States), SynTouch LLC (United States), Shadow Robot Company (United Kingdom), Stryker Corporation (United States), HDT Global Inc. (United States), Smith & Nephew (United Kingdom), Aethon (United States), ReWalk Robotics (Israel), Medrobotics Corporation (United States) and KUKA Roboter GmbH (Germany) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Robotic Prosthetics market throughout the predicted period.
Touch Bionics Inc. (United States), SynTouch LLC (United States), Shadow Robot Company (United Kingdom), Stryker Corporation (United States), HDT Global Inc. (United States), Smith & Nephew (United Kingdom), Aethon (United States), ReWalk Robotics (Israel), Medrobotics Corporation (United States) and KUKA Roboter GmbH (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Intuitive Surgical Inc. (United States), Mazor Robotics Ltd. (Israel), Hansen Medical Inc. (United States), Transenterix Inc. (United States) and ZOLL Medical Corporation (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Robotic Prosthetics market by Type , by Application (Orthotic and prosthetic clinics, Hospitals and Specialty orthopedic centers) and Region with country level break-up.
On the basis of geography, the market of Robotic Prosthetics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
On 12th March, 2019 - Smith & Nephew Acquired Brainlab (Leading Software-Based Medical Technology Solutions Provider). Smith & Nephew's Policy to Investing in Innovative Technologies Is to Advance Its Multi-Asset Automated Surgery and Robotic Ecosystem. and On 21st October, 2019 – Stryker Completed Its Acquisition of Mobius Imaging Including Its Robotics Subsidiary Cardan, This Acquisition Is Set to Add Expertise in Advanced Imaging and Robotics, As Well As A Robust Product Pipeline to Stryker’s Portfolio.
United States, Code of Federal Regulations (CFR) Title 21 “Sec. 890.3420 External Limb Prosthetic Component” – The Regulation Deals with the Identification and Classification of External Prosthetics for the Sale Across United States. and European Civil Law Rules in Robotics – The Law Defines the Usage and Manufacturing of Robotics used for Civil Purposes Including Prosthetics, the Law Highlights the Technical Innovation of Artificial Intelligence in Robotic Prosthetics.
Influencing Trend:
Integration with Artificial Intelligence (AI)
Market Growth Drivers:
Prevalence of Amputation, Prevalence of Organ Damaging Diseases and Rising Geriatric Population
Challenges:
Fierce Competitive Pressure
Restraints:
Unrealistic Design and Costly Procedure
Opportunities:
Growing Healthcare Investments and Low Penetration Across Emerging Economies
Key Target Audience
Robotic Prosthetics Manufactures, Robotic Prosthetics Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others