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
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationRobotic Prosthetics Market Size, By Technology (Microprocessor-controlled (MPC) Prosthetics, Myoelectric Prosthetics), By Extremity (Upper Body Prosthetics, Lower Body Prosthetics), By End-use & Forecast, 2032
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.
More people around the world are losing limbs, leading to a higher demand for robotic prosthetics. This is largely due to the increasing number of people with diabetes. Both developed and developing countries are seeing a rise in diabetes, fueled by unhealthy eating habits and inactive lifestyles. In England alone, nearly 60,000 people with diabetes develop foot ulcers. These ulcers, along with other complications like poor circulation and nerve damage, often result in amputations. As a result, the medical industry is growing as more people need advanced prosthetics and implants to improve their mobility.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Robotic Prosthetics Market Size in 2022 | USD 1 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 10.5% |
| 2032 Value Projection | USD 2.8 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 210 |
| Tables, Charts & Figures | 573 |
| Segments covered | Technology, Extremity, End-use, and Region |
| Growth Drivers | |
| Pitfalls & Challenges |
High cost of devices may impede adoption of robotic prosthetics
The high price of robotic prosthetics and the ongoing costs of maintaining them could slow down the growth of the market. These prosthetics are very advanced and need regular servicing and replacement of parts every year, but insurance doesn't always cover all of these expenses. For example, a robotic prosthetic can cost anywhere from $20,000 to $100,000, depending on what it's made of and what it can do. These next-level medical devices need a lot of research and development, which also makes them more expensive. This makes it hard for people in developing countries to get access to them.
Robotic Prosthetics Market Analysis
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.
Robotic Prosthetics market from lower body prosthetics is projected to exhibit over 10.5% CAGR between 2023-2032. Lower body prosthetics such as the prosthetic ankle, prosthetic knee, and others are experiencing an upsurge in demand owing to the growing need for limb prosthetics among the aging geriatric population. Over the past few years, the number of individuals with peripheral artery disease (PAD) has increased significantly, driving the demand for prosthetics to treat issues with lower extremities. Globally, the number of PAD cases have surpassed 200 million and are estimated to continue to grow with the increasing geriatric population.
As the world grapples with new and emerging diseases, hospitals are stepping up to invest in cutting-edge medical technologies. One area that's seeing significant growth is robotic prosthetics, with hospitals expected to account for a big chunk of the market over the next decade. Hospitals are the go-to place for people who need serious healthcare. They have the best equipment and doctors, so it's no wonder they're also leading the way in adopting new technologies like robotic prosthetics. As the number of people with conditions like cancer, diabetes, and injuries keeps going up, the demand for these prosthetics is also set to soar. In fact, hospitals around the world are already using state-of-the-art prosthetics and robotic equipment to make surgeries and treatments more efficient and successful. This means that in the coming years, we can expect to see even more hospitals investing in these life-changing technologies.
Europe is about to become a huge player in the world of robotic prosthetics. By 2032, the market here is expected to be worth a whopping $945 million! Why is Europe so excited about robotic prosthetics? Well, there are already a lot of big companies and research projects going on here. For example, the EU just started a project called IntelliMan. They're investing over $4.8 million to make advanced robotic hands and arms that are powered by artificial intelligence (AI). Plus, there's been a lot of money coming from both private investors and the government to support research and development in this area. So, Europe is definitely leading the charge in making cutting-edge robotic prosthetics a reality.
Robotic Prosthetics Market Share
Some of the leading companies in the robotic prosthetics industry include
- Ossur
- Blatchford Group
- Ottobock
- Fillauer LLC
- Open Bionics
- Psyonic
- Mobius Bionics
- Axile Bionics
- Proteor
- RSL Steeper
- Brain Robotics
- ProtUnics
- Motorica
- Myomo
These players are expanding their product portfolios by introducing novel technologies for better customer experience.
Impact of the COVID-19 pandemic
The COVID-19 pandemic negatively influenced the robotic prosthetics industry dynamics as it significantly disrupted the healthcare sector worldwide resulting in delayed diagnosis, treatment, and surgeries for non-emergency conditions. It also forced several governments to implement strict lockdowns to curb the surging number of infectious cases, resulting in operational delays across the manufacturing of healthcare products. Moreover, the growing supply-demand gap, shortage of labor and raw materials, and pandemic-driven inflation introduced massive roadblocks for industry players.
The robotic prosthetics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments
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By Technology
- Microprocessor-controlled (MPC)
- Myoelectric
By Extremity
- Upper Body Prosthetics
- Prosthetic Arm
- Prosthetic Hand
- Others
- Lower Body Prosthetics
- Prosthetic Knee
- Prosthetic Ankle
- Others
By End-use
- Hospitals
- Specialty Clinics
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Poland
- Switzerland
- Netherlands
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
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