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

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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

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.
 

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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.

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

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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.
 

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