June 22, 2024
Robotic Prosthetics Market

Growing Adoption Of Bionic Limbs To Boost The Growth Of Global Robotic Prosthetics Market

The global Robotic Prosthetics Market is estimated to be valued at US$ 2.90 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Overview:

Robotic prosthetics are powered artificial limbs that can mimic the movements of natural limbs using sensors, microprocessors, and actuators. They provide mobility and dexterity to amputees by restoring motor functions through neurosensors. Different types of robotic prosthetics available are upper-limb prosthetics, lower-limb prosthetics, prototype prosthetics, and exoskeletons. Robotic prosthetics offer several advantages over conventional prosthetics such as enhanced gripping capabilities, enhanced mobility with feedback sensors, and natural range of motion. They help improve the quality of life of amputees by enabling them to perform daily routines independently. The growing prevalence of limb loss globally due to accidents, cancers, and peripheral vascular diseases has increased the demand for advanced prosthetics solutions.

Market Key Trends:

One of the key trends in the global robotic prosthetics market is the increasing adoption of bionic limbs. Bionic limbs utilize cutting-edge neuroscience and robotics to restore near-natural sensorimotor control for amputees. For example, the Modular Prosthetic Limb developed by DARPA offers multi-grip manipulation, proprioceptive feedback, and intuitive control by connecting to peripheral nerves. Another noteworthy trend is the rising popularity of myoelectric prosthetics. Myoelectric prosthetics pick up electrical signals generated by the muscles near the residual limb to power movements. Advancements in myoelectric and bionic technology are making prosthetics more dexterous, affordable and acceptable. 3D printing is also being leveraged to develop customized prosthetics through rapid prototyping. This is expanding access to prosthetics and positively impacting the industry.

Porter’s Analysis:

Threat of new entrants: High capital requirements for manufacturing facilities and research & development prevents many new players from entering the robotic prosthetics market.

Bargaining power of buyers: Individual consumers have low bargaining power due to the need for prosthetics but institutional buyers like insurance companies and government agencies have moderate bargaining power.

Bargaining power of suppliers: A few major component suppliers like electronic chip manufacturers have some bargaining power over robotic prosthetics manufacturers.

Threat of new substitutes: Technological advancements may lead to new substitute solutions like brain-machine interfaces in the future but currently there are limited substitutes for robotic prosthetics.

Competitive rivalry: The robotic prosthetics market is highly fragmented with the presence of numerous global and regional players leading to intense competition.

Key Takeaways :

The Global Robotic Prosthetics Market is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing incidents of amputations and accessibility to advanced prosthetic solutions.

North America region currently dominates the market owing to established healthcare infrastructure and supportive reimbursement policies in countries like the US.

Key regional markets contributing to the high growth of the global robotic prosthetics market include North America, Europe, and Asia Pacific. The Asia Pacific market is anticipated to exhibit the fastest growth during 2023-2030 due to rising incidences of limb loss caused by diabetes and Road Traffic Accidents (RTAs) in densely populated countries like India and China coupled with increasing healthcare expenditures.

Key Players operating in the robotic prosthetics market are Ottobock, Ossur, Blatchford Group, HDT Global, Fillauer LLC, Steeper Inc., Proteor, PROTUNIX, Endolite and Deka Research and Development Corporation. These companies are focusing on new product launches and partnerships with hospitals and rehabilitation clinics to strengthen their market position.

*Note:
1. Source: CoherentMI Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it