Growing demand for robotic prosthetic products due to increasing incidents of severe road accidents and injuries, and rising number of patients with vascular diseases are key factors driving market revenue growth
Market Size – USD 1,201.5 Million in 2020, Market Growth – at a CAGR of 8.9%, Market Trend – Rising number of amputation cases
The global Robotic Prosthetic Market size is expected to reach USD 2,384.4 Million in 2028 and register a revenue CAGR of 8.9% over the forecast period, according to latest report by Reports and Data. Emergence of mind-controlled humonics is considered one of the most important factors to impact market revenue growth.
Furthermore, rising cases of injuries, road accidents, and growing incidence of chronic diabetes are increasing the number of amputation surgeries being carried out. Robotic prosthetic helps to restore lost functions of missing body parts, along with improving aesthetic appearance. The kind of prosthetic to be used depends on size, type, use, and steadiness and age of the individual. People are increasingly opting for personalized robotic prosthetic, which is expected to increase their demand and thus, drive market growth during the forecast period.
Increasing expenditure on research & development to incorporate smart mechatronics and sophisticated sensing and control for achieving lost sensorimotor functions is enabling incorporation of modern technology in devices. This is generating growth opportunities in the global market.
Robotic prosthetic is not covered under insurance policies in some countries, which may restrict growth of the market. Moreover, robotic prosthetic products are costly, which makes them out of reach to a large section of the population. This may also hamper market growth over the forecast period.
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Major players in the market include Artificial Limbs and Appliances, Endolite, Hansen Medical Inc., HDT Global Inc., Open Bionics, Ottobock, Ossur, ReWalk Robotics, Smith & Nephew, SynTouch Inc., The Shadow Robot Company, and Touch Bionics.
Some Key Highlights From the Report:
- By application, lower body extremities segment accounted for largest revenue share in 2020. Wide accessibility of lower body extremity devices, launch of new and advanced robotic prosthetic products, and rise in the number of people with lower body amputation are factors driving growth of this segment.
- By end-use, hospital segment accounted for largest revenue share in 2020. Growth of this segment can be attributed to rising cases of severe injuries and road accidents across the globe. Increase in the number of patients suffering from physical trauma, adoption of advanced technologies around the world, and sustainable reimbursement policies are also contributing to market growth.
- Demand for robotic prosthetic is increasing due to its ability to make a limb function normally after the loss of the natural limb. Increasing prevalence of various diseases that result in loss of limb is driving market growth.
- Robotic prosthetic market in North America accounted for largest revenue share in 2020, which can be attributed to factors such as increasing expenditure on healthcare, increasing number of hospitals, and advancement in robotics technology used in robotic prosthetic. Government initiatives to advance robotic technology and prevent amputations are also expected to support regional market growth.
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For this report, Reports and Data has segmented the global robotic prosthetic market based on product type, technology, end-use, application, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
- Prosthetic Arms
- Prosthetic Ankle/Feet
- Prosthetic Knees
- Prosthetic Hands
Technology Outlook (Revenue, USD Million; 2018-2028)
- Myoelectric Technology
- Targeted Muscle Reinnervation
Application Outlook (Revenue, USD Million; 2018-2028)
- Upper Body Extremities
- Lower Body Extremities
End-Use (Revenue, USD Million; 2018-2028)
- Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Latin America
- Middle East & Africa
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Key Advantages of Robotic Prosthetic Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Robotic Prosthetic industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Robotic Prosthetic market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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