Robotic Prosthetics Market Overview:
Robotic prosthesis is an artificial limb, which improves the function and lifestyle of the person with a missing body part. Robotic prostheses help restore the normal function of missing limbs. Nowadays, artificial limbs can be controlled by computer, brain and sensation with advanced technology. The increasing demand for advanced technologies, the growth of the geriatric population and the increase in the prevalence of various diseases are the driving forces behind the growth of this Market.
The hike in Robotic Prosthetics Market is boosted by amputated people, increasing with time. There are several reasons like road accidents, people who are born handicapped, diabetes, different types of cancers which increase the amputee population. These are some of the major factors which increase the market value. Moreover, the high cost and poor infrastructure in some countries count for the drawbacks of this market.
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Robotic Prosthetics Market Size:
According to Market Data Forecast, The Global Robotic Prosthetics Market value was approximately USD 862 million in 2018. It is projected to be around USD 1326.29 million by 2023 at a CAGR of 9%.
Robotic Prosthetics Market Segmentation:
The Market is segmented by Technology, by Products, by end users, and by application technique. By Technology the market is further divided into Bluetooth, Myoelectric technology, Microprocessor controlled. In the recent past years, Microprocessor controlled prosthetics occupied the major share of the market. In coming years Myoelectric technology is expected to account for the major share and grow at a rate more than 10%. By-Products, the market is segregated into Prosthetic feet or Prosthetic Ankles and Prosthetic Arms. In the past Prosthetic feet and ankles were key factors for the market revenue, nowadays even Prosthetic Arms came into limelight. By Application, the market is categorized into Upper Body Extremity and Lower Body Extremity. These are nothing but, Prosthesis that replaces upper body parts and lower body parts. Recent numbers tell us that Upper Body Extremity has fetched much more revenue to the Robotic Prosthetics Market Share.
By geography, the market is segmented into Latin America, Asia Pacific, Europe, North America, and Middle East and Africa with North America being one of the major markets with a share more than 44% in 2018. Europe is also showing steady growth in the last few years. The medical services by Non-profit Organizations in developing countries have also contributed to the growth of the market. India and China are also potential markets in view of their rising economy.
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Key Developments in the Market
- The Shadow Robot Company, experts at grasping and manipulation for robotic hands, have teamed up with OpenAI, a San Francisco-based AI research company, for the second time to prove that agents trained in simulation can effectively perform human-like tasks without real-world replication of training.
The major companies dominating this market for its products and services are
- Shadow Robot Company (UK),
- Touch Bionics (UK),
- Ossur (America),
- HDT Global (USA),
- Endolite (USA),
- Syn Touch Inc (Los Angeles),
- Irobot (U.S.A),
- Northrope Grumman (U.S.A),
- Qbotix (U.S.A),
- Prox Dynamics (U.S.A).
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Key Takeaways from this Report:
For different product types, end-use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
- Identify various driving factors, constraints and untold opportunities that can impact the global marketplace
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of the industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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