Robotics Prosthetics Market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 9.5% during the forecast period (2019-2027). Robotics prosthetics can be referred to as an artificial limb, which improves the lifestyle and function of a person with a missing body part.
Segmentation – Robotics Prosthetics Market
The report is segmented into five dynamics to widen the scope of understanding,
By-Products: Prosthetic Arms, Prosthetic Legs/Knees, Prosthetic Feet/Ankles, and Prosthetic Hands, among others.
By Technologies: Bluetooth, Microprocessor Knees, and Myoelectric Technology, among others.
By Application: Lower Body and Upper Body Extremity, among others.
By End-users: Hospitals, and Clinics, among others.
By Regions: Europe, North America, APAC, and the Rest-of-the-World (RoW).
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Robotics Prosthetics Market – Overview
The rising number of trauma cases and accidents and surging incidences if chronic diabetes has increased the number of amputation surgeries in the U.S. Robotics prosthetics help to mimic the functionality and appearance of missing body parts. The type of prosthetics always depends on the stability, size, use, type, and age of the person. Thus, consumers prefer customized robotics prosthetics depending on their requirements. The soaring demand for customized prosthetics will thus drive the robotic prosthetics market in the foreseeable future.
The advent of mind-controlled humonics is considered one of the most vital robotic prosthetic trends that is likely to impact the market growth, especially in the U.S. It helps to fulfill the unmet needs of volitional control and lost sensation and development of aesthetics like gestures, which is not possible with orthopedic prosthetics. With sensory feedback technology, humonics offer mind-controlled and user-centric prosthetics, thereby providing users complete control. Such advancements are estimated to encourage the market growth in the long run.
On the contrary, robotic prosthetics are not well covered under insurance policies, which is likely to deter the market growth. Additionally, these prosthetics are expensive, thus making them inaccessible to the users. This is likely to restrict the market growth in the foreseeable future.
Key Players – Robotics Prosthetics Market
Highly competitive, the robotics prosthetics market appears to be fragmented due to the presence of many well-established players. To gain a substantial market share, mergers & acquisitions, brand reinforcement, and innovation remain the popular trends for these players.
Touch Bionics Inc. (US), SynTouch, LLC (US), HDT Global Inc (US), Stryker Corporation (US), Smith & Nephew (UK), Shadow Robot Company (UK), ReWalk Robotics (Israel), Medrobotics Corporation (US), Aethon (US), Intuitive Surgical, Inc. (US), Mazor Robotics Ltd. (Israel), KUKA Roboter GmbH (Germany), Transenterix, Inc. (US), ZOLL Medical Corporation (US), and Hansen Medical, Inc. (US), among others.
Industry Update
June 19, 2019 – Team of researchers from The College of Engineering at Carnegie Mellon University (the US), announced the development of the first-ever successful mind-controlled robotic arm exhibiting the ability to track and follow a computer cursor continuously. The breakthrough, mind-controlled robotic arm without brain implants was developed in collaboration with the University of Minnesota, using a non-invasive brain-computer interface (BCI).
Being able to control robotic devices using only thoughts noninvasively will have broad applications, in particular benefiting the lives of paralyzed patients and those with movement disorders.
August 2019: An all-new electronic skin system, Asynchronous Coded Electronic Skin is equipped with ultra-high responsiveness and is capable of pairing with any sensor skin layers in order to function efficiently as an electronic skin. This artificial nervous system can give prosthetic devices and robots a sense of touch, which is better than human skin.
June 2019: A mechatronics graduate from Simon Fraser University has designed a 3D printed humanoid robot finger that can mimic the strength and tenderness of a human hand. Robots equipped with these flexible fingers can be used to help people with mobility challenges as well as limb differences.
Regional Analysis
North America dominates the global robotics prosthetics market. The largest share of the market attributes to the significant contributions from the US market, which is growing by leaps and bounds. Besides, the rising prevalence of disorders such as osteoporosis or low bone mass at the femur neck, which is rising at an alarming rate.
Moreover, high healthcare expenditures and constant technological advancements, alongside the rising occurrences of orthopedic diseases are creating a massive demand for the robotics prosthetics. The region is estimated to create a larger revenue pocket in the global market throughout the review period, continuing with the same trends.
Europe stands second in the global robotics prosthetics market, in terms of size as well as market value. Factors such as the rising per-capita income, growing support for R&D activities from public & private entities, and the well-penetrated healthcare sector across the region boosts the regional market growth. The market is also driven by the increasing investments in healthcare and the rising number of patients seeking robotic prosthetics in the region.
The Asia Pacific robotics prosthetics market is rapidly emerging as a promising market globally. Markets in India & China, heading with the vast population, spreading awareness, and the availability of funds & advanced medical technologies are contributing to the regional market growth, significantly.
The increasing demand for quality prosthetics is projected to widen the size of the regional market, increasing the use of advanced equipment. Besides, the availability of low-cost treatments, especially in India that attracts a vast patient pool from other countries is expected to drive the market growth India and consecutively in the APAC region.
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