Robotics Prosthetics Market – Scenario
The Global Robotics Prosthetics Market is expected to grow at a CAGR of 9.5% during the forecast period 2016-2027.
The market is expected to show extensive growth in Asia Pacific regions, especially in China. International Diabetes Federation stated that about 420 million adult population worldwide was suffering from diabetes in 2016, which is increasing at the rate of 8.4% per year and is expected to reach 625 million by 2040.
As per the Lancet study, China, and India have high diabetic population as compared to other Asian countries. The number of diabetic population in China has increased from 20.4 million in 1980 to 102.9 million in 2014.
The demand for robotic prosthetic is found to be increasing across the globe, especially in the developed countries of Americas and Europe. Increasing number of amputation cases, as a result of severe injuries to various body parts drives the market. Furthermore, the rising prevalence of obesity, diabetes, vascular disease, stroke, and arthritis also contribute to the increasing number of amputation cases.
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According to the estimates published by the Amputee Coalition, approximately 185,000 amputations are performed in the U.S each year. According to the EksoZeroG, in 2015, 625,000 occupational injuries occurred in the manufacturing and construction industries and the U.S. alone spends USD 21 billion per year on workplace-related injuries that drains productivity.
Regional Analysis
The robotics prosthetics market is dominated by the Americas owing to continually developing technology and increasing prevalence of orthopedic diseases. According to the study published by Centers for Disease Control and Prevention, in 2015, the prevalence of osteoporosis and low bone mass at the femur neck in the United States are more in adults aged 50 years.
Europe holds the second position in the global robotics prosthetics market owing to the government support for research & development and availability of funds for research. This is expected to continue driving the European market over the forecasted period.
The Asia Pacific is a huge market. Whereas a country like India and China are considering fastest growing region due to increasing aging population, growing awareness about new technology, and availability of funds. Additionally, they are open to adopting new technology, and best treatment option from developed countries in order to improve the quality of life for their citizen.
On the other hand, in the Middle East and Africa holds the lowest market share owing to the incapability of investment and poor healthcare infrastructure.
Key Players
The Global Robotics Prosthetics Market is highly fragmented with the presence of many local players and international players. The main focus of these players is cost reduction and innovation to ensure sustainability. In addition, the international players implemented growth strategies through collaborations and partnerships to expand their overall market share.
Touch Bionics Inc. and Touch Bionics Limited. (U.S.), HDT Global (U.S.), SynTouch Inc. (U.S.), Shadow Robot Company (U.K), SynTouch, LLC (U.S.), Shadow Robot Company (UK), Stryker Corporation (U.S.), Smith & Nephew (U.K), Aethon (U.S.), ReWalk Robotics (Israel), Medrobotics Corporation (US), KUKA Roboter GmbH (Germany), Intuitive Surgical, Inc. (U.S.), Mazor Robotics Ltd. (Israel), Hansen Medical, Inc. (U.S.), Transenterix, Inc. (U.S.), and ZOLL Medical Corporation (U.S.).
Key developments:
Strategic approaches adopted helped the major players in the market to sustain their growth and develop their business in various geographical areas across the globe. Agreements and collaborations, mergers and acquisitions, and new product launches are various strategies followed by the key players.
HDT Global:
HDT Global, headquartered in the US, is a robotics prosthetics manufacturing company. It is the first company to develop an electrically powered prosthetic hand with five independently powered fingers and the company continues to be a pioneer in upper limb prosthetics.
Touch Bionics Inc. and Touch Bionics Limited:
- Touch Bionics Inc. and Touch Bionics Limited. is a leading provider of prosthetic technologies and supporting services designed to ensure the best possible outcomes for people with upper limb deficiencies. i-limb ultra is the major product manufacture by the company.
- May, 2016: Touch Bionics Inc. and Touch Bionics Limited. introduced digitally controlled supro wrist. It is based on i-mo technology in conjunction with our new digital electrodes, which helps to move both wrist and fingers simultaneously to perform a particular task with free movement.
SynTouch, LLC:
SynTouch, LLC is a company that offer various product under robotic prosthetics, and sensor technology. The major products offered by the company are hand prosthetics for patients that have under gone amputation. BioTac and BioTac SP sensors are the most popular biomimetic tactile devices used across the world.
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