In healthcare, robots are now most widely used for various purposes such as surgery. 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.
A prosthesis is an artificial limb to replace or restore the normal functions of a missing or damaged body parts. Robotics prosthetics are controlled by a computer which converts signals into mechanical action and uses advanced sensors and technology. The global robotics prosthetics market is anticipated to generate a CAGR growth of 9.5% during the forecast period 2017-2027.
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Market Trends and News
Development of brain-computer interface
Development in the brain-computer interface is expected to be the greatest advancement and a milestone in robotics prosthetics market. The elimination of conscious efforts by the patient for controlling the robotics prosthetics by acquiring and processing signals directly from the brain and translating it in effective desired action will cause a revolution and faster market uptake.
Advance Prosthetic Materials
Carbon fiber is poised to eliminate traditional materials such as wood, plastics and metals due to their greater load bearing strength and lighter mass. Titanium is expected to hold its share due to its greater strength and resistance for deformity under stress.
Personalization of Robotics Prosthetics
Robotics prosthetics for specialized operation such as painting, running and others is expected to be the latest trend.
Scenario of Robotics Prosthetics Market:
Drivers
Demand from the growing cases of accidents, occupational hazards and upgrading passive older prosthetics is the prime driver of the market. The Amputee Coalition, estimates an approximate 2.1 million amputees in the U.S. The Statistics Brain Research Institute, estimates that nearly 80 % amputations are a result of vascular and metabolic disease, 20 % due to trauma and 5 % cases due to congenital disorders. Thus a huge market exists which needs to be tapped.
Other drivers are the increasing awareness and publicity by social organizations, lower satisfaction from passive older prosthetics, rise in income in developed nations, excellent support for prosthetics by nations, and others. The growing functionality of robotic prosthetics coupled with advancement in technologies are strong drivers of the market. Thus product development strategies are the most successful for being a product leader. It also places the company as the most advanced market leader, which is highly desirable in hi-tech market of robotics prosthetics.
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Restraints
High cost of the devices, the nascent stage of the technology and discomfort associated with the use are strong restraints of the market. There is also a considerable lag in operations due to lack of coordination between the brain and the device. However advances such as greater computing power and artificial intelligence is expected to triumph the constraints.
Segmentations of Robotics Prosthetics Market:
The global robotics prosthetics market is segmented by product, technology, application, and end user so as to have a greater clarity of the market.
Product – prosthetic arms, prosthetic feet/ankles, prosthetic legs/knees, prosthetic hands, and others.
Technology - prosthetic foot materials, Bluetooth, microprocessor knees, myoelectric technology, and others.
Application – lower body extremity and upper body extremity.
End user – hospitals, clinics, and others.
Prominent Players in the Global Robotics Prosthetics Market:
Some of the key companies in the global robotics prosthetics market are Stryker Corporation (U.S.), Mazor Robotics Ltd. (Israel), HDT Global Inc (U.S.), Touch Bionics Inc. (U.S.), Medrobotics Corporation (U.S.), SynTouch, LLC (U.S.), Shadow Robot Company (U.K), Hansen Medical, Inc. (U.S.), Smith & Nephew (U.K), Aethon (U.S.), ZOLL Medical Corporation (U.S.), ReWalk Robotics (Israel), Intuitive Surgical, Inc. (U.S.),KUKA Roboter GmbH (Germany), Transenterix, Inc. (U.S.) and others.
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Regional Analysis of Robotics Prosthetics Market:
The U.S. dominates the market owing to presence of large players, stronger research ecology, and fast uptake of technology. The U.S. also has a large prosthetics development program under the ages of its defense ministry and NASA. The U.S. also is the leader in artificial intelligence and robotics.
Europe accounts for the second largest market expected to be driven by countries like Germany and France. Germany has a large medical device industry which makes it a likely leader.
The Asia Pacific region is led by Japan due to its higher per capita income and technology. However India and China are estimated to be the fastest growing region.
The Middle East and Africa are expected to generate moderate growth dominated by the Gulf economies of Saudi Arabia, UAE and others.
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