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Robotics Prosthetics Market – ScenarioRobotic prosthetics are artificial limbs which combine the prosthetics with robotics to offer fully functional prosthetics which allow patients to carry out normal functions with their artificial limbs. This factor alone has boosted the robotic prosthetics market. Market Research Future's survey of the global robotics prosthetics market has found that the growth of the market is anticipated at a CAGR of 9.5% during the forecast period from 2016 to 2027.
Robotics prosthetics represent immense promise for advanced medical technology, which is in high demand. Medical advancements are being achieved at a rapid pace, and the ability of robotics prosthetics to promote normal limb function after the loss of a natural limb is in high demand. The increasing prevalence of various chronic diseases which can result in limb loss is a key factor driving the growth of the global market. The expanding geriatric population is another driver of the global robotics prosthetics market — increasing cases of fragility fractures combined with an increase in awareness regarding innovative medical technology. Increasing spending on healthcare as well as investments in R&D in the advancement of existing technology are some other factors contributing to the growth of the market.
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Robotic prosthetics are not well covered in insurance reimbursement policies which has been a challenge to the adoption of robotic prosthetics. Moreover, robotics prosthetics are expensive, which makes them inaccessible, thus restraining market growth.
Key Players in the Robotics Prosthetics Market:
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.
SynTouch, LLC, Transenterix, Inc., Intuitive Surgical, Inc., Touch Bionics Inc., Mazor Robotics Ltd., Stryker Corporation, HDT Global Inc, Medrobotics Corporation, Hansen Medical, Inc., KUKA Roboter GmbH, ZOLL Medical Corporation, Smith & Nephew, ReWalk Robotics, Aethon, and Shadow Robot Company
Regional Analysis
The Americas which comprise of North America and South America are also subdivided into various country level markets. Among these, the U.S leads growth for the Americas regional robotics prosthetics market. The regions high prevalence of orthopedic diseases has resulted in the high demand for robotic prosthetics. High healthcare investments and the presence of a developed healthcare sector which has an affinity toward the adoption of advanced technology are some other factors driving market growth. Notably, Mexican Americas have a high risk for osteoporosis and as such are vulnerable to bone issues that may result in a need for robotic prosthetics.
Europe is a significant market which has a strong affinity toward R&D as evidenced by government support, via encouraging regulations. The high availability for funds toward investments in R&D is driving the growth of the robotics prosthetics market.
The Asia Pacific is a highly promising market due to its sheer size. The region has an immense patient population with growing awareness regarding advanced medical technology. The presence of a rapidly expanding geriatric population is a key driver of the market. The region's healthcare sector is undergoing heavy reforms as well as witnessing increasing investments. Increasing demand among patients for high-quality treatment options is driving international market players to focus on the region. The region also significant in the medical tourism market and as such is likely to attract more patients as the quality of healthcare improves.
Market Segmentation
The Robotics Prosthetics Market has been segmented in MRFR's report on the basis of product, application, technology, end-user, and region. Products available in the robotics prosthetics market include prosthetic hands, prosthetic legs & knees, prosthetic arms, prosthetics feet/ankles, and others.
Technology employed in robotic prosthetics include Bluetooth, microprocessor knees, myoelectric technology, prosthetic foot materials, and others.
Applications of robotic prosthetics are divided between lower body extremities and upper body extremities.
End users of robot prosthetics include hospitals, clinics, and others.
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