The global robotic prosthetic market size is expected to reach USD 2,384.4 Million in 2028 and register a CAGR revenue of 8.9% over the forecast period, according to the latest report by Reports and Data. Emergence of mind-controlled humonics is considered one of the most important factors to impact market revenue growth.
Furthermore, rising cases of injuries, road accidents, and growing incidence of chronic diabetes are increasing the number of amputation surgeries being carried out. Robotic prosthetic helps to restore lost functions of missing body parts, along with improving aesthetic appearance. The kind of prosthetic to be used depends on size, type, use, and steadiness and age of the individual. People are increasingly opting for personalized robotic prosthetic, which is expected to increase their demand and thus, drive market growth during the forecast period.
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Key companies profiled:
- Artificial Limbs and Appliances
- Endolite, Hansen Medical Inc.
- HDT Global Inc., Open Bionics
- Ottobock, Ossur
- ReWalk Robotics
- Smith Nephew
- SynTouch Inc.
- The Shadow Robot Company
- Touch Bionics.
According to latest analysis by RnD, increasing number of product launches, product approvals, extensive RD activities, entry of novice players, and recent strategic alliances in the market such as mergers acquisitions, collaborations, partnerships, and deals, among others are some key factors that will drive the market revenue growth over the forecast period 2022-2028. Entry of new players and start-ups and the advent of advanced technologies are expected to further intensify the competition in the market.
Based on the application, application 2 is expected to account for a substantially large revenue share of more than 50% during the forecast period owing to increasing demand for advanced products to improve patient outcomes, improvements in healthcare facilities, rising number of investment and funding to accelerate medical and scientific research, increasing focus on personalized medicine, and rapid progress in drug research and development.
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Asia-Pacific robotic prosthetic market is expected to register fastest CAGR revenue over the forecast period, owing to the presence of a large aging population and increasing awareness about robotic prosthesis in the region. Adoption of advanced technology and availability of better treatment procedures are also contributing to market growth in APAC.
Some Key Highlights From the Report:
- By application, lower body extremities segment accounted for largest revenue share in 2020. Wide accessibility of lower body extremity devices, launch of new and advanced robotic prosthetic products, and rise in the number of people with lower body amputation are driving growth factors of this segment .
- By end-use, hospital segment accounted for largest revenue share in 2020. Growth of this segment can be attributed to rising cases of severe injuries and road accidents across the globe. Increase in the number of patients suffering from physical trauma, adoption of advanced technologies around the world, and sustainable reimbursement policies are also contributing to market growth.
- Demand for robotic prosthetic is increasing due to its ability to make a limb function normally after the loss of the natural limb. Increasing prevalence of various diseases that result in loss of limb is driving market growth.
- Robotic prosthetic market in North America accounted for largest revenue share in 2020, which can be attributed to factors such as increasing expenditure on healthcare, increasing number of hospitals, and advancement in robotics technology used in robotic prosthetic. Government initiatives to advance robotic technology and prevent amputations are also expected to support regional market growth.
- Major players in the market include Artificial Limbs and Appliances, Endolite, Hansen Medical Inc., HDT Global Inc., Open Bionics, Ottobock, Ossur, ReWalk Robotics, Smith Nephew, SynTouch Inc., The Shadow Robot Company, and Touch Bionics.
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For this report, Reports and Data has segmented the global robotic prosthetic market based on product type, technology, end-use, application, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
- Prosthetic Arms
- Prosthetic Ankle/Feet
- Prosthetic Knees
- Prosthetic Hands
- Others
Technology Outlook (Revenue, USD Million; 2018-2028)
- Bluetooth
- Microprocessor
- Myoelectric Technology
- Targeted Muscle Reinnervation
Application Outlook (Revenue, USD Million; 2018-2028)
- Upper Body Extremities
- Lower Body Extremities
End-Use (Revenue, USD Million; 2018-2028)
- Hospitals
- Ambulatory Surgical Centers
- Clinics
Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
Increasing demand to treat chronic and rare diseases to drive market growth
The global Medical Robots Market is majorly driven by a rapidly rising demand for personalized therapy and precision medicine to treat a wide range of rare and chronic diseases such as diabetes, cancer, hypertension, cardiovascular diseases, neurological disorders, and genetic disorders. Rapid progress in the field of precision medicine and growing application of customized therapies are significantly contributing to the revenue growth of the market.
Inaccessibility to advanced medical facilities in developing regions might hamper market growth
The steady revenue growth of the pharmaceutical and healthcare industry can be restrained due to some external factors. Limited access to proper medical facilities in low- and middle-income regions, shortage of skilled professionals, and lack of knowledge about certain treatments, drugs, and diseases can hamper market growth over the forecast period.
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However, the global Medical Robots Market is set to recover with significant revenue growth over the forecast period majorly attributed to the emergence of COVID-19 pandemic, rapid growth of telemedicine and teleconsultation services, availability of robust drug and therapeutics pipelines, and establishment of advanced clinical and healthcare facilities.
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