Robotic Prosthetic Market Size, Share Report, Analysis, Trends, Growth 2032

Robotic Prosthetic Market

Robotic Prosthetic Market by Extremity (Upper Body Prosthetics and Lower Body Prosthetics), and Technology (Myoelectric Prosthetics and MPC Prosthetics), and By Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2024-2032

Category: Healthcare Report Format : PDF Pages: 208 Report Code: ZMR-5336 Published Date: Jun-2024 Status : Published
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 1253.69 million USD 2,219 million 6.45% 2023

 

Robotic Prosthetic Market: Industry Prospective

The global Robotic Prosthetic market size accrued earnings worth approximately USD 1253.69 Million in 2023 and is predicted to gain revenue of about USD 2,219 Million by 2032, is set to record a CAGR of nearly 6.45% over the period from 2024 to 2032.

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The study includes drivers and restraints for the robotic prosthetic market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the robotic prosthetic market on a global as well as regional level.

Robotic Prosthetic Market Overview

Robot prostheses are synthetic or simulated duplicates of body components. An artificial or prosthetic part is used to replace the severed portion of the body. The prosthetics are designed to function analogously to a natural bodily component. Prosthetics have the capability to carry out almost all of the functions that are done by the missing bodily components. A significant number of individuals who have lost body parts owing to reasons such as car accidents and sickness have been increasingly choosing for robotic prosthetics in recent years.

Robotic prosthetics enable users to smoothly do tasks with a level of functionality comparable to that of their amputated limbs. Furthermore, the robotic prosthetic aids individuals in carrying out various tasks by offering additional assistance through its robotic mechanism. The adoption of robotic prosthesis has experienced a substantial growth in recent years, mostly due to these factors.

Robotic Prosthetic Market Growth Dynamics

The primary factor fueling the expansion of the worldwide robotic prosthetics market is the rising acceptance of robotic prostheses among persons who have undergone amputations. A significant number of people across the globe experience the absence of certain body parts as a result of traffic accidents, medical conditions such as diabetes, cancer, and vascular disease, and military personnel engaged in conflict. Various justifications can be provided for the act of surgically removing a body part from a human.

Removing a body part from humans severely impairs their ability to carry out fundamental human activities, such as walking for those who have had a leg amputated, or eating for those who have had their hands removed, among other similar cases. Thus, the utilization of robotic prosthetics enables the individual to execute these duties effortlessly. This factor is fueling the expansion of the worldwide robotic prosthetics industry.

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Factors such as increasing incidence of vascular diseases, rising cases of obesity, diabetes, and stroke, growing usage of connected technology, and high investment in research and development will act as major driving factors in the growth of global robotic prosthetic market. Advancements in material science and technological advancements will act as an opportunity for the market players in the robotic prosthetic market. Nonetheless, high cost of robotic prosthetic, need for maintenance and lack of awareness in low income countries will restrict the growth of global robotic prosthetic market.

Robotic Prosthetic Market: Report Scope

Report Attributes Report Details
Report Name Robotic Prosthetic Market Research Report
Market Size in 2023 USD 1253.69 Million
Market Forecast in 2032 USD 2,219 Million
Growth Rate CAGR of 6.45%
Number of Pages 208
Key Companies Covered Ottobock, HDT Global, Touch Bionics Inc., EndoliteSynTouch Inc., Össur Americas, Shadow Robot Company
Segments Covered By Extremity, By Technology, And By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Various firms provide prosthetics with diverse characteristics and capabilities, depending on the underlying technology. Consequently, individuals have the option to select from a diverse array of robotic prosthetics based on their specific requirements. Due to the continuous advancements in the field of robotic prosthetics, it is anticipated that the global market for robotic prosthetics would experience substantial growth over the projected timeframe.

Robotic Prosthetic Market Segmentation Analysis

The worldwide robotic prosthetics market is categorized into lower-body prosthetics and upper-body prosthetics based on type. Lower-body prostheses are the most prevalent kind in the global robotic prosthetics market, accounting for a significant portion of the total revenue. The demand for lower body prosthesis is increasing as deadly diseases such as diabetes and cancer become more prevalent.

The worldwide robotic prosthetics market is categorized into myoelectric prosthetics and MPC prosthetics based on technology. The MPC prosthetics, also known as microprocessor prosthetics, dominate the market with a significant revenue share. The dominance of microprocessor prostheses is attributed to its capacity to provide superior functionality, precision, stability, and lifelike movements compared to myoelectric prosthetics.

Robotic Prosthetic Market Regional Analysis

Regionally, the robotic prosthetic market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. North America will be the leading region during the forecast period. Quick uptake of new technologies, high prevalence of vascular disorders, easy availability, and presence of leading market players will boost the market growth in this region. Europe will be the second largest market. The major reasons are existence of skilled physicians, growth in awareness concerning use of prosthetics, high diabetes incidence, and favorable reimbursement setup. Asia Pacific will proliferate at speedy rate over the forecast period due to fast technological improvements in the healthcare sector and swelling cases of stroke and other vascular ailments. Latin America market will progress at a noteworthy rate during the estimate period. The Middle Eastern and African countries are expected to experience noticeable growth in the projected time-frame.

The report also includes detailed profiles of key players such as

  • Ottobock
  • HDT Global
  • Touch Bionics Inc.
  • EndoliteSynTouch Inc.
  • Össur Americas
  • Shadow Robot Company

This report segments the Global Robotic Prosthetic Market as follows:

Global Robotic Prosthetic Market: By Extremity

  • Upper Body Prosthetics
  • Lower Body Prosthetics

Global Robotic Prosthetic Market: By Technology

  • Myoelectric Prosthetics
  • MPC Prosthetics

Global Robotic Prosthetic Market: By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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