The global robotic prosthetic market size was valued at USD 1.1 billion in 2019 and is anticipated to witness a lucrative growth of 9.2% over the forecast period. Key factors driving this market include increasing the number of amputation cases at a global level, advancements in the robotics arena, and initiatives taken by government organizations, such as Centers for Disease Control (CDC) and nonprofit organizations like Amputee Coalition, to facilitate funding and purchases of prosthetic devices for amputee population. Moreover, an increase in limb amputations due to cardiovascular disease, war casualties, tumors, and congenital anomalies is further anticipated to drive the market for robotic prosthetics. Also, the growing prevalence of vascular disease, obesity, stroke, diabetes, and arthritis led to an increase in the number of amputation cases. The increasing usage of connectivity technologies such as Bluetooth, microprocessor controller, and myoelectric technology has resulted in increasing the demand for such devices. Furthermore, the advancements in material sciences have introduced the use of thermoplastics and carbon fiber materials in manufacturing robotic amputation devices, which is improving the overall efficiency and reducing the cost of devices.
The outbreak of the COVID-19 pandemic resulted in governments globally emphasizing the implementation of stringent lockdowns. This caused a global economic crisis that is likely to affect the investments of the healthcare sector. The demand for prosthetics solutions became stable due to servicing the existing amputee population with maintenance. During the first quarter of 2021, the market saw a gradual recovery in demand and sales of prosthetics as restrictions eased up and norms relaxed which is expected to positively impact the market.
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Robotic Prosthetic Market Report Highlights
• On the basis of technology, MPC prosthetics accounted for the largest revenue share in 2019, owing to the easy availability of products using this technology compared to myoelectric products. Moreover, increasing research for developing novel devices that use MPC technology is an important factor responsible for the largest revenue share of this segment.
• On the basis of extremity, lower body extremity segment held the largest market share in 2019. Large availability of lower body extremity devices in the market for robotic prosthetics, launch of new products by key players, and an increasing number of lower body amputation cases across the globe are the leading factors driving the market.
• On the basis of region, Asia Pacific is anticipated to grow at the fastest rate during the forecast period. Rising geriatric population prone to diabetes and ulcers, on-going investments in robotics, and improving healthcare infrastructure in emerging economies such as India and China are the major factors driving the market.
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Robotic Prosthetic Market Segmentation
Grand View Research has segmented the global robotic prosthetic market based on technology, extremity, and region:
Robotic Prosthetics Technology Outlook (Revenue, USD Million, 2016 – 2027)
Robotic Prosthetics Extremity Outlook (Revenue, USD Million, 2016 – 2027)
• Lower Body Prosthetics
• Upper Body Prosthetics
Robotic Prosthetics Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Central and South America
• Middle East & Africa
• Saudi Arabia
• South Africa
List of Key Players of Robotic Prosthetic Market
• Touch Bionics, Inc.
• Shadow Robot Company
• HDT Global
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