Robotic Prosthetics Market
PUBLISHED: 2023 ID: SMRC24273
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Robotic Prosthetics Market

Robotic Prosthetics Market Forecasts to 2030 - Global Analysis By Technology (Microprocessor-Controlled Prosthetics (MPC), Myoelectric Prostheses, Machine Learning and Other Technologies), By Extremity (Lower Body Prosthetics and Upper Body Prosthetics), End User and By Geography

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4.2 (88 reviews)
Published: 2023 ID: SMRC24273

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Robotic Prosthetics Market is accounted for $1.5 billion in 2023 and is expected to reach $3.1 billion by 2030 growing at a CAGR of 10.8% during the forecast period. Robotic prosthetics, also known as bionic prosthetics, refer to the field of medical technology and biomechanical engineering that involves the design, development, and implementation of artificial limbs or prosthetic devices equipped with robotics and advanced sensor technologies. These robotic prosthetic limbs are designed to replace or augment missing or non-functional body parts, typically arms, hands, legs, or feet.

According to the Amputee Coalition, of the more than 2 million people living with a loss of limb in the U.S., majority (54%) were due to diseases like diabetes, peripheral arterial disease etc. and 45% were due to trauma.

Market Dynamics: 

Driver: 

Growing global amputee population

The growing global amputee population is a significant driver of the robotic prosthetics market. Factors such as accidents, medical conditions, and an aging population contribute to an increasing number of amputees. As a result, there is a growing demand for advanced prosthetic solutions to improve the mobility and quality of life of these individuals. Robotic prosthetics offer enhanced functionality, natural movement, and an improved user experience, making them a compelling choice. This rising demand fuels innovation and investment in the market, further expanding its reach and accessibility to amputees worldwide.

Restraint:

High costs and Regulatory issues

The high costs associated with these advanced devices often result in limited insurance coverage, making them financially inaccessible for many individuals. Many insurance providers may not fully cover the expenses, placing financial burdens on patients. Additionally, regulatory hurdles, including certification and compliance requirements, can lead to delays and increased manufacturing costs, hindering market growth.

Opportunity:

Advancements in technology

Cutting-edge technologies, such as artificial intelligence, advanced materials, and sensor systems, enable the development of more sophisticated and functional prosthetic devices. These innovations enhance mobility, responsiveness, and comfort for users. Additionally, 3D printing and customization enable tailored solutions, while telehealth and remote monitoring offer improved patient care. Technology also drives cost efficiencies, potentially making these devices more affordable. Overall, ongoing technological advancements are expanding the possibilities, improving the quality of life for amputees, and broadening the reach of the robotic prosthetics market.

Threat:

Limited availability in certain regions

The limited availability of robotic prosthetic devices in certain regions restricts access to advanced limb replacement technology. In regions with inadequate infrastructure, healthcare facilities, or economic challenges, patients may struggle to access or afford these life-enhancing devices. This inequality in access can result in disparities in healthcare outcomes and a reduced quality of life for amputees, which hinders the growth of the market.

Covid-19 Impact: 

The COVID-19 pandemic has had a multifaceted impact on the market. Supply chain disruptions and manufacturing delays led to challenges in production and distribution. However, the pandemic underscored the importance of remote monitoring and telehealth solutions, driving innovation in prosthetic control and patient care. While access to healthcare services faced restrictions, the demand for advanced prosthetic solutions, like tele-rehabilitation and remote adjustments, surged. Post-pandemic, the market is likely to see a renewed focus on enhancing accessibility, telehealth integration, and resilient supply chains to better serve patients in need of robotic prosthetics.

The upper body prosthetics segment is expected to be the largest during the forecast period

The upper-body prosthetics segment is expected to capture the largest market share in the market. Upper-body prosthetics, such as robotic arms and hands, offer significant functional improvements for individuals with upper-limb limb loss or limb disabilities. They are crucial for tasks like grasping, manipulation, and daily activities, contributing to a higher demand. Additionally, advancements in upper-body robotic prosthetics have led to more sophisticated and intuitive control systems, making them increasingly appealing for amputees, which is fostering segment expansion.

The hospitals and clinics segment is expected to have the highest CAGR during the forecast period

The hospitals and clinics segment in the market is positioned for substantial growth. Hospitals and clinics are key centers for medical interventions and patient care, making them natural hubs for the adoption and provision of robotic prosthetic solutions. Moreover, as the technology becomes more advanced and accessible, healthcare professionals are increasingly incorporating robotic prosthetics into their treatment protocols. Additionally, hospitals and clinics offer specialized robotic prosthetic services, expanding access and improving patient outcomes, thus driving significant market growth.

Region with largest share:

North America is anticipated to dominate the market primarily due to its advanced healthcare infrastructure, high levels of healthcare expenditure, and significant presence of leading prosthetics manufacturers and research institutions. Moreover, a relatively high prevalence of limb loss cases, coupled with a growing aging population, is driving the demand for advanced prosthetic solutions. Additionally, favorable reimbursement policies and a proactive approach towards adopting innovative healthcare technologies further contribute to North America's market share in the robotics sector.

Region with highest CAGR:

The Asia Pacific region is expected to exhibit the highest growth rate in the market due to the region's rapidly aging population, coupled with an increasing incidence of limb loss, which is driving demand for advanced prosthetic solutions. Technological advancements and rising healthcare investments in countries like China, Japan, and South Korea are fostering innovation. Additionally, supportive government initiatives and collaborations between healthcare providers and technology firms are further propelling market expansion.

Key players in the market

Some of the key players in Robotic Prosthetics Market include Aethon, Asensus Surgical, Endolite India Ltd, Hansen Medical, Inc., HDT Global Inc, Intuitive Surgical, Inc., Mazor Robotics Ltd., Medrobotics Corporation, Open Bionics, Ossur Americas, Ottobock, Re Walk Robotics, Shadow Robot Company, Smith & Nephew, Stryker Corporation, SynTouch, Inc and ZOLL Medical Corporation.

Key Developments:
 
In October 2022, Researchers at the University of Utah’s Bionic Engineering Lab have developed the “Utah Bionic Leg,” the most advanced bionic leg ever created. Now, the university has forged a new partnership with the worldwide leader in the prosthetics industry, Ottobock, to license the technology behind the Utah Bionic Leg and bring it to individuals with lower-limb amputations.

In February 2022, New York-based engineering startup Esper Bionics has developed a prosthetic arm with intuitive self-learning technology that can predict intended movement faster than similar prosthetics.

Technologies Covered:
• Microprocessor-Controlled Prosthetics (MPC)
• Myoelectric Prostheses
• Machine Learning
• 3D Printing
• Other Technologies
 
Extremity Covered:
• Lower Body Prosthetics
• Upper Body Prosthetics 

End Users Covered:
• Hospitals and Clinics
• Rehabilitation Centers
• Prosthetic Laboratories
• Research and Development Institutes
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
         
2 Preface        
 2.1 Abstract       
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology       
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources      
  2.5.2 Secondary Research Sources      
  2.5.3 Assumptions      
         
3 Market Trend Analysis        
 3.1 Introduction       
 3.2 Drivers       
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats       
 3.6 Technology Analysis       
 3.7 End User Analysis       
 3.8 Emerging Markets       
 3.9 Impact of Covid-19       
         
4 Porters Five Force Analysis        
 4.1 Bargaining power of suppliers       
 4.2 Bargaining power of buyers       
 4.3 Threat of substitutes       
 4.4 Threat of new entrants       
 4.5 Competitive rivalry       
         
5 Global Robotic Prosthetics Market, By Technology        
 5.1 Introduction       
 5.2 Microprocessor-Controlled Prosthetics (MPC)       
 5.3 Myoelectric Prostheses       
 5.4 Machine Learning       
 5.5 3D Printing       
 5.6 Other Technologies       
         
6 Global Robotic Prosthetics Market, By Extremity        
 6.1 Introduction       
 6.2 Lower Body Prosthetics        
  6.2.1 Ankle and Foot Systems      
  6.2.2 Above-Knee Prosthesis      
  6.2.3 Below-Knee Prosthesis      
  6.2.4 Hip Disarticulation Prostheses      
  6.2.5 Knee Disarticulation Prostheses       
  6.2.6 Sport-Specific Foot and Knee Systems       
  6.2.7 Other Lower Body Prosthetics      
 6.3 Upper Body Prosthetics       
  6.3.1 Prosthetic Arm      
  6.3.2 Prosthetic Hand      
  6.3.3 Other Upper Body Prosthetics      
         
7 Global Robotic Prosthetics Market, By End User        
 7.1 Introduction       
 7.2 Hospitals and Clinics       
 7.3 Rehabilitation Centers       
 7.4 Prosthetic Laboratories       
 7.5 Research and Development Institutes       
 7.6 Other End Users       
         
8 Global Robotic Prosthetics Market, By Geography        
 8.1 Introduction       
 8.2 North America       
  8.2.1 US      
  8.2.2 Canada      
  8.2.3 Mexico      
 8.3 Europe       
  8.3.1 Germany      
  8.3.2 UK      
  8.3.3 Italy      
  8.3.4 France      
  8.3.5 Spain      
  8.3.6 Rest of Europe      
 8.4 Asia Pacific       
  8.4.1 Japan      
  8.4.2 China      
  8.4.3 India      
  8.4.4 Australia      
  8.4.5 New Zealand      
  8.4.6 South Korea      
  8.4.7 Rest of Asia Pacific      
 8.5 South America       
  8.5.1 Argentina      
  8.5.2 Brazil      
  8.5.3 Chile      
  8.5.4 Rest of South America      
 8.6 Middle East & Africa       
  8.6.1 Saudi Arabia      
  8.6.2 UAE      
  8.6.3 Qatar      
  8.6.4 South Africa      
  8.6.5 Rest of Middle East & Africa      
         
9 Key Developments        
 9.1 Agreements, Partnerships, Collaborations and Joint Ventures       
 9.2 Acquisitions & Mergers       
 9.3 New Product Launch       
 9.4 Expansions       
 9.5 Other Key Strategies       
         
10 Company Profiling        
 10.1 Aethon       
 10.2 Asensus Surgical       
 10.3 Endolite India Ltd       
 10.4 Hansen Medical, Inc.       
 10.5 HDT Global Inc       
 10.6 Intuitive Surgical, Inc.        
 10.7 Mazor Robotics Ltd.        
 10.8 Medrobotics Corporation       
 10.9 Open Bionics       
 10.10 Ossur Americas       
 10.11 Ottobock       
 10.12 Re Walk Robotics       
 10.13 Shadow Robot Company       
 10.14 Smith & Nephew       
 10.15 Stryker Corporation        
 10.16 SynTouch, Inc       
 10.17 ZOLL Medical Corporation        
         
List of Tables         
1 Global Robotic Prosthetics Market Outlook, By Region (2021-2030) ($MN)        
2 Global Robotic Prosthetics Market Outlook, By Technology (2021-2030) ($MN)        
3 Global Robotic Prosthetics Market Outlook, By Microprocessor-Controlled Prosthetics (MPC) (2021-2030) ($MN)        
4 Global Robotic Prosthetics Market Outlook, By Myoelectric Prostheses (2021-2030) ($MN)        
5 Global Robotic Prosthetics Market Outlook, By Machine Learning (2021-2030) ($MN)        
6 Global Robotic Prosthetics Market Outlook, By Artificial Intelligence (AI) (2021-2030) ($MN)        
7 Global Robotic Prosthetics Market Outlook, By 3D Printing (2021-2030) ($MN)        
8 Global Robotic Prosthetics Market Outlook, By Other Technologies (2021-2030) ($MN)        
9 Global Robotic Prosthetics Market Outlook, By Extremity (2021-2030) ($MN)        
10 Global Robotic Prosthetics Market Outlook, By Lower Body Prosthetics (2021-2030) ($MN)        
11 Global Robotic Prosthetics Market Outlook, By Ankle and Foot Systems (2021-2030) ($MN)        
12 Global Robotic Prosthetics Market Outlook, By Above-Knee Prosthesis (2021-2030) ($MN)        
13 Global Robotic Prosthetics Market Outlook, By Below-Knee Prosthesis (2021-2030) ($MN)        
14 Global Robotic Prosthetics Market Outlook, By Hip Disarticulation Prostheses (2021-2030) ($MN)        
15 Global Robotic Prosthetics Market Outlook, By Knee Disarticulation Prostheses (2021-2030) ($MN)        
16 Global Robotic Prosthetics Market Outlook, By Sport-Specific Foot and Knee Systems (2021-2030) ($MN)        
17 Global Robotic Prosthetics Market Outlook, By Other Lower Body Prosthetics (2021-2030) ($MN)        
18 Global Robotic Prosthetics Market Outlook, By Upper Body Prosthetics (2021-2030) ($MN)        
19 Global Robotic Prosthetics Market Outlook, By Prosthetic Arm (2021-2030) ($MN)        
20 Global Robotic Prosthetics Market Outlook, By Prosthetic Hand (2021-2030) ($MN)        
21 Global Robotic Prosthetics Market Outlook, By Other Upper Body Prosthetics (2021-2030) ($MN)        
22 Global Robotic Prosthetics Market Outlook, By End User (2021-2030) ($MN)        
23 Global Robotic Prosthetics Market Outlook, By Hospitals and Clinics (2021-2030) ($MN)        
24 Global Robotic Prosthetics Market Outlook, By Rehabilitation Centers (2021-2030) ($MN)        
25 Global Robotic Prosthetics Market Outlook, By Prosthetic Laboratories (2021-2030) ($MN)        
26 Global Robotic Prosthetics Market Outlook, By Research and Development Institutes (2021-2030) ($MN)        
27 Global Robotic Prosthetics Market Outlook, By Other End Users (2021-2030) ($MN)        
         
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.         

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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