The robotic prosthetics market is estimated to be valued at US$ 1.60 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Advancements in technologies such as Artificial Intelligence and Machine Learning are improving robotic prosthetics applications in terms of precision and dexterity.
Key Market Takeaways
:The global robotic prosthetics market size was valued at USD 1.60 billion in 2023 and is anticipated to witness a CAGR of 9.5% during the forecast period.
- Prosthetic legs/knees dominate the product type segment owing to advances in microprocessor knee technology providing near-natural gait.
- The technology segment is led by microprocessor knees that allow for adaptive stance and swing motions based on sensory inputs.
- Hospitals form the largest end-user segment as they are the primary sites for prosthetic fittings and rehabilitation services.
- Geographically, North America commands the major market share due to supportive regulatory environment and presence of key industry players.
Robotic Prosthetics Market Report Coverage
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Report Coverage
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Details
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Market Revenue in 2023
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USD 1.60 Billion
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Estimated Value by 2030
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USD 2.90 Billion
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Growth Rate
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Poised to grow at a CAGR of 9.5%
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Historical Data
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2018–2022
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Forecast Period
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2023–2030
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Forecast Units
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Value (USD Million/Billion)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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By Product Type, By Technology, By End User
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Geographies Covered
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North America, Europe, Asia Pacific, and Rest of World
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Growth Drivers
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• Technological Advancements in Prosthetic Design and Functionality
• Favorable Reimbursement Policies and Government Funding
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Restraints & Challenges
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• High Costs of Advanced Robotic Prosthetic Devices
• Difficulties Achieving Truly Natural Movement and Control |
Market Dynamics
:The robotic prosthetics market is primarily driven by the surging incidence of amputations across the globe. According to the National Limb Loss Information Center, major limb loss affects about 185,000 people each year in the United States alone.
Moreover, accidents, diabetes, vascular disease, cancer, and congenital disorders are the leading causes of amputations. Robotic prosthetics provide better functionality and enhanced mobility to amputees compared to conventional prosthetics, thereby fueling the market growth.
Furthermore, technological advancements in the field of robotics and 3D printing have led to miniaturization of components and development of low-cost prosthetics. This is expected to further contribute to the robotic prosthetics market expansion over the forecast period.
Market Trends
:- Myoelectric technology has gained significant traction in recent years. Myoelectric prosthetics use electromyography technology to detect electric signals from muscles, allowing users to control prosthetic hand functions such as grasping and wrist pronation/supination.
- Leading market players are focused on developing more dexterous and affordable robotic prosthetic solutions. For instance, recent innovations include prosthetics with multi-grip patterns for enhanced functionalities and touch sensors for better control.
Market Opportunities
:- With steady advancements in robotic and bionic technologies, the prosthetics industry has seen a rise in sophisticated and high-performing prosthetic devices. In particular, developments in microprocessor knee and ankle joints have enabled near-natural movement abilities.
- As the population ages and lifestyle-related health issues increase, the number of amputees needing prosthetic rehabilitation is expected to rise significantly. This growing patient pool represents a solid demand driver for various prosthetic products ranging from basic components to high-tech bionic devices.
Competitor Insights
Key players in the robotic prosthetics market include:
- Ottobock
- Ossur
- Blatchford Group
- HDT Global
- Fillauer LLC
- Steeper Inc.
- Proteor
- PROTUNIX
- Endolite
- Deka Research and Development Corporation
Recent Developments
:- In May 2023, AMBER Robotics launched the AMBER Lucid-1, a 7-axis portable robotic arm equipped with an AI intuitive mover. This innovation aims to simplify robotics development and operation, offering features like dragging to teach, gravity compensation, collision detection, and avoidance.
- On August 26, 2022, Össur, a company in the orthotics and prosthetics sector, acquired Naked Prosthetics, a provider of durable, custom, and functional finger prostheses for finger and partial hand amputees.
Market Segmentation:
By Product Type
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- Prosthetic Legs/Knees
- Prosthetic Arms
- Prosthetic Feet/Ankles
- Prosthetic Hands
- Others
By Technology
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- Microprocessor knees
- Myoelectric technology
- Body-Powered Technology
- Others
By End User
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- Hospitals
- Prosthetic Clinics
- Rehabilitation Centers
- Others
By Region:
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North America
:- U.S.
- Canada
Latin America
:- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe
:- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific
:- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East
:- GCC Countries
- Israel
- Rest of Middle East
Africa
:- South Africa
- North Africa
- Central Africa