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Robotic Prosthetics Market Size
Robotic Prosthetics Market size was worth more than USD 1 billion in 2022 and is anticipated to record over 10.5% CAGR from 2023-2032. Increasing prevalence of diabetes will accelerate industry growth.
Increasing number of limb amputation procedures performed worldwide is expected to drive the demand for robotic prosthetics. The growing need for limb amputation can be attributed to the rising prevalence of diabetes in developed and developing countries, driven by unhealthy dietary habits, and sedentary lifestyles. As per the National Diabetes Foot Care Audit (NDFA), nearly 60,000 diabetic patients in England suffer from diabetic foot ulceration (DFU). Diabetes-related health complications, such as poor blood circulation and nerve damage are one of the leading causes of ulcers and peripheral artery disease, necessitating advanced limb amputation procedures and implants, subsequently helping the industry growth.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 1 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 10.5% |
| 2032 Value Projection: | USD 2.8 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 210 |
| Tables, Charts & Figures: | 573 |
| Segments covered: | Technology, Extremity, End-use, and Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
High cost of devices may impede adoption of robotic prosthetics
The higher costs associated with the purchase and maintenance of robotic prosthetics could restrain the robotic prosthetics market outlook. Robotic prosthetics showcase a high level of sophistication and need regular maintenance and replacement of parts annually, a few of which are covered by insurance. For instance, on average, robotic prosthetic costs between USD 20,000 to USD 100,000 based on the models and functions. The development of this next-generation medical implant relies on extensive R&D and innovation, which adds to the overall cost of robotic prosthetics. This scenario is indicating a key challenge for the expansion of market across developing and underdeveloped regions.
Robotic Prosthetics Market Analysis
Robotic prosthetics market valuation from microprocessor-controlled (MPC) prosthetics reached over USD 782 million in 2022. The surging demand for MPC prosthetics can be attributed to their advanced functional capabilities including the ability to monitor, switch, and adjust the control systems placed in the knee. For instance, in September 2022, AOTT published a study demonstrating the efficacy of microprocessor-controlled prosthetic knees (MPK) in patients with unilateral transfemoral amputations (TFAs) to ensure a better quality of life and locomotor capabilities. The growing emphasis on MPC prosthetics to improve patient recovery has fostered extensive R&D initiatives.
Robotic Prosthetics market from lower body prosthetics is projected to exhibit over 10.5% CAGR between 2023-2032. Lower body prosthetics such as the prosthetic ankle, prosthetic knee, and others are experiencing an upsurge in demand owing to the growing need for limb prosthetics among the aging geriatric population. Over the past few years, the number of individuals with peripheral artery disease (PAD) has increased significantly, driving the demand for prosthetics to treat issues with lower extremities. Globally, the number of PAD cases have surpassed 200 million and are estimated to continue to grow with the increasing geriatric population.
Robotic prosthetics market share from hospitals is anticipated to expand at 10.9% CAGR from 2023-2032. The emergence of novel diseases has compelled several governments to invest heavily in healthcare infrastructures and provide funds, allowing hospitals to procure next-generation medical technologies. Hospitals remain the primary center for healthcare among large populations due to better care infrastructure and convenient treatment. The increasing patient admission rates driven by the rising incidences of cancer, diabetes, and trauma will proliferate the demand for robotic prosthetics across hospital settings. Furthermore, hospitals worldwide are using cutting-edge prosthetics and robotic equipment to improve surgical and treatment output.
The robotic prosthetics market in Europe is poised to surpass USD 945 million by 2032. Europe is expected to emerge as a major hotspot for the robotic prosthetics industry with a massive footprint of key players and extensive R&D initiatives. For instance, in October 2022, the EU launched a new project, IntelliMan, aimed at developing a novel AI-powered manipulation technology for advanced robotic prosthetics, services, and manufacturing with an investment worth more than USD 4.8 million. A series of private and public fundings have been undertaken since, committing to the innovation and development of high-tech robotics with government backing.
Robotic Prosthetics Market Share
Some of the leading companies in the robotic prosthetics industry include
- Ossur
- Blatchford Group
- Ottobock
- Fillauer LLC
- Open Bionics
- Psyonic
- Mobius Bionics
- Axile Bionics
- Proteor
- RSL Steeper
- Brain Robotics
- ProtUnics
- Motorica
- Myomo
These players are expanding their product portfolios by introducing novel technologies for better customer experience.
Impact of the COVID-19 pandemic
The COVID-19 pandemic negatively influenced the robotic prosthetics industry dynamics as it significantly disrupted the healthcare sector worldwide resulting in delayed diagnosis, treatment, and surgeries for non-emergency conditions. It also forced several governments to implement strict lockdowns to curb the surging number of infectious cases, resulting in operational delays across the manufacturing of healthcare products. Moreover, the growing supply-demand gap, shortage of labor and raw materials, and pandemic-driven inflation introduced massive roadblocks for industry players.
The robotic prosthetics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:
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By Technology
- Microprocessor-controlled (MPC)
- Myoelectric
By Extremity
- Upper Body Prosthetics
- Prosthetic Arm
- Prosthetic Hand
- Others
- Lower Body Prosthetics
- Prosthetic Knee
- Prosthetic Ankle
- Others
By End-use
- Hospitals
- Specialty Clinics
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Poland
- Switzerland
- Netherlands
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
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