San Francisco, 20 May 2023: The Report Robotic Prosthetics Market Size, Share & Trends Analysis Report By Extremity (Upper, Lower), By Technology (MPC, Myoelectric), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2023 - 2030
The global robotic prosthetics market size is anticipated to reach USD 2.8 billion by 2030, as per a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 8.8% from 2023 to 2030. Robotics is an ever-evolving field with constant ongoing innovation. The increase in the number of people needing robotic prosthetics worldwide due to both traumatic as well as non-traumatic injuries has led to the massive expansion of the market. The Amputee Coalition estimated the number of people undergoing some form of limb loss will be over 3.5 million by 2050. Furthermore, the growing prevalence of diseases like diabetes and peripheral arterial disease are among major contributors to the increase in the number of amputations being performed on a global level.
The increasing number of people suffering from chronic ailments like diabetes is alarming. According to WHO, over 422 million people, worldwide suffer from this disease, the majority of which are from low and middle-income countries. The Amputee Coalition states that people who undergo lower extremity amputations will require a second amputation within 2 to 3 years of the first amputation, a total of 55% of people will need a second amputation due to diabetes, this has thus created a space for the market of robotic prosthetics for people with amputations caused due to diabetes.
Continually evolving technology in the robotics space has been a major driving force for the market. The use of better materials to build prosthetics is also contributing significantly to the advancements. Companies are delving into cutting-edge technologies like the bionic prosthesis which are controlled by the mind and muscle. The key market restraint in this is the cost of such prosthetics. Many companies have rolled out bionic prosthetics which are surgically attached to the bone, muscle, and nerves. For instance, Ottobock an industry leader has a range of myoelectric prostheses which are capable of mimicking natural hand movements.
The technology segment was dominated by the microprocessor-controlled prosthetic segment, with a market share of 57.7% of the market in 2021. This system has better stability and provides better functionality for the artificial limb over conventional mechanical prosthetics. Their ease of use and adaptability are among the major drivers of the growth of this technology. However, the myoelectric prosthetics are poised to register substantial growth during the forecast years. This is due to the fact that myoelectric prosthetics are more natural, have higher human-like movements, and are capable of providing touch, hold and grasp functions. Constant innovation in the use of AI for building more human-like prosthetics is driving this segment as well as the overall market.
The lower extremity section held the largest market share of 56.5% in 2021. The number of amputations performed is more for lower extremities as compared to upper extremities. This is due to an increase in the number of chronic illnesses like diabetes which causes foot ulcers and overall loss of nerve function as well as PAD which causes reduced blood flow to the lower extremities of the body. Amputee Coalition puts the number of instances where lower extremities amputation is preceded by foot ulcers at 85%. Furthermore, the number of lower-limb amputations was 65%. All the above-stated factors contribute heavily to the growth of the market.
As per regions, North America topped the charts with 43.0% of the market share. The technological advancements and availability of resources are high in the region which is one of the prime factors behind the staggering share of the global market. Higher capacity to spend on healthcare as well as high expenditure on healthcare by the government is also responsible for the market to make such progress in this region. The presence of key players in the industry and several R&D activities being performed in the field of robotics by corporations and institutes are also positively affecting the market. The APAC region is poised to witness the fastest growth, this can be attributed to improving healthcare infrastructure, advancing technology as well as high prevalence of chronic ailments. The region’s low and middle-income countries are major markets for robotic prosthetics.
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The general economic slowdown during the COVID-19 pandemic also impacted the robotic prosthetic industry, adversely. The cross-border trade restrictions, higher costs of shipping, raw materials, etc., were driving down the market. It is however expected to pick up as the restrictions are lifted and normalcy sets it. The advancements in the field of robotics in healthcare have also had a huge impact on the growth of the market.
The market is primarily driven by the high rate of innovation in the field of robotics by deploying artificial intelligence, 3D printing and increased demand for custom made bionic prosthesis. High rate of amputation due to injuries, chronic diseases and congenital diseases are also key to the rise in demand for robotic prosthetics. As per the Amputee Coalition, 2.1 million people are currently living with limb loss, in the U.S. Chronic diseases like diabetes, vascular diseases and cancer are among the leading causes for amputation. The global prevalence of chronic diseases is exploding, they account for 71% of global death, annually, as per the WHO. Out of these, cardiovascular diseases cause the most deaths, approximately 17.9 million annual deaths, cancers, respiratory diseases and diabetes are the three other major fatal chronic diseases.
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. A paper published in Prosthetics and Orthotics International stated the global prevalence of amputations due to trauma was more than 57 million, as of 2017. The increasing rate of amputations and increasing need to find better technologies to restore quality of life for amputees is driving the growth of the market.
Rapid advancements in technology especially in robotics has also been a key driver for the growth of the robotic prosthetics market. The use of better materials, biosensor technology, use of artificial intelligence as well as other tools are behind the rapidly evolving field of robotics. Bionic prosthetics are making robotic limbs feel more and more like regular limbs with more agile, human like movements and aesthetically appealing looks for robotic prosthetics. However, the only downside is the cost of these technologies which make them non-approachable to the general public. These advanced technologies are still in development and testing phase and are poised to bring about a revolution in the market. For instance, in Sweden, researchers have been studying and improving a new version of consciously controlled prosthetic arm, capable of significantly improving the quality of life for amputees. The prosthesis is surgically attached to bone, muscle and nerves, implanted electrodes pick up brain signals and help in movement, touch, etc., just like a normal, natural arm would. Innovations like these are significant contributors to the overall growth of the robotic prosthetic market, globally.
Government initiatives and support for growing number of research and development activities in the field of AI and robotics also propelling the market towards growth. The Defence Advanced Research Projects Agency (DARPA) is also involved in development of novel prosthetic systems for veterans, one such example of their developments is the LUKE arm system which was developed in collaboration with DEKA Research and Development Corporation. It is a modular system and is powered by batteries, it enables dextrous arm movements through an intuitive controlling system which enables the users to make movements in multiple joints, simultaneously.
COVID-19 pandemic has drastically affected all industries due to rising cost of raw material procurement, increase in transportation costs etc., on top of that, the ban on cross-border transport also caused a slowdown in the industry. However, the ever-increasing number of R&D initiatives by the robotic industry or IT industry in the field of artificial intelligence has been a key driver of the market. The global level of research done in the field is driving the market towards unprecedented growth. Improvement in the type of materials used to make prosthetics is also furthering the growth of the market. The above-mentioned factors all contribute towards uplifting the market.
Robotics Prosthetics Market Information: By-Products (Prosthetic Arms, Prosthetic Feet/Ankles), Technology (Bluetooth, Myoelectric Technology) Application (Lower Body, Upper Body Extremity) And End Users (Hospitals, Clinics) - Global Forecast till 2027Global robotics prosthetics market is witnessing a constant rise over the past few years.
Other robotics prosthetics market trends include the development of a prosthesis with an interface that does not require a brain implant to coordinate the movements, invasive procedures.Also, the usages carbon fiber material to make prosthesis is the latest shift among several other robotics prosthetics trends.
There had been significant numbers of researches performed to find a material that is much more life-like material and gives greater comfort and confidence for amputees.
Targeted muscle reinnervation combined with myoelectric technology involves a surgery that reassigns nerves to control the limb into another part of the body.Robotics Prosthetics Market – Regional AnalysisNorth America possesses the largest share in the global robotics prosthetics market.
Rising prevalence of disorders such as osteoporosis and low bone mass at the femur neck drive a huge share in the robotics prosthetics market.
Factors such as the rising per-capita healthcare expenses and growing support for R activities from the public & private sectors boost the regional market growth.
