Robotics Prosthetics Market expected to reach 9.5% CAGR during forecast period 2020-2027, Robotics Prosthetics Industry segmentation by By-Products, Technology, Application and End Users – forecast to 2027 | MRFR
Market Overview
Market Research Future (MRFR) predicts a lucrative run for the global robotics prosthetics market at the rate of 9.5% during the forecast period (2016-2027).
Market Potential and Key Barriers
The expansion of the amputee population due to a rise in accidents, diabetes, vascular disease, and frostbite has led the market to greater heights in recent years. The data published by Amputee Coalition reveals that there are close to 2.1 million amputees in the United States (U.S.). The Statistics Brain Research Institute says that about 82% of the amputations were caused by vascular disease, 22% of the total cases occurred due to trauma, and 4% were related to congenital disabilities. On this basis, increasing prevalence of vascular diseases and diabetes have high chances of elevating the demand for robotics prosthetics in the following years.
Rising number of technologically sophisticated products like RHEO KNEE, SYMBIONIC LEG 3, POWER KNEE, and PROPRIO FOOT is projected to uplift product awareness across various regions. In related news, Ossur had developed a mind-controlled prosthetic leg in 2015; which is currently undergoing a series of clinical trials. Boost in research and development (R&D) activities coupled with growing investment by private and public companies to upgrade prosthetic products could do wonders for the market in the speculated timeframe.
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Several initiatives by the government along with nonprofit organizations like Douglas Bader Foundation, CDC, Amputee Coalition and Limbless Association to aid the amputees are prompting the private vendors to invest more in the market. In addition, as April is the Limb Loss Awareness month, this belief helps spread awareness about the limb loss community and also assist those affected by limb loss in achieving their full potential.
Market Segmentation
The global market for robotics prosthetics has been split into product, by technology, application, and end-user.
Depending on the product, the market is considered for prosthetic arms, prosthetic feet/ankles, prosthetic legs/knees, prosthetic hands, and others.
Technology-based segments in the market are prosthetic foot materials, Bluetooth, microprocessor knees, myoelectric technology, and others.
Applications covered by the report include the lower body extremity and upper body extremity.
The end-users in the market are hospitals, clinics, and others.
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