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Robotics prosthetics (robotic limbs or mechanical limbs) refers to artificial devices that are used to replace a missing part of the human body. Such devices are usually controlled by microprocessors and nerve impulses, where the signals are transmitted from a human nervous system to the electronic parts present within the robotic prosthetic. The global robotic prosthetic market is expected to rise with the CAGR of about 9.50% during the forecast period 2017-2024. Increasing number of amputation cases due to various risk factors such as accidents, cancerous tumors, severe injuries, etc., technological advancements in robotic prosthetic devices are some of the major growth promoters for the market during the forecast period.
Supportive government initiatives for the adoption of prosthetics is one of the major factors that contribute towards the growth of global robotic prosthetics market during the forecast period. United States Agency for International Development (USAID, United States) supports the Cooperative Orthotic and Prosthetic Enterprise (COPE, a non-profit organization), in partnership with the Centre for Medical Rehabilitation to help people with disabilities to gain free access to prosthetic therapy, as per USAID. Strengthening Physical Rehabilitation in Georgia (SPRING, Sep 2017 - Sep 2021) was implemented by the Emory University (Georgia) to strengthen and expand access to affordable, high quality prosthetics, orthotics, physical rehabilitation, etc. SPRING was implemented in partnership with Tbilisi State Medical University (Georgia), as per the USAID. Also, in 2018, the UK government invested an amount of $2 million (£1.5 million) to provide 2,000 disabled children access to prosthetics, as per the Bay Trust Radio. Such initiatives by government are expected to increase the adoption of prosthetics that would promote the growth of market during the forecast period.
Source: OBRC Analysis
The report on the global robotics prosthetics market segmentation is done on the basis of product, technology, application, end user and stakeholders.
Technology segment in the market includes:
The applications of the market are divided as:
End users in the market includes:
Stakeholders segment is divided as:
The report scope and market revenue estimates and forecast of global robotics prosthetics market is widely categorized on the basis of its segments such as product, technology, application, and end user.
Geographically, the report has been segmented in:
North America accounted for having the largest market share in terms of revenue for the robotics prosthetics market in 2017 followed by Europe. North America is expected to be the dominating market during the forecast period. Rising adoption of technologically advanced products, increasing healthcare expenditure, favorable government initiatives regarding robotic technology, increasing amputee population, etc. are some of the major factors contributing towards the dominance of North America in robotics prosthetics market during the forecast period. However, Asia Pacific is expected to emerge as the fastest growing region in the market . Factors such as high diabetic population, rapidly increasing geriatric population, improving healthcare infrastructure in emerging economies of Asia Pacific, etc. majorly contributes towards the fastest growth rate of Asia Pacific in robotics prosthetics market. .
The global robotics prosthetics market covers segmentation analysis of product, technology, application, and end user. Report further covers segments of product which includes prosthetic feet/ankles, prosthetic arms, prosthetic hands, prosthetic legs/knees, and others. Also, the technology segment is divided as bluetooth, prosthetic foot materials, myoelectric technology, microprocessor knees, and others. Microprocessor knees accounted for the largest market share in terms of revenue for the global robotics prosthetics market in 2017 and is expected to dominate the market during the forecast period. Factors such as rising number of clinical research activities for the development of novel devices that use microprocessor controlled technology, easy availability of products that uses the technology, etc. majorly contributes towards the dominance of microprocessor knees segment during the forecast period. Further, application segment is divided as lower body extremity and upper body extremity. Lower body extremity accounted for the largest market share in terms of revenue for the global robotics prosthetics market in 2017 and is expected to dominate the market during the forecast period. High number of lower body amputation cases globally, large commercial presence of such devices, etc. are some of the major factors contributing towards the dominance of lower body amputation segment in the market. Moreover, end user segment of global robotics prosthetics market is divided as hospitals, clinics, and others.
The major market players of the market are:
These companies use various strategies such as merger & acquisition, partnership, collaboration, and product launch whereas, product launch is the major strategy that is adopted by the companies in the global robotics prosthetics market.
For example: In 2017, NAVIO™ Surgical System of Smith & Nephew unveiled its first bi-cruciate (robotics assisted) retaining total knee replacement. This is expected to increase the dominance of the company by increasing its market revenue share.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in the global robotics prosthetics market.
Key reasons to buy the report:
How are we different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on the global robotics prosthetics market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the global robotics prosthetics market, with giving extensive SCOT analysis of key companies.
Key findings of the global robotics prosthetics market:
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