Rising Number of Patients with Vascular Diseases can Expect Drive Robotic Prosthetic Market Revenue Growth

The global robotic prosthetic market size is expected to reach USD 2,384.4 Million in 2028 and register a revenue CAGR of 8.9% over the forecast period, according to latest report by Reports and Data. Emergence of mind-controlled humonics is considered one of the most important factors to impact market revenue growth.

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Furthermore, rising cases of injuries, road accidents, and growing incidence of chronic diabetes are increasing the number of amputation surgeries being carried out. Robotic prosthetic helps to restore lost functions of missing body parts, along with improving aesthetic appearance. The kind of prosthetic to be used depends on size, type, use, and steadiness and age of the individual. People are increasingly opting for personalized robotic prosthetic, which is expected to increase their demand and thus, drive market growth during the forecast period.

Increasing expenditure on research & development to incorporate smart mechatronics and sophisticated sensing and control for achieving lost sensorimotor functions is enabling incorporation of modern technology in devices. This is generating growth opportunities in the global market.

Robotic prosthetic is not covered under insurance policies in some countries, which may restrict growth of the market. Moreover, robotic prosthetic products are costly, which makes them out of reach to a large section of the population. This may also hamper market growth over the forecast period.

Some Key Highlights From the Report:

• • By application, lower body extremities segment accounted for largest revenue share in 2020. Wide accessibility of lower body extremity devices, launch of new and advanced robotic prosthetic products, and rise in the number of people with lower body amputation are factors driving growth of this segment.
  • By end-use, hospital segment accounted for largest revenue share in 2020. Growth of this segment can be attributed to rising cases of severe injuries and road accidents across the globe. Increase in the number of patients suffering from physical trauma, adoption of advanced technologies around the world, and sustainable reimbursement policies are also contributing to market growth.
  • Demand for robotic prosthetic is increasing due to its ability to make a limb function normally after the loss of the natural limb. Increasing prevalence of various diseases that result in loss of limb is driving market growth.
  • Robotic prosthetic market in North America accounted for largest revenue share in 2020, which can be attributed to factors such as increasing expenditure on healthcare, increasing number of hospitals, and advancement in robotics technology used in robotic prosthetic. Government initiatives to advance robotic technology and prevent amputations are also expected to support regional market growth.

Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.

Top Companies Profiled in the Report:

Artificial Limbs and Appliances, Endolite, Hansen Medical Inc., HDT Global Inc., Open Bionics, Ottobock, Ossur, ReWalk Robotics, Smith & Nephew, SynTouch Inc., The Shadow Robot Company, and Touch Bionics.

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Robotic Prosthetic Market Segmentation:

Product Type Outlook (Revenue, USD Million; 2018-2028)

• Prosthetic Arms
• Prosthetic Ankle/Feet
• Prosthetic Knees
• Prosthetic Hands
• Others

Technology Outlook (Revenue, USD Million; 2018-2028)

• Bluetooth
• Microprocessor
• Myoelectric Technology
• Targeted Muscle Reinnervation

Regional Outlook:

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Latin America (Brazil, Rest of LATAM)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.

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