Robotic Prosthetic Market Size to Reach USD 2,384.4 Million in 2028, Says Reports and Data
Growing demand for robotic prosthetic products due to increasing incidents of severe road accidents and injuries, and rising number of patients with vascular diseases are key factors driving 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.
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.
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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.
- Major players in the market include 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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For this report, Reports and Data has segmented the global robotic prosthetic market based on product type, technology, end-use, application, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
- Prosthetic Arms
- Prosthetic Ankle/Feet
- Prosthetic Knees
- Prosthetic Hands
Technology Outlook (Revenue, USD Million; 2018-2028)
- Myoelectric Technology
- Targeted Muscle Reinnervation
Application Outlook (Revenue, USD Million; 2018-2028)
- Upper Body Extremities
- Lower Body Extremities
End-Use (Revenue, USD Million; 2018-2028)
- Ambulatory Surgical Centers
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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