The global prosthetic kit market has witnessed strong growth in the past few years, attributed to increase in health care spending in emerging economies, the growing relevance of the public-private partnership model across different regions, rise in the prevalence of joint-related diseases, and increase in the geriatric population.
Global Prosthetic Kit Market: Introduction
The global prosthetic kit market has witnessed strong growth in the past few years, attributed to increase in health care spending in emerging economies, the growing relevance of the public-private partnership (PPP) model across different regions, rise in the prevalence of joint-related diseases, and increase in the geriatric population.
Global Prosthetic Kit Market: Key Trends
Increase in the number of amputation cases globally, advancements in the robotic space, and initiatives taken by government organizations such as the Centers for Disease Control (CDC) and nonprofit organizations such as Amputee Coalition to facilitate funding and purchase of prosthetic devices for the amputee population drive the global market. Moreover, increase in limb amputations owing to cardiovascular diseases, war casualties, cancer, and congenital defects is expected to propel the global prosthetic kit market.
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Rise in prevalence of vascular diseases, obesity, stroke, diabetes, and arthritis has resulted in an increase in the frequency of amputations. According to the American Academy of Physical Medicine and Rehabilitation, 30,000 to 40,000 amputations were performed in the U.S. in 2019. According to the Public Health England (PHE), 27,465 amputations were reported in the U.K. between 2015 and 2018, an increase of 14% during the period.
Moreover, advances in material sciences have enabled the use of thermoplastics and carbon fiber materials in the manufacture of robotic amputation devices, boosting overall efficiency and lowering the prosthetic device cost. Other factors likely to boost the growth of the global robotic prosthetics market during the forecast period are rise in acceptance of these advanced devices from manufacturers like Ekso Bionics, ReWalk Robotics, etc. in developed countries and rise in awareness about these improvements.
Government institutions such as the Centers for Disease Control and Prevention (CDC) and the Defense Advanced Research Projects Agency (DARPA) are funding research and innovation in this sector. This growing government participation in robotic prosthetics is projected to drive demand for these devices during the forecast period. For example, the CDC is financing the 'Amputee Coalition National Limb Loss Resource Center,' which provides financial assistance to amputees.
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In terms of technology, the global prosthetic kit market can be bifurcated into microprocessor controlled (MPC) prosthetics and myoelectric prosthetics. The MPC prosthetics segment accounted for the largest market share in 2020 due to the ease of availability of these products compared to myoelectric devices. Moreover, increase in research for development of innovative products that utilize MPC technology is a major factor driving the segment.
The myoelectric prosthetics segment is expected to grow at a rapid pace during the forecast period. Benefits of myoelectric prostheses such as mobility and utilization of electro signals for limb movement boost the growth of the segment. Moreover, rise in number of R&D activities performed by major companies and new product releases utilizing this technology are likely to drive the segment during the forecast period.
North America to Capture Major Share of Global Prosthetic Kit Market
North America dominated the global robotic prosthetic kit market in 2020, accounting for market share of 43.5%. This is attributed to increase in penetration of technologically advanced products, high health care spending, developments in the robotics industry, and favorable government initiatives to boost robotic technology. Moreover, focus of government authorities to reduce amputations is projected to augment the market in North America during the forecast period.
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The market in Asia Pacific is anticipated to grow at a rapid pace from 2021 to 2031. Increase in the geriatric population that is prone to diabetes and ulcer, ongoing investments in robotics, and improved health care infrastructure in emerging economies such as India and China propel the market in the region. Additionally, rise in medical tourism in the region is likely to increase demand for robotic prosthetics.
Key Players Operating in Global Prosthetic Kit Market
Major players operating in the global prosthetic kit market are:
- HDT Global
- Ottobock
- EndoliteSynTouch, Inc.
- Touch Bionics, Inc.
- Shadow Robot Company
- Össur Americas
- ReWalk Robotics
- Ekso Bionics
- Sarcos Robotics
- Synchron
- Xilloc Medical
- Other players
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