Prosthetics Market by Product, Technology and Forecast to 2027 - TMR

Combination Electronic Skin to Store Energy in Electrically Powered Prosthetics

The adoption of electrically powered/myoelectric technology is predicted to grow at an aggressive rate during the forecast period. Hence, companies are increasing R&D in electrically powered technology to meet specific requirements of individuals.

Since powered prosthetic devices require a great deal of electricity to function efficiently, researchers are developing innovative skin that stores electricity. For instance, researchers at the University of Glasgow have developed a combination electronic skin to generate and store electricity for prosthetic devices. Thus, manufacturers in the prosthetics market should collaborate with researchers to gain expertise in electrically powered prosthetics.

Researchers are experimenting with innovative materials such as graphite-polyurethane composite covered by graphene. These materials act as electric supercapacitors capable of storing energy and cater to energy conservation needs of end users. Likewise, the graphene component acts as a solar panel that converts sunlight to electricity in order to charge the supercapacitor. Thus, companies in the prosthetics market landscape should adopt such innovations to make their products eco-friendly.

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Rapid Prototyping Opens up New Income Avenues involving Prosthodontics

The computer-aided design/computer-aided manufacturing (CAD/CAM) technology is growing popular in the dental prosthetics segment. The CAD/CAM technology has given rise to rapid prototyping (RP), which has resulted in accuracy of prosthetic restorations, as compared to conventional restoration techniques.

Ongoing innovations in digital technology are revolutionizing the prosthetics market. As such, the dental prosthetics product segment of the prosthetics market is projected for exponential growth during the forecast period. Hence, manufacturers are increasing research in RP to digitize dental treatment.

RP offers promising opportunities in dental fields such as fabrication of surgical implant guides, maxillofacial prosthesis, and the likes. The CAD/CAM technology is being used by companies in the prosthetics market to reduce reliance on human variables and overcome limitations of conventional methods. In order to broaden their scope in incremental opportunities, companies are achieving fabrication of high-precision metal parts using selective laser melting technology.

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Demonstration of Value Proposition Involving Prosthetics Reassures Faith of Amputees

The prosthetics market is undergoing a change with the addition of AI and machine learning to develop mind-controlled prosthetics. Companies are developing prosthetic arms and limbs that are more adaptive and mimic the near-natural function of the human body parts. However, high reimbursement costs associated with these advanced prosthetics are some of the issues that companies need to address in order to sustain in the competitive prosthetics market landscape.

The prosthetics market is highly fragmented with emerging and prominent players accounting for ~80% market share. Thus, it is easier for new players to enter the market, but all companies need to tackle the common problem of high costs and lack of reimbursement policies to sustain in the market. High degree of abandonment by amputees has slowed down innovations and has created a barrier for investment by insurance companies in advanced technologies.

In order to overcome barriers of high costs and inefficient reimbursement policies, companies are increasing awareness and demonstrating the value proposition of prosthetics. This is being achieved by increasing research to develop cutting-edge prosthetics.

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User-friendly Prosthetics Increase Accessibility for Amputees

Companies are developing user-friendly prosthetics that are improving the quality of life of amputees. They are innovating in novel control systems for 3D-printed prosthetic hand that is capable of performing intricate and natural finger motions with greater accuracy. As such, orthopedic prosthetics product segment of the prosthetics market is estimated to generate second-highest revenue by 2027.

There is a growing demand for user-friendly prosthetics that require minimal training, especially in case of elderly patients. Advantages of user-friendly prosthetics are making them widely accessible for amputees. Companies in the prosthetics market are increasing research in unique control systems using muscle synergy theory to deploy complex movements.

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