Global Robotics Prosthetics Market by Product Types (Prosthetic Arm, Prosthetic Knee, Prosthetic Feet/Ankle, Prosthetic Hand, and Others), Technology (Myoelectric Prosthetics and MPC Prosthetics), Applications (Upper Body Extremity, and Lower Body Extremi

The global robotics prosthetics market is projected to expand at a substantial CAGR during the forecast period. Robotic Prosthetics is a process of replacing lost parts of the body with artificially controlled parts. This is special branch of control that has an emphasis on the interaction between humans and robotics. Prosthetics are aimed to restore the standard functions of the absent body part. Prosthetics can be produced by hand or with Computer-Aided Design (CAD), a software interface that helps creators design and analyze the creation with computer-generated 2-D and 3-D graphics as well as analysis and optimization tools. Advances in the technology of prosthetic components have improved the possibility of successfully fitting the geriatric amputee with a prosthesis. Advancements in material science and technological advancements is expected to act as an opportunity for the market players in the robotic prosthetic market. Increasing government funding and innovations in robotic space are anticipated to drive growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities:

• Increasing cases of amputation, rise in the number of ulcers, diabetes, vascular disease, arthritis, and congenital abnormalities that lead to amputation have increased the demand of robotics prosthetics thus fueling the growth of the market.
• Technological advancements in robotic space, favorable initiatives by nonprofit and government organizations to facilitate the funding of robotic prosthetic devices are boosting the growth of the market.
• Severe injuries, cancerous tumors in bones or muscles of limbs, accidents, limb infections, and frostbites have increased the number of amputations. Thus, driving the growth of the market.
• High cost of robotic prosthetic and the need for maintenance, is a key restraint of the market.
• Lack of awareness in low income countries is expected to hamper the market growth.
• The government has played a defining role in driving demand of global robotics prosthetics market. Favorable government initiatives are going to foster the growth of the market during the forecast period.

Scope of the Report

The report on the global robotics prosthetics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2019Historic Data2018–2019Forecast Period2020–2026Regional ScopeAsia Pacific, Europe, North America, the Middle East & Africa, and Latin AmericaReport CoverageCompany Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Global Robotics Prosthetics Market Segment Insights:

Based on product types, the global robotics prosthetics market is divided into prosthetic arm, prosthetic knee, prosthetic feet/ankle, prosthetic hand, and others. The increasing geriatric population have led to more demand of prosthetic knee. Amputations of the lower limb due to the high incidence of the diabetic foot and vascular diseases have increased the demand of prosthetic feet/ankle. In terms of technology, the market is fragmented into myoelectric prosthetics and MPC prosthetics. MPC technology accounted for a dominant share of the market in 2019. This trend is expected to continue during the forecast period. Whereas myoelectrical prosthetics is anticipated to be the fastest growing segment during the forecast period. Myoelectric technology uses electric properties of muscles. A myoelectric-controlled prosthesis is an externally powered artificial limb that is controlled with the electrical signals generated naturally by the muscles. This advantage of Myoelectrical technology over MPC is anticipated to drive segment growth over the forecast period. Based on applications, the market is bifurcated into upper body extremity and lower body extremity. The lower body prosthetics segment accounted for the highest market share in 2019. This is because of the increasing demand from geriatric population and availability of lower body prosthetics. On the basis of regions, the global robotics prosthetics market is segmented into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. The market of North America is anticipated to dominate the market over the forecast period. This is attributed to the rising demand for robotic prosthetics in the U.S by the government for technologically advanced prosthetic limbs for soldiers and veterans. Factors such as advent of new technologies, high prevalence of vascular disorders, easy availability, and presence of leading market players are also aiding to the growth of market in this region. The market in Europe is expected be the second largest market owing the existence of skilled physicians, rising awareness concerning use of prosthetics, high diabetes incidence, and favorable reimbursement setup. Asia Pacific is also anticipated to proliferate at speedy rate over the forecast period due to fast technological improvements in the healthcare sector.

Competitive Landscape:

Major companies in the global robotics prosthetics market are Touch Bionics, Inc., Human Technology Inc., HDT Global, Shadow Robot Company, SynTouch Inc., Ottobock, Endolite, and Össur Americas. The market players are engaged in product development to amplify their market share and gain traction in global marketplace. The companies are engaging in strategic acquisitions such as product launches, R&D, agreements, and collaborations to gain market share and competitive advantage through combined synergies.

The Global Robotics Prosthetics Market has been segmented on the basis of

Product Types

• Prosthetic Arm
• Prosthetic Knee
• Prosthetic Feet/Ankle
• Prosthetic Hand
• Others

Technology

• Myoelectric Prosthetics
• MPC Prosthetics

Applications

• Upper Body Extremity
• Lower Body Extremity

Regions

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• Latin America