Global Robotic Prosthetics Market 2023-2030

Global Robotic Prosthetics Market 2023-2030

Global Robotic Prosthetics Market Size, Share & Trends Analysis Report by Product Type (Prosthetic Arm, Prosthetic Knee, Prosthetic Feet/Ankle, Prosthetic Hand, and Others), by Technology (MPC Prosthetics, and Myoelectric Prosthetics), and by End User (Hospitals, Specialty Clinics, and Others) Forecast Period (2023-2030)

The global robotic prosthetics market is anticipated to grow at a CAGR of 9.3% during the forecast period. The market growth is attributed to several factors, including technological advancements, an increasing prevalence of limb disabilities, and a growing demand for personalized prosthetics. For instance, according to the Centers for Disease Control and Prevention (CDC), approximately 1 in 4 (27%) adults in the US have some type of disability, with 12.1% of US adults experiencing a mobility disability that significantly hinders their ability to walk or climb stairs. These statistics highlight the need for prosthetic devices, leading to government organizations introducing various initiatives to facilitate funding and purchases of such devices, which will further contribute to market growth.

Moreover, collaborations and partnerships among organizations have played a crucial role in driving innovation and improving the quality of robotic prosthetics. For instance, in January 2022, a cross-campus collaboration at UC Davis Health resulted in a novel surgical procedure and the use of smart prosthetics to provide better muscle control, improved sensory feedback, and reduced limb pain for amputee patients. This advancement has the potential to significantly improve the quality of life for individuals with upper limb amputations.

Segmental Outlook

The global robotic prosthetics market is segmented based on its product type, technology, and end user. Based on product type, the market is sub-segmented into prosthetic arm, prosthetic knee, prosthetic feet/ankle, prosthetic hand, and others. Based on technology, the market is categorized into MPC prosthetics and myoelectric prosthetics. Further, based on the end user, the market is sub-segmented into hospitals, specialty clinics, and others.

The Prosthetic Arm Sub-Segment is Anticipated to Register Significant Growth

Among the product type segment, the prosthetic arm sub-segment is anticipated to experience significant growth during the forecast period. This growth is attributed to several factors, including advancements in robotic technology, an increasing demand for upper limb prosthetics, and the continuous improvement in the functionality of prosthetic arms. For instance, in September 2021, a Mumbai-based start-up called Robo Bionics launched an affordable prosthetic arm to assist amputees with their daily chores. This prosthetic arm offers grip control and a sense of touch for below-elbow and wrist amputees, aiming to improve the lives of amputees by providing functional and accessible prosthetic solutions. With such innovative developments, the prosthetic arm segment is expected to witness significant progress in helping individuals with upper limb amputations.

Regional Outlook

The global robotic prosthetics market is further segmented based on geography including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the European region is expected to witness a significant growth in the robotic prosthetics market. However, the Asia-Pacific region is projected to experience considerable growth during the forecast period.

Global Robotic Prosthetics Market Growth by Region 2023-2030

Source: OMR Analysis

North America is Anticipated to Hold a Significant Share in the Robotic Prosthetics Market

Among all the regions, North America is anticipated to hold a significant share in the robotic prosthetics market during the forecast period. The regional market growth is primarily driven by factors such as well-established healthcare infrastructure, increasing investment in R&D activities, and high adoption of advanced technologies. Furthermore, the strong presence of various manufacturers that supply in the region is another factor bolstering the regional market growth. These players are focusing on adopting initiatives to strengthen their market presence. For instance, in September 2021, Unlimited Tomorrow developed and launched TrueLimb, an affordable multi-articulating prosthetic limb equipped with a realistic appearance and looks. Such developments demonstrate the commitment of companies in the region to provide innovative and accessible prosthetic solutions, contributing to the growth of the robotic prosthetics market in North America.

Market Players Outlook

The major companies serving the global robotic prosthetics market include MYOMO, Inc, Össur, and Hocoma AG, among others. The market players are considerably contributing to the market growth by adopting various strategies including mergers and acquisitions, partnerships, collaborations, and new product launches to stay competitive in the market. For instance, in January 2022, Myomo released MyoPro 2+, an enhanced version of its MyoPro powered brace. MyoPro 2+ is a wearable medical robotics device designed to improve arm and hand function for individuals with neurological disorders. The new version offers lighter weight, easier donning, greater comfort, and improved grasp functionality compared to its predecessor, MyoPro 2. Myomo continues to innovate with digital technologies to provide advancements in the field of wearable medical robotics. The company is known for its custom fabrication process, and with MyoPro 2+, the fabrication will now be done in-house at their Boston headquarters to streamline the process.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global robotic prosthetics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.