DUBLIN--(BUSINESS WIRE)--The "Robotic Prosthetic Market By Product Type, By Technology, By Application, By End-Use, and By Region Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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. The increase in number of people with amputation and technological advancements are the primary factors driving the market growth.
According to the National Diabetes Statistics Report 2020 published by the Centers for Disease Control and Prevention (CDC), about 34.2 million people in the U.S., aged 18 years or older, had diabetes in 2018. This number is expected to grow to about 54.3 million by 2030. Type 2 diabetes is the most common type of diabetes, accounting for around 90% to 95% of all diagnosed cases of diabetes.
Robotic prosthetic devices are used in place of missing limbs or body parts. These devices help in improving the quality of life of people with amputations and provide them with the ability to perform their daily activities. The market for robotic prosthetics is expected to grow at a significant rate owing to the increasing number of people suffering from diabetes and other chronic diseases, which may lead to amputations. Moreover, the rising awareness about these devices and the technological advancements in these devices are some of the factors expected to drive the market growth over the forecast period.
The increasing adoption of robotic prosthetic devices is also attributable to the growing awareness about these devices among patients and physicians. In addition, government initiatives to promote the use of these devices are also expected to drive the growth of the robotic prosthetic market in the coming years.
Some Key Highlights From the Report:
- By application, lower body extremities segment accounted for largest revenue share in 2020. The growth can be attributed to the rising number of lower limb amputations due to diabetes and vascular diseases. According to the World Health Organization (WHO), in 2015, around 1.6 million people underwent lower limb amputation globally. Moreover, technological advancements in robotic prosthetics such as powered knee & ankle systems are also expected to boost the segmental growth.
- By end-use, hospital segment accounted for largest revenue share in 2020. This can be attributed to rising number of accidents and increasing prevalence of diabetes and cancer, which are resulting in amputation. According to WHO, in 2015, around 1.9 million people worldwide underwent amputations due to diabetes. Moreover, as per Cancer Research UK, in 2018, there were 2.5 million cancer patients in the U.K., which is projected to increase to 4 million by 2030. Hence, rising number of cancer and diabetes patients is expected to propel growth of the robotic prosthetic market during the forecast period.
- Robotic prosthetic market in North America accounted for largest revenue share in 2020. This is attributed to well-established healthcare infrastructure and presence of leading market players in the region. Moreover, increasing investments by government bodies for developing advanced prosthetic devices is anticipated to support growth of the North American robotic prosthetic market over the forecast period. For instance, in September 2019, U.S.-based organization National Technical Institute for the Deaf (NTID) received a government grant of over USD 1 million from National Science Foundation (NSF), which will be used for developing bionic arm that can provide sensation to amputees.
Companies Mentioned
- 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
- Touch Bionics
For this report, the publisher 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
- Others
Technology Outlook (Revenue, USD Million; 2018-2028)
- Bluetooth
- Microprocessor
- 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)
- Hospitals
- Ambulatory Surgical Centers
- Clinics
Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/hctdud
