The global robotic prosthetics market is expected to reach USD 1.76 billion by 2025, according to a new report by Grand View Research, Inc. Increase in amputee population due to various factors, such as accidents, frostbite, diabetes, and vascular disease, is one of the crucial factors expected to drive the market in the coming years. According to the data published by Amputee Coalition, there are approximately 2.1 million amputees living in the U.S. According to the Statistics Brain Research Institute, 82% of the amputations are performed due to vascular disease, 22% of cases are due to trauma and 4% cases are due to congenital disabilities. Rise in prevalence of diabetes and vascular diseases, is anticipated to increase the demand for prosthetics over the forecast period.
Increasing number of technologically advanced products, such as SYMBIONIC LEG 3, RHEO KNEE, PROPRIO FOOT, and POWER KNEE, is anticipated to raise product awareness in developed regions, such as North America and Europe, thus increasing the demand for such devices. In 2015, Ossur developed a mind-controlled prosthetic leg; which is undergoing clinical trials for its assessment. Growing R&D activities and increasing investment by private and public players to technologically upgrade prosthetic products are among the few factors expected to propel the market.
Various initiatives undertaken by the government and nonprofit organizations, such as CDC, Douglas Bader Foundation, Limbless Association, Amputee Coalition, to provide assistance to amputees are increasing the interest of private players to invest in this market. April is considered Limb Loss Awareness Month. It helps create awareness about the limb loss community and helps people affected by limb loss achieve their full potential.
Further Key Findings From the Report Suggest:
- The robotic prosthetics market size was estimated at USD 790.8 million in 2016 and is expected to grow at a CAGR of 9.2% from 2017 to 2025
- Microprocessor Controlled (MPC) prosthetics segment held majority of the revenue share in 2016 and is estimated to generate revenue over USD 983.0 million by 2025
- The lower body prosthetics is expected to grow at a lucrative growth rate of 9.5% over the forecast period
- North America emerged as the largest regional market with a share of 44.2% in 2016
- Some of the key players in this market are Touch Bionics, Inc.; HDT Global; SynTouch, Inc.; Shadow Robot Company; Ottobock; ?ssur Americas; and Endolite. Forming collaborations and partnerships for developing novel technologies is one of the foremost strategies employed by major players