The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global robotic prosthetic market size is anticipated to reach USD 2.1 billion by 2027, expanding at a CAGR of 9.2%, according to a new report by Grand View Research, Inc. Increasing cases of amputation, advancements in robotic space, and a rise in the number of ulcers, diabetes, and congenital abnormalities that lead to amputation are estimated to drive growth over the forecast period. Moreover, increasing government funding and innovations in robotic space are anticipated to drive growth over the forecast period.
Based on technology used, the market is segmented into MPC Prosthetics and Myoelectrical Prosthetics. MPC technology dominated the market in 2019, and is forecasted to grow at a lucrative rate over the forecast period. Whereas, Myoelectrical prosthetics is anticipated to be the fastest-growing segment during the forecast period. The prosthetics operate on electric power, without putting any extra stress or muscle tension on the wearer. This advantage of Myoelectrical technology over MPC is anticipated to drive segment growth over the forecast period.
Based on the extremity, the robotic prosthetic market is segmented into upper extremity and lower extremity. Lower extremity dominated the market in 2019, and is also expected to grow at the fastest rate over the forecast period. Increasing amputations of the lower limb owing to the high incidence of the diabetic foot and vascular diseases are anticipated to drive segment growth. Moreover, the launch of innovative products by major players is further anticipated to drive growth over the forecast period.
North America dominated the market in 2019, with a revenue share of 43.5%. Major factors driving the growth are increasing healthcare expenditure, improvements in robotic space and favorable government initiatives with regards to supporting robotic technology in U.S. are the major factors driving the growth. Asia Pacific is anticipated to be the fastest-growing region, owing to the growing investments in the robotic field and rising healthcare expenditure.
Further key findings from the report suggest:
- The market is anticipated to reach USD 2.07 billion by 2027, owing to the advancements in robotic space
- The myoelectric prosthetics segment is expected to be the fastest growing with a CAGR of 10.3%, as it operates on electric power without stressing the wearer
- Lower extremity dominated the space in 2019 with a CAGR of 9.5%, owing to the increasing number of lower limb amputation and growing prevalence of diabetic foot
- North America dominated the robotic prosthetic market in 2019 with a value of USD 454.9 million, as the adoption of technologically advanced products in the region is high
- Some of the key players are Ottobock; Touch Bionics, Inc.; Shadow Robot Company; and HDT Global.