Robotic Prosthetics Market Growth Outlook Through 2024-2033

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Overview and Scope

Robotic prosthetics are artificial limbs or prostheses designed to replace a missing body part that may have been lost due to trauma, disease, or congenital disability. They are designed to work along with human brain signals and incorporate robotics, electronics and materials science to replicate the functionality and appearance of natural limbs as closely as possible.

Sizing and Forecast

The robotic prosthetics market size has grown strongly in recent years. It will grow from $1.57 billion in 2023 to $1.73 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to prevalence of chronic diseases, growing geriatric population, growing amputee population, government initiatives.

The robotic prosthetics market size is expected to see rapid growth in the next few years. It will grow to $2.54 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to increase in funding for medical robot research, rise in traumatic injuries, growing demand for sustainable and eco-friendly prosthetics, awareness about prosthetic solutions . Major trends in the forecast period include advances in material science and technology, wearable technology integration, advancements in prosthetic technology, sensory feedback systems, advancements in neuroprosthetics.

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Segmentation & Regional Insights

The robotic prosthetics market covered in this report is segmented –

1) By Product Type: Prosthetic Arm; Prosthetic Knee; Prosthetic Feet Or Ankle; Prosthetic Hand; Other Products

2) By Technology: Microprocessor-Controlled Prosthetics; Myoelectric Prosthetics

3) By Extremity: Lower Body Prosthetics; Upper Body Prosthetics

4) By End User: Hospitals; Specialty Clinics; Other End Users

North America was the largest region in the robotic prosthetics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in robotic prosthetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The growing prevalence of orthopedic diseases is expected to propel the growth of the robotic prosthetics market going forward. Orthopedic diseases refer to conditions and disorders that affect the musculoskeletal system, which includes the muscles, bones, nerves and joints. Robotic prosthetics have a range of essential applications in orthopedics, focusing on treating and correcting musculoskeletal disorders and injuries by limb replacement, gait rehabilitation and enhanced precision in orthopedic surgical processes. For instance, in July 2022, according to the World Health Organization, a Switzerland -based agency of the United Nations responsible for international public health, approximately 1.71 billion people worldwide have musculoskeletal conditions, including low back pain, neck pain, fractures, other injuries, osteoarthritis, amputation and rheumatoid arthritis. Therefore, the growing prevalence of orthopedic diseases is driving the growth of the robotic prosthetics market.

Key Industry Players

Major players in the robotic prosthetics market are Ottobock SE and Co. KGaA, Össur hf., Blatchford Limited, HDT Global Inc., DEKA Research & Development Corp., Cyberdyne Inc., College Park Industries Inc., Neuralink Corp., Touch Bionics Ltd., Myomo Inc., Kinova Inc., Open Bionics Ltd., Sarcos Technology and Robotics Corporation, SynTouch LLC, Ekso Bionics Holdings Inc., Fillauer LLC, WillowWood Global LLC, Shadow Robot Company Limited, Infinite Biomedical Technologies LLC, Marsi Bionics S.L., Aether Biomedical Pvt Ltd., Coapt LLC, Esper Bionics Inc., Psyonic Inc., Vincent Systems GmbH.

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