Robotic Prosthetics Market Expected to Grow at a CAGR of 9.5% during the forecast period 2018-2025.
Robotic Prosthetics Market Overview:
Since the introduction of robots to perform basic activities such as surgical assistance and endoscopy, medical robots are now used in a wide range of applications, such as neurosurgery, microsurgery, radiology, Emergencies and prosthetics. Robots are also used in non-medical applications in hospitals. Currently, a wide range of medical robots are commercially available. Large-scale research is being conducted to introduce advanced technologies into medical robots. The robotic limbs and prosthetics are described as mechanical limbs, managed by nerve impulses and microprocessors. Companies that operate in the field of prosthetics are currently developing exoskeletons. The exoskeletons are artificially intelligent and portable. It is a bionic device that allows patients with partial disability to walk again. These types of robotic prosthetics have gone from a simple aesthetic replacement to a real physical replacement to all the biological functions of the extremities.
Robotic Prosthetics Market Size and Growth Rate:
According to the research report, the global robotic prosthetic market Size valued at USD XX billion in 2018 and projected to reach USD XX billion by 2025 is expected to rise with the CAGR of about 9.5% during the forecast period 2018-2025.
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Robotic Prosthetics Market Drivers and restraints:
Advances in technology, the increase in the number of cases of amputation worldwide and the initiatives of non-profit and governmental organizations to facilitate the financing of robotic prosthetics are some of the driving forces of the world robotic prosthetics market. Severe injuries, cancerous bones or limb muscles, accidents, limb infections and frostbite increased the number of amputations. Other causes, such as diabetes, obesity, vascular diseases, arthritis and strokes also increase the number of cases of amputation. According to the Amputee Coalition, approximately 185,000 amputations are performed each year in the United States. This increasing number of amputations around the world should stimulate the demand for robotic prosthetics in the coming years.
Robotic Prosthetics Market Geographical segmentation:
Geographically, the global market for robotic prosthetics can be divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In terms of value, North America is expected to dominate the global market due to the strong demand for robotic prosthetics in the United States. The dominance of the region can also be attributed to the initiatives of the government of the United States to invest in technologically advanced prosthetics for its soldiers and veterans. The market for robotic prosthetics in Europe and the Asia-Pacific region is expected to grow considerably due to several factors, such as the increased adoption of these prosthetics and technological advances.
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Key players in the global market for robotic prosthetics include Touch Bionics, Inc., Human Technology Inc., HDT Global, Shadow Robot, SynTouch, Inc., Ottobock, Endolite and Össur Americas.
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