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The prosthetic robot arm market size is estimated to grow by USD 640 million accelerating at a CAGR of 14.84% between 2023 and 2028.
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.84% |
Market growth 2024-2028 |
USD 640 million |
Market YoY |
Fragmented |
YoY growth 2023-2024(%) |
12.61 |
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The market is driven by advancements in robotics, artificial intelligence, and 3D printing technologies, facilitating custom made bionic prosthesis. Rising amputation cases due to injuries, chronic diseases, and congenital diseases also fuel market growth. Key trends include prosthetic arm customization, biomimetic design, and brain-computer interfaces from companies like Mobius Bionics, exiii, and Ossur. Challenges involve high costs and insurance coverage issues, despite financial aid and support from organizations like the Amputee Coalition. The market measures growth in quantitative units and volumes in units on a global robotic prosthetics scale. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Technological advances are a key factor boosting the market growth. Prosthetic robots have gained popularity over the years due to technological advances and other improvements in the products offered by leading companies such as Ossur hf, Ottobock SE, and Co. KGaA. Companies are switching to materials such as advanced plastics and carbon fiber composites as well as electronic technology to ensure that the arms are more controllable and capable of automatically adapting their functions to tasks.
Advances in materials science have led to the emergence of thermoplastics and carbon fiber materials that are ideal for manufacturing prosthetic robot arms. The rising adoption of these technologically advanced products in developed regions and growing awareness about such advances are a few factors that are expected to drive the growth of the market in focus during the forecast period.
The adoption of innovative business models is a key trend shaping market growth. During the forecast period, the Robotics-as-a-Service (RaaS) model is anticipated to become more prevalent, allowing companies to rent or lease service robots to end-users on a monthly or hourly basis. This offering includes maintenance, upgrades, and essential services. companies can further enhance their RaaS offerings by integrating cloud computing technologies for real-time remote monitoring. Research institutions conducting prosthetic research are likely to leverage the RaaS model.
Additionally, the global market is expected to witness a growing adoption of the open-source business model. Monetizing niche products like prosthetic robot arms can be challenging. For instance, exiii Inc. adopted a service model and shared HACKberry build data on GitHub, increasing global awareness. These innovative business models are poised to drive market growth in the forecast period.
Regulatory hurdles is a key challenge hindering the growth of the market. Companies entering the market are poised to encounter a significant challenge in the form of varying regulatory hurdles across different regions. Manufacturers and distributors are subject to diverse regulations, contingent on the countries in which they operate or conduct commercial sales. Prosthetic robot arm manufacturers are obligated to secure requisite approvals and clearances before marketing their products internationally. This not only adds to their operational costs but also extends the time required to bring their products to market.
Failure to adhere to these regulations could result in sanctions, including fines, consent decrees, civil penalties, product recalls, operational limitations, partial or complete production suspensions, and even criminal prosecution. In the United States, medical robots fall under regulatory scrutiny, with agencies like the Food and Drug Administration (FDA) overseeing their safety and accuracy. Such factors are hindering the market growth.
The hospitals segment will account for a major share of the market's growth during the forecast period. The global market has been continually growing through the hospital application segment as a result of technological improvements and an increase in amputee desire for higher mobility and usefulness.
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The hospitals segment was valued at USD 256 million in 2018 and continued to grow until 2022. As hospitals are the primary setting where amputee patients receive prosthetic limb fitting and rehabilitation services, hospitals are a crucial application space for the global market. The need for prosthetic robot arm in hospitals around the globe has increased as a result of the rising number of limb amputations caused by trauma, diabetes, and other medical disorders. To better serve amputees, major industry participants are concentrating on extending their reach in hospital settings. Owing to such trends and initiatives, the demand for Prosthetic robot arms from the hospital application segment is expected to increase and hence drive the growth of the market in focus during the forecast period.
Based on technology, the microprocessor-based segment holds the largest market share. During the forecast period, we anticipate the introduction of prostheses driven by microprocessors, incorporating sensor feedback for real-time adjustment of joint movement and enhanced prosthetic arm performance.
Additionally, there will be a rise in offerings equipped with advanced processing features like gyroscopes and accelerometers, which enhance the functionality of prosthetic arms. As a result, factors such as improved durability, reduced adjustment requirements, and simplified maintenance are likely to drive the adoption of microprocessor-based technologies, thereby fueling the growth of this specific segment. This, in turn, is expected to propel the overall market's growth during the forecast period.
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Europe is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The United States is poised to be the primary revenue contributor in North America for the targeted market. The implementation of the Affordable Care Act is reshaping the medical robots and bionics business landscape by aiming to reduce costs, enhance healthcare accessibility, and improve its quality. Manufacturers are actively innovating to provide effective rehabilitation solutions for amputees while also facing the challenge of delivering cost-effective technologies that demonstrate clinical effectiveness. They are also establishing direct sales channels to hospitals and surgical centers, offering value-added customer services to expand their customer base. Government investments in advanced prosthetic limbs for soldiers and veterans are expected to drive market growth in the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aether Biomedical sp. z o.o.: The company offers prosthetic robot arm solutions such as Zeus Bionic Hand for all.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Advanced Arm Dynamics Inc., Bionic Hope Pvt. Ltd., BrainCo Inc., Cardinal Health Inc., COVVI, exiii Inc., HDT Global, Makers Hive Innovations Pvt. Ltd., Mobius Bionics LLC, Open Bionics Ltd., Ossur hf, Ottobock SE and Co. KGaA, Shadow Robot Co., Steeper Inc., TASKA Prosthetics, Unlimited Tomorrow, and Vincent Medical Holdings Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The Market is experiencing rapid growth, driven by advancements in robotics, artificial intelligence (AI), and 3D printing technologies. These innovations enable the development of custom made bionic prosthesis that significantly enhance the quality of life for individuals with limb loss. The Amputee Coalition highlights the rising incidence of limb loss due to diseases such as vascular diseases, cancer, cardiovascular diseases, and respiratory diseases, alongside injuries and congenital diseases. Technological advancements such as the LUKE arm system and Myo Kinisi hand showcase the integration of biosensor technology, microprocessor prosthetics, myoelectric prosthetics, and mind-controlled prosthesis. These bionic prosthetics mimic natural limb movements, utilizing biomimetic design and brain-computer interfaces to provide users with superior functionality and comfort. The use of advanced materials and better materials has improved the durability and performance of these devices.
The market is also influenced by factors like financial aid and insurance coverage, which help make these high-tech solutions more accessible. Companies like Ace Matrix and Fillauer Companies are key players in this field, focusing on prosthetic arm customization and raw material procurement to meet the growing demand. The market landscape depends on Chronic diseases, extremity, and quantitative units. The increasing volumes in units of these prosthetics globally underscore the expanding market size. Challenges such as transportation costs and ensuring widespread healthcare providers support remain, but the continuous improvements in AI and biosensor technology promise a positive trajectory for the global robotic prosthetics market. As technology progresses, prosthetic robot arms will become more efficient, offering enhanced mobility and independence to users.
Market Scope |
|
Report Coverage |
Details |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 39% |
Key countries |
US, Germany, France, Japan, and China |
Competitive landscape |
Leading Companies, market report, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Arm Dynamics Inc., Aether Biomedical sp. z o.o., Bionic Hope Pvt. Ltd., BrainCo Inc., Cardinal Health Inc., COVVI, exiii Inc., HDT Global, Makers Hive Innovations Pvt. Ltd., Mobius Bionics LLC, Open Bionics Ltd., Ossur hf, Ottobock SE and Co. KGaA, Shadow Robot Co., Steeper Inc., TASKA Prosthetics, Unlimited Tomorrow, and Vincent Medical Holdings Ltd. |
Market dynamics |
Parent market analysis, market growth analysis, market research and growth, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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