Enjoy complimentary customisation on priority with our Enterprise License!
The prosthetic robot arm market size is estimated to grow by USD 493.52 million accelerating at a CAGR of 13.21% between 2023 and 2027. This prosthetic robot arm market report extensively covers market segmentation by Application (hospitals, household, and clinics and ambulatory surgical centers), Technology (microprocessor-based and myoelectric), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.21% |
Market growth 2023-2027 |
USD 493.52 million |
Market YoY |
Fragmented |
YoY growth 2022-2023(%) |
11.77 |
To learn more about this report, Request Free Sample
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 vendors such as Ossur hf, Ottobock SE, and Co. KGaA. Vendors 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 the market growth. During the forecast period, the Robotics-as-a-Service (RaaS) model is anticipated to become more prevalent, allowing vendors to rent or lease service robots to end-users on a monthly or hourly basis. This offering includes maintenance, upgrades, and essential services. Vendors 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 prosthetic robot arm 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. Vendors 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 prosthetic robot arm 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.
Get a glance at the market contribution of various segments View the PDF Sample
The hospitals segment was valued at USD 231.76 million in 2017 and continued to grow until 2021. 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 prosthetic robot arm 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.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 37% 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.
In 2020, the market in North America was affected due to the outbreak of COVID-19. However, the lockdowns were lifted in the second half of 2020 owing to large-scale vaccination drives across North America. This led to the resumption of operations in clinics and hospitals that offer prosthetic robot arm surgeries and treatment since the first half of 2021, which increased the demand for prosthetic robot arm during 2021 and 2022. Such factors are expected to open new opportunities for prosthetic robot arm vendors and expected to drive the growth of the market in focus in North America during 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., 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.
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 prosthetic robot arm market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Prosthetic Robot Arm Market Scope |
|
Report Coverage |
Details |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, Japan, China, Germany, and France |
Competitive landscape |
Leading Companies, 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 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.