Oct 25 2019
This report analyses the current status of the global robotics prosthetics market, outlines the key market drivers and the bases for market segmentation and studies the trends of this market till 2027. According to research reports published in July 2019, robots and prosthetic devices may soon have a sense of touch, comparable to or even better than human skin. This innovation called Asynchronous Coded Electronic Skin (ACES), is an artificial nervous system developed by a team of scientists at the National University of Singapore.
Robotic prosthetics are artificial limbs that can be controlled by nerve impulses and microprocessors. The global robotic prosthetics market is predicted to reach USD 1.76 billion by 2025. Rise in the amputee population due to congenital abnormalities, accidents, and the rising prevalence of diabetes and vascular disease, are some of the major factors expected to be responsible for the growth of the prosthetics market during the forecast period. According to the studies conducted by the Amputee Coalition, there are around 2.1 million amputees living in the U.S. currently.
In January 2019, a team of researchers at North Carolina State University, have made it possible for amputees to walk with a robotic knee within 10 minutes instead of spending long hours in training how to do so. Enabled by AI, this innovation is based on reinforcement learning, and is possibly the first step towards automation of the usual manual tuning process of robotic limbs, which is both costly and tedious.
Key Players:
HDT Global Inc (U.S.)
• Touch Bionics Inc. (U.S.)
• SynTouch, LLC (U.S.)
• Shadow Robot Company (U.K)
• Stryker Corporation (U.S.)
• Smith & Nephew (U.K)
• Aethon (U.S.)
• ReWalk Robotics (Israel)
• Medrobotics Corporation (U.S.)
• KUKA Roboter GmbH (Germany)
• Intuitive Surgical, Inc. (U.S.)
• Mazor Robotics Ltd. (Israel)
• Hansen Medical, Inc. (U.S.)
• Transenterix, Inc. (U.S.)
• ZOLL Medical Corporation (U.S.)
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Segmentation:
The global robotic prosthetics market has been segmented based on technology, extremity, and geographical region.
On the basis of technology, the global robotic prosthetics market has been split into Microprocessor Controlled (MPC) prosthetics and Myoelectric prosthetics. Of these, the (MPC) prosthetics segment held the majority of market share in terms of revenue in 2016 and is estimated to reach over USD 983.0 million by 2025.
Based on extremity, this market can be divided into lower body prosthetics and upper body prosthetics. It is expected that the lower body prosthetics segment will grow at a substantial growth rate of 9.5% during the forecast period.
Regional Analysis:
North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa are the major regions for the robotics prosthetics market across the world.
In 2016, North America accounted for the largest market share and is expected to dominate the market during the forecast period as well. This can be attributed to the high demand for robotic prosthetics in the United States, and the favourable initiatives undertaken by the US government in investment in technologically advanced prosthetic limbs for soldiers and war veterans. Apart from the US, the market in Europe and Asia Pacific is expected to grow significantly owing to factors such as rise in adoption of robotic prosthetics and technological advancements in the healthcare field.
Industry News:
In the latest industry updates, in June 2019, a mechatronics student at Simon Fraser University in Burnaby, British Columbia, designed 3D-printed humanoid robot "fingers" which can be compared to the strength and tenderness of a human hand. This could be a boon for people with challenged mobility or loss of limbs, as these artificial fingers could improve the quality of life and facilitate independent living.
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