Introduction
The global robotic prosthetics market is projected to experience significant growth over the next few years, primarily driven by technological advancements in robotics and an increase in the prevalence of limb disabilities. According to a report by Market Research Future, the global robotic prosthetics market is expected to expand at a CAGR of 9.5% from 2017 to 2023. In this article, we will explore the segmentation, trends, and forecasts of the global robotic prosthetics market.
Segmentation
The global robotic prosthetics market is segmented based on technology, product, end-user, and region.
By technology, the market is categorized into myoelectric, hybrid, and others. Myoelectric technology, which has the ability to mimic natural human body movements, accounted for the largest market share in 2016.
By product, the market is divided into prosthetic arms, prosthetic legs, prosthetic feet, and others. Prosthetic arms were the most popular product in 2016, driven by the high demand for upper limb prosthetics.
By end-user, the market is segmented into hospitals, rehabilitation centers, and others. Hospitals were the largest end-user segment in 2016, driven by the rising number of amputations and surgeries.
By region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America held the largest market share in 2016, primarily due to the high incidence of limb disabilities and the presence of major players in the region.
Trends
One of the most significant trends in the global robotic prosthetics market is the increasing adoption of advanced robotics in prosthetics. Robotic prosthetics are becoming more popular due to their ability to replicate natural human body movements. Advanced robotics have made prosthetics more user-friendly and have improved the quality of life for amputees.
Another trend in the market is the growing demand for customized prosthetics. With advancements in 3D printing technology, customized prosthetics are becoming easier to create. Customized prosthetics fit better and offer greater comfort to amputees.
Forecasts
The global robotic prosthetics market is projected to grow at a CAGR of 9.5% from 2017 to 2023, reaching a market value of USD 1.67 billion by 2023. North America is expected to dominate the market due to the high incidence of limb disabilities and the presence of major players in the region.
The prosthetic arms segment is projected to have the largest market share during the forecast period due to the high demand for upper limb prosthetics. The myoelectric technology segment is expected to have the largest market share due to its ability to mimic natural human body movements.
The hospitals segment is expected to have the largest market share during the forecast period due to the increasing number of amputations and surgeries. The Asia-Pacific region is expected to have the highest growth rate during the forecast period due to the rising incidence of limb disabilities and the increasing adoption of advanced robotics in prosthetics.
Conclusion
In conclusion, the global robotic prosthetics market is expected to experience significant growth over the next few years due to advancements in robotics technology and an increase in the prevalence of limb disabilities. The market is segmented based on technology, product, end-user, and region. The prosthetic arms segment is expected to have the largest market share during the forecast period, followed by the myoelectric technology segment. The hospitals segment is expected to have the largest market share due to the increasing number of amputations and surgeries. North America is projected to dominate the market, followed by the Asia-Pacific region.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Knox Market Research journalist was involved in the writing and production of this article.
