The robotics prosthetics market is predicted to quadruple its industry growth by 2023, a new report finds.
The report, prepared by Market Research Future, predicts the market will achieve a 9.5% compound annual growth rate (CAGR) up to 2023.
The market is expected to show extensive growth in Asia Pacific regions, especially in China.
Demand for robotic prosthetic is increasing across the globe, especially in the Americas and Europe.
An increasing number of amputation cases through injury is driving the market.
Further, the rising prevalence of obesity, diabetes, vascular disease, stroke, and arthritis is contributing to an increasing number of amputation cases.
According to the estimates published by the Amputee Coalition, about 185,000 amputations are performed in the US alone each year.
According to the EksoZeroG, in 2015, 625,000 occupational injuries occurred in the manufacturing and construction industries. The US spends US$21 billion a year on workplace-related injuries.
According to the International Diabetes Federation about 420 million adults worldwide was suffering from diabetes in 2016. This is increasing at the rate of 8.4% per year and is expected to reach 625 million by 2040.
China, and India have high diabetic populations compared to other Asian countries. In China, the number of diabetics has increased from 20.4 million in 1980 to 102.9 million in 2014.
Prevalence of osteoporosis
The robotics prosthetics market is dominated by the US where technology is continually developing as well as an increasing prevalence of orthopaedic diseases.
Europe holds the second position in the global robotics prosthetics market owing to the government support for research & development and availability of funds for research. This is expected to continue driving the European market over the forecasted period, the report predicts.
However, the Asia Pacific is growing rapidly, the report notes.
Strongest growth is expected to come from India and China due to aging population, growing awareness about new technology and the availability of funds.
Also, these countries are open to adopting new technology and best treatment options to improve the quality of life for their citizens.
The report found the Middle East and Africa has the lowest market share owing to the incapability of investment and poor healthcare infrastructure.
The Global Robotics Prosthetics Market is highly fragmented with the presence of many local players and international players, the report notes.
The main players are focussed on cost reduction and innovation to ensure sustainability.
They have implemented growth strategies through collaborations and partnerships to expand their overall market share.
Leading developers and manufacturers include:
- Touch Bionics Inc. and Touch Bionics Limited (US)
- HDT Global (US)
- SynTouch Inc. (US)
- Shadow Robot Company (UK)
- SynTouch, LLC (US)
- Shadow Robot Company (UK)
- Stryker Corporation (US)
- Smith & Nephew (UK)
- Aethon (US)
- ReWalk Robotics (Israel)
- Medrobotics Corporation (US)
- KUKA Roboter GmbH (Germany)
- Intuitive Surgical, Inc. (US)
- Mazor Robotics Ltd (Israel)
- Hansen Medical, Inc. (US)
- Transenterix Inc. (US)
- ZOLL Medical Corporation (US).