ROBOTIC PROSTHETICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Robotic Prosthetics Market Size and Trends

The Global Robotic Prosthetics Market is estimated to be valued at USD 1.81 Bn in 2024 and is expected to reach USD 3.30 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9% from 2024 to 2031.

Key Takeaways of the Robotic Prosthetics Market:

• The microprocessor-controlled prosthetics segment is expected to contribute the highest share in the technology segment of the global robotic prosthetics market with 42.1% in 2024.
• The upper extremity prosthetics segment is expected to hold the highest share in the extremity category with a share of 52.3% in 2024.
• The hospitals segment is expected to contribute the highest share among end users of robotic prosthetics with a share of 35.2% in 2024.
• North America is expected to top the market with 38.4% share, followed by Asia Pacific with 27.7% share in 2024.

Market Overview:

The global robotic prosthetics industry is witnessing positive trends with increasing incidence of amputations worldwide due to rise in accidents and health conditions like diabetes. With advancement in technology, robotic prosthetics are getting smarter and more humanlike with features such as improved movement control, integration with smartphones and accessibility to resemble natural body functions. Major industry players are investing in developing multi-functional prosthetics using light-weight materials, biomimicry and machine learning integrated with sensors and actuators for close to real-time functionality. Wider health coverage and growing affordability is expected to boost the demand for rehabilitation and bionic solutions in developing nations over the forecast period.

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Key Developments:

• In August 2024, a study presented at the European Society of Cardiology in London demonstrated that echocardiograms performed remotely using a robotic arm and 5G network achieved 98% diagnostic accuracy compared to in-person tests
• In June 2022, a team of Canadian scientists developed a prosthetic using microfluidic-enabled soft robotics to aid diabetic amputees. This innovative design replaces traditional fabric and silicone liners with a single-layer liner integrated with soft fluidic actuators. These actuators adjust pressure based on the residual limb's anatomy, reducing pain and preventing pressure ulcerations.
• In November 2024, Johnson & Johnson MedTech, a global leader in cardiovascular, orthopedic, surgery and vision solutions, announced the U.S. FDA approval of an Investigational Device Exemption (IDE) for its OTTAVA robotic surgical system, enabling clinical trials to begin at U.S. sites. The company is preparing trial sites, enrolling patients, and advancing its surgical technology portfolio to expand access to robotic surgery benefits for patients and healthcare providers.

Top Strategies Followed by Global Robotic Prosthetics Market Players

• Established Players: Leading companies prioritize extensive research and development to innovate high-performance products.
  • For instance, Open Bionics, a U.K.-based company, developed affordable and open-source 3D-printed bionic hands for amputees, demonstrating significant advancements in prosthetic technology.
• Mid-Level Players: Mid-sized companies focus on delivering quality, budget-friendly products to cater to price-sensitive consumers.
  • For example, Mecuris, a Germany-based company, develops tailor-made prostheses and orthoses using 3D printing technology, offering affordable and customized solutions
• Small-Scale Players: Small players often target niche markets with unique features or innovative products. For instance, Marsi Bionics focuses on developing robotic exoskeletons to aid children with neuromuscular diseases, addressing a specific patient demographic.

Emerging Startups - Robotics Prosthetics Industry Ecosystem

Innovative Technologies: Several startups are developing cutting-edge technologies to disrupt the industry. Bioness produces prosthetics with sophisticated motor control driven by pattern recognition algorithms and Myomo offers arm braces controlled by electromyography allowing more natural motion.

• Sustainable Solutions: Startups like Higher Gear recycle 3D printed prosthetic components while e-NABLE focuses on making low-cost 3D printed assistive devices using recycled plastic. These sustainable approaches help address the increasing environmental impact of traditional prosthetics.
• Market Contribution: Startups are addressing specific needs in the robotic prosthetics market by developing specialized solutions. For example, ExoPro has created devices that enable above-elbow amputees to regain rotational movement, enhancing the functionality of prosthetic limbs. Additionally, companies like Functionize are developing pediatric prosthetics customized for growing children, ensuring that the devices accommodate changes in body size and activity levels.