The Global Robotic Prosthetics Market is Estimated to Witness High Growth Owing to Trend of Increased Personalization
Market Overview:
Robotic prosthetics refers to
bionic body parts that use robotic components like sensors, actuators and
microcontrollers to mimic function of natural human limbs. They provide
enhanced functionality to amputees by enabling seamless movements like
grasping, lifting and manipulating objects through motorized joints and natural
sensors. Robotic prosthetics are lightweight, easy to use and maintain improved
quality of life for amputees.
The
Global Robotic Prosthetics Market is estimated to be valued at US$ 2.90 Bn in
2023 and is expected to exhibit a CAGR of 9.5% over the forecast period
2023-2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
One of the key trends
contributing to the growth of global robotic prosthetics market is increased
personalization. Manufacturers are increasingly focusing on developing
customized or personalized prosthetics tailored to the physical and lifestyle
needs of individual patients. Advancements in 3D scanning and 3D printing
technologies have enabled precise replication of patients' residual limbs and
design of personalized sockets, alignment and functional features. Personalized
prosthetics offer better comfort, control and user experience. This trend is
expected to gain more momentum over the forecast period.
Porter’s Analysis
Threat
of new entrants:
The threat of new entrants is moderate as significant capital is required to
enter into the robotic prosthetics market. There are well-established players
in the market. However, technology advancements lower the entry barriers to some
extent.
Bargaining power of buyers: The
bargaining power of buyers is high as robotic prosthetics have many
applications and the availability of alternative treatments. Customers can
choose from multiple branded and generic options.
Bargaining power of suppliers:
Suppliers have moderate bargaining power due to the availability of raw
material substitutes and procurement of materials from multiple sources.
Threat of new substitutes: The
threat of new substitutes is moderate as robotic technologies evolve
continuously, new surgical techniques emerge.
Competitive rivalry: High due to
presence of global players.
SWOT Analysis
Strength: Technology advancement, wide
range of products, customized solutions. Strong distribution network of major
players.
Weakness: High initial costs,
technical limitations, lack of awareness in low-income areas.
Opportunity: Rising geriatric
population, increasing prevalence of disabilities, growing demand in developing
nations. Rapid innovation can expand market size.
Threats: Stringent regulatory
approvals, reimbursement issues, need for specialized care and infrastructure
constraints in poor regions. Price competition from local players.
Global Robotic Prosthetics Market Segmentation
By Product Type
o
Prosthetic
Legs/Knees
o
Prosthetic
Arms
o
Prosthetic
Feet/Ankles
o
Prosthetic
Hands
o
Others
By Technology
o
Microprocessor
knees
o
Myoelectric
technology
o
Body-Powered
Technology
o
Others
By End User
o
Hospitals
o
Prosthetic
Clinics
o
Rehabilitation
Centers
Others
Key Takeaways
Global
Robotic Prosthetics Market Demand is expected to witness high growth,
exhibiting CAGR of 9.5% over the forecast period, due to increasing prevalence
of disabilities. Regionally,
Key players operating in the robotic prosthetics market are Ottobock, Ossur, Blatchford Group, HDT Global, Fillauer LLC, Steeper Inc., Proteor, PROTUNIX, Endolite and Deka Research and Development Corporation. Ottobock dominates the market with wide offerings including feet, knees, ankles, legs and arm prostheses. Increasing collaborations for product development and tie-ups with hospitals are some key strategies being adopted.
Comments
Post a Comment