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 Overview:

The global robotic prosthetics market involves products that assist amputees by augmenting residual limb mobility and functionality. Robotic prosthetics are electronically powered devices that provide enhanced control and natural motion to amputees. Advancements in materials, sensing technology and artificial intelligence have enabled development of sophisticated robotic prosthetics that mimic biological limbs to a great extent.

Market Dynamics:

Rising prevalence of amputation cases due to diabetes, trauma injuries and cancer is a major driver of the global robotic prosthetics market. According to WHO, lower limb amputation is estimated to affect around 185,000 people annually just in the US. Technological advancements in areas of sensors, microcontrollers, actuators and integration of artificial intelligence is further fueling demand for next generation advanced robotic prosthetics. Miniaturization of electronic components has allowed design of lightweight and compact prosthetic devices with greater functionality. Growing funding from organizations such as DARPA (Defense Advanced Research Projects Agency) for research on bionic prosthetics is also supporting market growth. However, high costs associated with design and development of robotic prosthetics limits widespread adoption.

SWOT Analysis :

Strength: Robotic prosthetics provide enhanced functionality and mobility compared to traditional prosthetics. They can perform multiple automated tasks which reduces burden on the user. The advancement of technology allows robotic prosthetics to provide better customization per user's requirement.

Weakness: High cost of production and high initial purchase price of robotic prosthetics limits their adoption. They also require specialized training for effective use which increases the overall cost of treatment.

Opportunity: Growing geriatric population prone to limb loss creates new demand for prosthetics. Increasing cases of road accidents and rising amputations provides growth opportunity.

Threats: Availability of cheaper traditional prosthetics acts as a threat. Strong dependence on advance technology poses risk of quick obsolescence.

Key Takeaways :

The Global Robotic Prosthetics Market  is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing prevalence of amputations globally. Growing number of road accidents and other injuries leading to amputations is a major factor driving the demand.

Regional Analysis: North America dominated the global robotic prosthetics market in 2023, accounting for around 35% of the total share, due to presence of major players and rising healthcare expenditure in the region. Asia Pacific exhibits growth potential with countries like China and India emerging as high potential markets. Rapidly developing healthcare infrastructure and rising medical tourism are projected to fuel the regional market.

Key players: 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. The market is highly competitive with these players focussing on new product launches and expanding geographically for market dominance.

Explorer more information on this topic, Please visit @ https://www.coherentmi.com/industry-reports/global-robotic-prosthetics-market