(MENAFN- PR Newswire)
NEW YORK, Sept. 5, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global
prosthetic robot arm market
size is estimated to grow by USD 640 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over
14.84%
during the forecast period. Increase in amputation cases
is driving market growth,
with a trend towards
3D-printed prosthetic robot arm . However,
high cost of equipment
poses a challenge. Key market players include Advanced Arm Dynamics Inc., Aether Biomedical sp. Z o.o., Bionic Hope Pvt. Ltd., BrainCo Inc., Cardinal Health Inc., COVVI, exiii Inc., HDT Global, Makers Hive Innovations Pvt. Ltd., Mobius Bionics LLC, Open Bionics Ltd., Ossur hf, Ottobock SE and Co. KGaA, Shadow Robot Co., Steeper Inc., TASKA Prosthetics, Unlimited Tomorrow, and Vincent Medical Holdings Ltd..
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Technavio has announced its latest market research report titled Global prosthetic robot arm market 2024-2028
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
Application (Hospitals, Household, and Clinics and ambulatory surgical centers), Technology (Microprocessor-based and Myoelectric), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) |
| Region Covered |
North America, Europe, APAC, South America, and Middle East and Africa |
| Key companies profiled |
Advanced Arm Dynamics Inc., Aether Biomedical sp. Z o.o., Bionic Hope Pvt. Ltd., BrainCo Inc., Cardinal Health Inc., COVVI, exiii Inc., HDT Global, Makers Hive Innovations Pvt. Ltd., Mobius Bionics LLC, Open Bionics Ltd., Ossur hf, Ottobock SE and Co. KGaA, Shadow Robot Co., Steeper Inc., TASKA Prosthetics, Unlimited Tomorrow, and Vincent Medical Holdings Ltd. |
Key Market Trends Fueling Growth
The Prosthetic Robot Arm market is experiencing significant growth, with a major challenge being the high cost of traditional prosthetic arms. However, the forecast period is expected to witness increased adoption of 3D-printed prosthetic robot arms due to their advantages, such as cost-effective manufacturing. Companies like Open Bionics and
exiii Inc. Are leading this trend, offering custom-fitted prosthetic arms using 3D scanning and 3D printing technology. Open Bionics' project allows for a custom-fitted socket and hand to be made in less than two days, while exiii Inc.'s HACKberry arm can be assembled at home with affordable parts and a USD1,000 consumer 3D printer. Easton LaChappelle's Unlimited Tomorrow is also making waves with a USD4,000 prosthetic arm, focusing on battery technology, miniaturization, and wireless connectivity, while offering free designs for 3D printing. With growing consumer awareness of 3D printing, more vendors are expected to enter the market, increasing competition and driving down costs.
The Prosthetic Robot Arm market is experiencing significant growth due to the rising number of amputations caused by injuries, chronic diseases, and congenital conditions. Robotics and artificial intelligence are driving innovation in this field, with advancements in 3D printing, biosensor technology, and bionic prosthetics. Companies like LUKE arm system and Mobius Bionics are leading the way in creating high-quality, customized prosthetic arms using advanced materials and biomimetic design. Better materials and technology, such as microprocessor prosthetics, myoelectric prosthetics, and mind-controlled prostheses, are improving the quality of life for amputees. The market volume is increasing due to the growing need for prosthetic arms among healthcare providers and individuals affected by limb loss from diabetes, vascular diseases, cancer, cardiovascular diseases, respiratory diseases, trauma, and other conditions. The use of raw materials and transportation costs are key considerations for manufacturers, while financial aid and insurance coverage help make these advanced technologies more accessible to those in need. Companies like Ace Matrix, Fillauer Companies, and Steeper are also contributing to the market with their innovative solutions. Quantitative units of prosthetic arms are expected to grow steadily in the coming years as technology continues to advance and improve the lives of those with limb loss.
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Market Challenges
The Prosthetic Robot Arm market is experiencing gradual adoption in developed countries due to advanced robotic medical systems in healthcare. However, affordability remains a challenge for patients in developing and emerging economies. High costs, attributed to the advanced technology, restrict access to prosthetic robot arms for most patients. The ASP is expected to decrease due to emerging technologies like 3D printing. Functional limitations and a short replacement cycle are additional hindrances to market growth. Prosthetic robot arms range from USD15,000 to USD100,000 for advanced models. Despite advancements, the high capital and recurring costs limit market penetration in emerging markets.
The Prosthetic Robot Arm market is experiencing significant growth due to advancements in technology, particularly in the areas of
biosensor technology, bionic prosthetics, and AI. However, challenges persist, such as the need for better materials, affordability, and customization. Raw material procurement and transportation costs remain a concern for manufacturers. Microprocessor and myoelectric prosthetics, including the LUKE arm system and Mind-controlled prosthesis, are popular choices, but the steep prices limit their accessibility. Companies like Ace Matrix, Mobius Bionics, Fillauer Companies, exiii, Ossur, Vincent Medical Holdings, and Ottobock are leading the way in innovation, offering advanced materials and biomimetic designs. Healthcare providers and insurers must navigate financial aid and coverage options to make these technologies more accessible to those in need. Quantitative units and volumes in the Global Robotic Prosthetics market continue to rise, transforming the lives of amputees and pushing the boundaries of technology in the extremity devices sector.
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Segment Overview
This prosthetic robot arm market report extensively covers market segmentation by
Application
1.1 Hospitals
1.2 Household
1.3 Clinics and ambulatory surgical centers
Technology
2.1 Microprocessor-based
2.2 Myoelectric
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1
Hospitals-
The Prosthetic Robot Arm Market is experiencing significant growth due to advancements in technology. These arms offer improved functionality and mobility for amputees, enhancing their quality of life. Key players in the market include DEKA Research & Development, Mobius Bionics, and Hocoma. Collaborations and partnerships between these companies and healthcare institutions drive innovation and expansion. The market's future looks promising, with increasing demand for advanced prosthetic solutions.
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Research Analysis
The Prosthetic Robot Arm market is a rapidly growing segment of the Robotics industry, driven by advancements in Artificial Intelligence, 3D printing, and
Biomimetic Design. Amputation due to injuries, chronic diseases, and congenital conditions continues to fuel demand for these advanced devices. The Amputee Coalition estimates that over 2 million Americans live with limb loss, creating a significant need for prosthetic solutions. Global Robotic Prosthetics market volumes are measured in quantitative units, with Extremity Prosthetics being the largest segment. Prosthetic Robot arms offer advanced features such as customization, improved functionality, and increased user comfort. Advanced materials and Brain-Computer Interfaces are key technologies driving innovation in this field. Healthcare providers play a crucial role in the adoption of Prosthetic Robot arms, with financial aid and insurance coverage being major factors influencing accessibility. Companies like Ace Matrix, Mobius Bionics, Fillauer Companies, exiii, Ossur, and others are leading the way in this market, offering solutions tailored to individual user needs. 3D printing and AI are revolutionizing Prosthetic Robot arm production, allowing for more affordable and customized solutions. The future of Prosthetic Robot arms lies in continued innovation, with potential applications in rehabilitation, industrial settings, and beyond.
Market Research Overview
The Prosthetic Robot Arm market is experiencing significant growth due to the increasing prevalence of amputations, injuries, chronic diseases, and congenital conditions. Robotics and artificial intelligence are revolutionizing the field with advanced bionic prosthetics, microprocessor prosthetics,
myoelectric prosthetics, and mind-controlled prostheses. Better materials, such as 3D printed components, and biosensor technology are improving the quality of life for amputees. The Amputee Coalition reports that over 2 million Americans are living with limb loss, with diabetes, vascular diseases, cancer, cardiovascular diseases, respiratory diseases, and trauma being common causes. The market includes voluminous units of prosthetic arms, with key drivers being technological advancements, healthcare providers' adoption, and financial aid and insurance coverage. Companies are focusing on advanced materials, prosthetic arm customization, biomimetic design, and brain-computer interfaces to meet the evolving needs of the market. Global Robotic Prosthetics, Steeper, Myo Kinisi hand, Ace Matrix, Mobius Bionics, Fillauer Companies, exiii, Ossur, Vincent Medical Holdings, and Ottobock are some of the leading players in the industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Hospitals
Household
Clinics And Ambulatory Surgical Centers
Technology
Microprocessor-based
Myoelectric
Geography
North America
Europe
APAC
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
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SOURCE Technavio
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