NEW YORK, April 22, 2024 /PRNewswire/ — The global prosthetic robot arm market size is estimated to grow by USD 493.52 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 13.21% during the forecast period. Europe held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 37%.
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Technavio has announced its latest market research report titled Global Prosthetic Robot Arm Market 2023-2027
Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
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, Vincent Medical Holdings Ltd.
Analyst Review
The Prosthetic Robot Arm Market is experiencing significant growth due to advancements in Robotics, Artificial Intelligence, and 3D Printing technology. These technologies enable the production of customized Prosthetic Arms for amputees and individuals with chronic diseases or congenital conditions. The market caters to various extremities, offering Quantitative Units and Volumes in Units for customization. Global Robotic Prosthetics companies, such as Ace Matrix, Mobius Bionics, Fillauer Companies, exiii, and Ossur, are leading innovators in this field. Prosthetic Arm customization incorporates Advanced Materials and Biomimetic Design, while Brain-Computer Interfaces enhance functionality. Financial aid and Insurance Coverage are crucial factors influencing market growth. The Amputee Coalition advocates for improved accessibility and affordability in Prosthetic solutions.
Key Market Drivers
The Global Robotic Prosthetics market is poised for growth, driven by the increasing demand for Prosthetic Robots. Healthcare providers are seeking advanced solutions for amputees, leading to the emergence of vendors offering customized Prosthetic Arms with improved control, force feedback, and grasping capabilities. Biomimetic Design, Brain-Computer Interfaces, and Artificial Intelligence are key technologies shaping the market. Financial aid and insurance coverage are crucial factors influencing market penetration. Notable players include Ace Matrix, Mobius Bionics, Fillauer Companies, exiii, Ossur, Vincent Medical Holdings, Ottobock, and Robotics. The market expansion is fueled by the rising number of amputations due to injuries, chronic diseases such as diabetes, vascular diseases, cancer, cardiovascular diseases, respiratory diseases, and trauma. According to the Amputee Coalition, approximately 185,000 amputations occur annually in the US, and this number is projected to increase significantly by 2050.
Challenges and Opportunities
The Prosthetic Robot Arm market is experiencing advancements with the integration of better materials, biosensor technology, and AI in bionic prosthetics. Notable systems include the LUKE arm system and microprocessor prosthetics like Myoelectric and mind-controlled prostheses. However, high costs, primarily due to raw material procurement and transportation, hinder accessibility in developing economies. Advanced materials, prosthetic arm customization, and biomimetic design contribute to improved quality of life. Technology leaders like Steeper, Global Robotic Prosthetics, Ace Matrix from Mobius Bionics, Fillauer Companies, exiii, Ossur, and Vincent Medical Holdings, and Ottobock are pioneering innovation. Financial aid and insurance coverage are crucial to making these advanced solutions more accessible.
The Prosthetic Robot Arm market is experiencing significant growth, driven by advancements in Robotics and Artificial Intelligence. The integration of 3D printing technology is revolutionizing the industry, enabling high-speed and cost-effective manufacturing of bionic prosthetics for amputees. Amputation due to injuries, chronic diseases, congenital conditions, and other health issues, such as diabetes, vascular diseases, cancer, and cardiovascular diseases, are common indicators for prosthetic limbs. The Amputee Coalition advocates for improving the quality of life for amputees, and the adoption of advanced materials, biosensor technology, and AI-driven systems like the LUKE arm system, is transforming the landscape. Raw material procurement and transportation costs are being addressed through technology advancements. Major vendors, such as Open Bionics, exiii Inc., Mobius Bionics, Fillauer Companies, Ossur, Vincent Medical Holdings, and Steeper, are capitalizing on 3D printing and AI to offer microprocessor prosthetics, myoelectric prosthetics, and mind-controlled prostheses. Better materials and biomimetic designs are enhancing the functionality of these devices. Financial aid and insurance coverage are crucial factors for amputees, with organizations like Ace Matrix and Vincent Medical Holdings providing support. The future of the Prosthetic Robot Arm market lies in the integration of brain-computer interfaces and advanced customization, offering hope for a more natural and functional limb replacement experience.
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Market Overview
The Prosthetic Robot Arm market is experiencing significant growth due to the increasing demand for advanced assistive devices. Three-dimensional printing technology and Amputee’s need for more functional and cosmetically appealing limbs are driving the market. These Prosthetic Robots are designed with chronic disabilities in mind, providing mobility and independence. The market for Prosthetic Robot Arms is expected to continue its expansion, with technologies such as Articulated Prosthetic Arms, Myoelectric Prosthetic Arms, and Bionic Prosthetic Arms leading the way. Prosthetic Robot Arms are also being integrated with other technologies like Virtual Reality and Artificial Intelligence to enhance their functionality. The Prosthetic Robot market is a promising field, offering numerous opportunities for innovation and improvement.
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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