Prosthetic robot arm market size to grow by USD 493.52 million from 2022 to 2027: The increase in amputation cases will boost the market growth

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08 Jun, 2023, 04:45 ET

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NEW YORK, June 8, 2023 /PRNewswire/ -- The global prosthetic robot arm market size is estimated to increase by USD 493.52 million from 2022 to 2027. The market's growth momentum will be progressing at a CAGR of over 13.21%. One of the key factors driving the prosthetic robot arm market is the increase in amputation cases. The loss of an arm can significantly affect the level of autonomy and the capability of performing ADL for people, and therefore, the forecast period is expected to witness the emergence of vendors that offer better control over the prosthesis along with products with improvements in force or tactile feedback and grasping capabilities. Apart from these, there is also expected to be an increase in the number of amputation cases due to diseases such as obesity, diabetes, arthritis, stroke, and vascular ailments. The forecast period will see a surge in demand owing to the increase in the global incidence in developed countries, along with the growing number of war veterans with traumatic amputations. Also, there is expected to be a considerable increase in demand for prosthetic robot arms due to the increasing incidence of stroke. Such factors will increase the market growth during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast 2023-2027 before buying the full report - Request a sample report

Prosthetic robot arm market – Customer Landscape

Our report analyzes the life cycle of the global prosthetic robot arm market from the innovator's stage to the laggard's stage. The report illustrates the lifecycle of the global prosthetic robot arm market, focusing on the adoption rates of the major countries such as the US, Canada, China, India, Japan, and Germany. To help companies evaluate and develop growth strategies for 2023-2027. To help companies evaluate and develop growth strategies, the report outlines –

Prosthetic robot arm market – Vendor AnalysisVendor Landscape -

The global prosthetic robot arm market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer prosthetic robot arms in the 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, and Vincent Medical Holdings Ltd. and others.

The market is characterized by the presence of several well-established manufacturers. The market is fragmented. Competition among providers is fierce in terms of product features, pricing, customized solutions and services. Over the years, incumbents have focused on upselling their products through geographic expansion, increased production capacity, and upgrades. To gain a competitive edge in a highly competitive environment, vendors are committed to innovation in customer service, support and training. Product innovation is expected to intensify the competitive environment in the focus market during the forecast period, thus leading the leading players to step up their strategies to maintain their market share.

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Global Prosthetic Robot Arm Market - Segmentation Assessment

Segment OverviewTechnavio has segmented the market based on 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).

Geography OverviewBy geography, the global prosthetic robot arm market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global prosthetic robot arm market.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Global Prosthetic Robot Arm Market – Market Dynamics

Key Trends - Another key factor driving the prosthetic robot arm market growth is the adoption of innovative business models. The forecast period will see more vendors opting for the Robotics-as-a-service (RaaS) business model, in which service robots are rented or leased to end-users on a monthly or hourly basis, along with upgradation, maintenance, and other basic services. The RaaS model is expected to be leveraged by research institutes that conduct research on prosthetics. Similarly, the another innovative business model is open-source business model. The global prosthetic robot arm market will also see vendors increasingly opting for the open-source business model, as monetizing niche products such as prosthetic robot arms is challenging. Being open source ensures that more makers from across the world are aware of the product. Such factors will increase the market growth during the forecast period.

Major challenges - The high cost of equipment is one of the key challenges hindering the prosthetic robot arm market growth. The adoption of robotic systems is common in developed countries of the Americas and Europe. However, patients in developing and emerging economies are reluctant to choose prosthetic robot arms. Advances in medical robotic systems have increased the cost of these devices and made treatments unaffordable for most patients in developing countries. Thus, people incur high capital and recurring costs, which restrict their accessibility to hospitals that are well-established or perform many treatment procedures. All these costs hamper the demand for prosthetic robot arms in emerging markets.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

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Prosthetic Robot Arm Market Scope

Report Coverage

Details

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 13.21%

Market growth 2023-2027

USD 493.52 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

11.77

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 37%

Key countries

US, Japan, China, Germany, and France, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

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.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Technology

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About UsTechnavio 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.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio