Policy & Regulation
Robotic Prosthetics Market to Reach USD 1.76bn by 2025, Grand View Research Forecasts
12 September 2017 - - The global robotic prosthetics market is expected to reach USD 1.76bn by 2025, according to a new report by US based market research and consulting company Grand View Research, Inc.

Increase in amputee population due to various factors, such as accidents, frostbite, diabetes, and vascular disease, is one of the crucial factors expected to drive the market in the coming years.

According to the data published by Amputee Coalition, there are approximately 2.1m amputees living in the US According to the Statistics Brain Research Institute, 82% of the amputations are performed due to vascular disease, 22% of cases are due to trauma and 4% cases are due to congenital disabilities.

A rise in the prevalence of diabetes and vascular diseases is anticipated to increase the demand for prosthetics over the forecast period.

An increasing number of technologically advanced products, such as Symbionic Leg 3, Rheo Knee, Proprio Foot, and Power Knee, is anticipated to raise product awareness in developed regions, such as North America and Europe, thus increasing the demand for such devices.

In 2015, Ossur developed a mind-controlled prosthetic leg; which is undergoing clinical trials for its assessment. Growing R and D activities and increasing investment by private and public players to technologically upgrade prosthetic products are among the few factors expected to propel the market.

Various initiatives undertaken by the government and nonprofit organizations, such as CDC, Douglas Bader Foundation, Limbless Association, Amputee Coalition, to provide assistance to amputees are increasing the interest of private players to invest in this market.

April is considered Limb Loss Awareness Month. It helps create awareness about the limb loss community and helps people affected by limb loss achieve their full potential.

North America emerged as the largest regional market with a share of 44.2% in 2016.

Some of the key players in this market are Touch Bionics, Inc.; HDT Global; SynTouch, Inc.; Shadow Robot company; Ottobock; Össur Americas; and Endolite. Forming collaborations and partnerships for developing novel technologies is one of the foremost strategies employed by major players.