Intelligent Prosthetics Market is expected to reach a valuation of US$ 1.35 Billion by 2032, at a CAGR of 6.1% | FMI
As per Future Market Insights, the global Intelligent Prosthetics Market market was around US$ 707.8 Million in 2021 and is projected to exhibit a CAGR of close to 6.1% over the forecast period (2022-2032), with an estimated valuation of US$ 1.35 Billion in 2032.
The intelligent prosthetics market is growing due to the rapid adoption of high-tech-based devices, which is improving the efficiency and overall output of orthopedics treatment. This is creating an opportunity for the patients for faster recovery and lesser time of stay within a clinical environment.
With time, component costs are expected to decrease, and these technologies are considered to be a crucial component of prosthetics. The market is further expected to gain traction on the back of rising prevalence of diabetes. According to the International Diabetes Federation, an estimated 537 million adults ranging from the age group of 20-79 years are expected to have diabetes in 2021.
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According to projections, there would be 643 million diabetics worldwide by 2030 and 783 million by 2045. In some of the cases, majority of people with diabetes undergo amputation and are in need of prosthetics. This has led to growth in intelligent prosthetics market.
Further, incorporation of advanced technology such as myoelectric technology, prosthetic control, sensing technology, robotics, AI, and others, is making the end product more advanced and efficient than other traditional prosthetics. Hence, growing number of government financing programs and activities by nonprofit groups have provided revenue for the intelligent prosthetics market. High research & development expenditures result in the development of intelligent mechatronics and cutting-edge sensing and control for the recovery of lost sensorimotor functions, thereby driving the market expansion.
For instance, ElanIC, the world’s lightest and most compact waterproof microprocessor hydraulic ankle, was introduced by Blatchford in August 2020.
Key Takeaways from Market Study
- Lower extremity prosthetics is leading in the product segment, and held approximately 64.4% of value share in 2021.
- By distribution channel, prosthetic clinics is slated to expand at a CAGR of 7.0% during the forecast period.
- Europe held a revenue of about US$ 212.2 Mn with a market share of 30.0% in the global intelligent prosthetics in 2021.
- North America is considered to be the leading region with a value share of 40.6% in 2021, with the U.S. leading the growth in the market.
- East Asia is considered to be one of the most lucrative market, with China and South Korea spearheading the growth in the market
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“Risk of amputations associated with underlying disease conditions such as diabetes and pulmonary arterial disease, is set to propel the sales of intelligent prosthetics across the globe. Hence, key players are integrating AI and software such as CAD to provide advanced care for the patients and gain competitive edge,” says an analyst of Future Market Insights.
The market for intelligent prosthetics is consolidated, and there exist prominent key players in the market sphere. Product launches, expansion, collaboration, and attaining regulatory approvals are the key steps taken by the companies in the field of manufacturing material for intelligent prosthetics
- Blatchford introduced EchelonER, a hydraulic ankle, in September 2020. By incorporating an expanded range of ankle movement with all the distinctive features and award-winning technology of Echelon, EchelonER expands their product line.
- In October 2021, Ottobock introduced the latest addition to its WalkOn family, the 28U22 WalkOn Flex Junior. It is designed for children with mild to moderate drop foot.
Key Companies Profiled:
- Sarcos Technology and Robotics Corporation
- Ktwo Healthcare Pvt. Ltd.
- Touch Bionics Inc.
- HDT Global
- SynTouch, Inc.
- Artificial Limbs & Appliances
- Ossur Americas
- Blatchford Group
- Manta Product Development
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Key Market Segments Covered In Intelligent Prosthetics Industry Research
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
By Distribution Channel:
- Prosthetic Clinics
- Rehabilitation Centre
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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