According to Future Market Insights, the global Intelligent Prosthetics Market was valued at US$ 707.8 million in 2021 and is anticipated to grow at a CAGR of around 6.1% between 2022 and 2032, reaching an estimated US$ 1.35 billion in value.
The market for intelligent prosthetics is expanding as a result of the quick uptake of high-tech gadgets, which is enhancing the effectiveness and overall results of orthopaedic treatment. This is giving patients the chance to heal more quickly and spend less time in a clinical setting.
These technologies are thought to be an essential part of prosthetics, and it is anticipated that component costs will decrease with time. The industry is also anticipated to grow as diabetes prevalence rates continue to rise. The International Diabetes Federation predicts that by the year 2021, 537 million adults between the ages of 20 and 79 will have diabetes.
By 2030, there will be 643 million diabetics globally, and by 2045, there will be 783 million. In some situations, most diabetic patients have to have an amputation and require prosthesis. The market for intelligent prosthetics has expanded as a result.
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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
“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.
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Market Competition
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
- Ottobock
- Ossur Americas
- Blatchford Group
- Manta Product Development
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Key Market Segments Covered In Intelligent Prosthetics Industry Research
By Product:
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
By Distribution Channel:
- Hospitals
- Prosthetic Clinics
- Rehabilitation Centre
- Others
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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