The global intelligent prosthetics market is on an upward trajectory, poised to achieve unprecedented growth, with an estimated value projected to reach a staggering US$ 1,437.6 million by 2033. This remarkable forecast represents a notable compound annual growth rate (CAGR) of 6.1%. These insights stem from a comprehensive study forecasting the industry’s worth to reach US$ 791.5 million by the conclusion of 2023.
A recent analysis has revealed that lower extremity prosthetics are anticipated to dominate the market landscape in 2022, capturing a commanding share of approximately 64.4%. This dominance underscores the industry’s commitment to advancing mobility and enhancing the quality of life for individuals through innovative intelligent prosthetic solutions.
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The projected growth trajectory of the intelligent prosthetics industry signifies a monumental leap forward in innovation, driven by cutting-edge technologies and a steadfast commitment to improving the lives of individuals in need. This steady evolution promises a future where individuals with limb loss or impairment will have access to increasingly sophisticated and tailored prosthetic solutions.
Addressing Global Needs:
In emerging countries like India, the demand for intelligent prosthetics is surging due to an increasing number of amputees and their susceptibility to injuries. India, one of the world’s most highly populated countries, faces challenges with accessibility, with merely 3% of its buildings equipped for accessibility, coupled with a significant population of over 50,000 amputees. This situation is further exacerbated by the rising cases of vascular diseases, trauma, and aging populations, which are expected to escalate worldwide.
Driving Demand in Developed Nations:
In countries like the United States, nearly double the cases of amputees are expected by 2050, propelled by factors such as high-income levels and a well-established medical sector. These circumstances are anticipated to further boost the demand for intelligent prosthetics in the region.
Advancements in Technology:
In March 2020, the University of Michigan, in its publication of Science Translational Medicine, introduced a groundbreaking method of incorporating technology into various types of prostheses. This innovation is expected to propel the market forward over the forecast period, driving further advancements in intelligent prosthetic solutions.
Top Highlights from the FMI’s Analysis of the Intelligent prosthetics industry:
- Due to intelligent prosthetics’ well-established market in North America, the region’s stake ranks at the top. FMI has estimated that the regional market is expected to acquire 40.6% in 2022.
- In North America, the United States is projected to gain a terrific share over the forecast period. The country’s share on the global scale has been assessed to be 34.7% in 2022.
- The Europe region is another dominant region with a share of more than 30% over the forecast period. Also, manufacturers have already pounded on the business opportunities present in the region. The estimated trend is expected to witness the same ongoing trend.
- Germany’s sizeable share in the region is heavily influencing the region’s value share. In 2022, Germany’s market occupied a 6.9% value share.
- Japan’s market is expected to accrue a market share of above 4% in 2023.
- China is expected to gain a notable CAGR of 8.1% over the forecast period.
- From 2023 to 2033, India’s market is projected to register a CAGR of 6.5%.
- Australia’s CAGR is estimated to be 5.4%; meanwhile, the United Kingdom’s CAGR is projected to be 4.8%.
- Based on product, the lower extremity prosthetics segment accounted for 64.4% in 2022.
- Under the distribution channel category, the prosthetic clinics segment gained a market share of 43.1% in 2022.
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Leading Companies in the News:
- ISRO made a smart artificial limb in September 2023 that enables above-knee amputees to move about in a comfortable gait. The artificial limb is equipped with 1.6 kg MPK that supports an amputee to walk 100 meters in the corridor with the least amount of support. The “microprocessor-managed knees” (MPKs) provide the amputee capacity in comparison to passive limbs that don’t deploy microprocessors.
- Ecole Polytechnique Federale De Lausanne research institute in Switzerland made a prosthetic hand that employs artificial intelligence to get used to the user’s finger movement and improves amputee comfort.
- The Massachusetts Institute of Technology created an intelligent prosthetic in 2018. The product was made with the user-body weight and at a cost-friendly price for amputees within the United States.
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
- Lower Extremity
By Distribution Channel:
- Hospitals
- Prosthetic Clinics
- Rehabilitation Centre
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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