The global intelligent prosthetics market is on the brink of a revolutionary transformation, with projections indicating an impressive valuation of USD 1,437.6 million by 2033. This dynamic growth trajectory represents a robust compound annual growth rate (CAGR) of 6.1%, significantly building on the market’s valuation of USD 791.5 million at the end of 2023.
A recent comprehensive study has highlighted a prominent trend within the market: the substantial dominance of lower extremity prosthetics. In 2022, lower extremity prosthetics commanded approximately 64.4% of the market share. This dominance underscores the focused efforts on enhancing mobility and improving the quality of life for individuals globally. The ongoing advancements and innovations in this sector are pivotal in delivering intelligent prosthetic solutions that grant users greater independence and enhanced functionality.
The trajectory of the global intelligent prosthetics market signifies a groundbreaking shift in healthcare, where technological advancements are seamlessly integrated with human ingenuity. This evolution is set to redefine the possibilities for individuals with limb loss, offering renewed hope and opportunities on a global scale.
As the market continues to evolve, stakeholders across the healthcare spectrum are encouraged to collaborate and innovate. By leveraging cutting-edge technology and maintaining unwavering dedication, the industry has the potential to reach unprecedented heights. Together, we can empower individuals to embrace life to its fullest with advanced 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
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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