The global intelligent prosthetics industry is poised for unparalleled growth, projected to reach a staggering estimated value of US$ 1,437.6 million by 2033, marking a notable compound annual growth rate (CAGR) of 6.1%. This projection comes as a result of a comprehensive study anticipating the industry’s worth to hit US$ 791.5 million by the end of 2023.
In a recent analysis, it was revealed that lower extremity prosthetics are expected to dominate the market landscape in 2022, capturing a commanding share of approximately 64.4%. This segment’s prevalence underscores the industry’s focus on enhancing mobility and quality of life for individuals through groundbreaking advancements in 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 commitment to improving the lives of those in need. The steady evolution of this industry promises a future where individuals with limb loss or impairment will have access to increasingly sophisticated and tailored prosthetic solutions.
India, for instance, is one of the world’s most highly populated countries. Merely 3% of its buildings have been equipped with accessibility, whereas the country has a total of +50,000 amputees. Due to the new adaptation process, amputees also fall victim to many injuries.
An increasing number of amputees and their susceptibility to injuries have been surging the demand for intelligent prosthetics in emerging countries like India. Amputations are also caused by surging cases of vascular diseases and trauma and aging populations. These statistics are expected to increase across the world.
Countries like the United States are expected to observe nearly double the cases of amputees by 2050. Consequently, pushing the demand for intelligent prosthetics. High-income levels of American residents and the well-established medical sector are also expected to have a positive influence on the region.
In March 2020, the University of Michigan, in its publication of Science Translational Medicine, documented a new way of incorporating this technology with several varieties of prostheses. Thus, helping the market advance over the forecast period.
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)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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