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Prosthetic robot arm market size to grow by USD 493.52M from 2022-27

The global prosthetic robot arm market size is estimated to increase by USD 493.52 million from 2022 to 2027. The market’s growth momentum will be progressing at a CAGR of over 13.21%. One of the key factors driving the prosthetic robot arm market is the increase in amputation cases. The loss of an arm can significantly affect the level of autonomy and the capability of performing ADL for people, and therefore, the forecast period is expected to witness the emergence of vendors that offer better control over the prosthesis along with products with improvements in force or tactile feedback and grasping capabilities. Apart from these, there is also expected to be an increase in the number of amputation cases due to diseases such as obesity, diabetes, arthritis, stroke, and vascular ailments. The forecast period will see a surge in demand owing to the increase in the global incidence in developed countries, along with the growing number of war veterans with traumatic amputations. Also, there is expected to be a considerable increase in demand for prosthetic robot arms due to the increasing incidence of stroke. Such factors will increase the market growth during the forecast period.

Prosthetic robot arm market – Customer landscape
Our report analyzes the life cycle of the global prosthetic robot arm market from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the global prosthetic robot arm market, focusing on the adoption rates of the major countries such as the US, Canada, China, India, Japan, and Germany. To help companies evaluate and develop growth strategies for 2023-2027. To help companies evaluate and develop growth strategies, the report outlines –

    Key purchase criteria
  • Adoption rates
  • Adoption lifecycles
  • Drivers of price sensitivity
  • To unlock the detailed information on the customer landscape

Prosthetic robot arm market – Vendor analysis
Vendor landscape –
The global prosthetic robot arm market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer prosthetic robot arms in the market are Advanced Arm Dynamics Inc., Aether Biomedical sp. z o.o., Bionic Hope Pvt. Ltd., BrainCo Inc., Cardinal Health Inc., COVVI, exiii Inc., HDT Global, Makers Hive Innovations Pvt. Ltd., Mobius Bionics LLC, Open Bionics Ltd., Ossur hf, Ottobock SE and Co. KGaA, Shadow Robot Co., Steeper Inc., TASKA Prosthetics, Unlimited Tomorrow, and Vincent Medical Holdings Ltd. and others.

The market is characterized by the presence of several well-established manufacturers. The market is fragmented. Competition among providers is fierce in terms of product features, pricing, customized solutions and services. Over the years, incumbents have focused on upselling their products through geographic expansion, increased production capacity, and upgrades. To gain a competitive edge in a highly competitive environment, vendors are committed to innovation in customer service, support and training. Product innovation is expected to intensify the competitive environment in the focus market during the forecast period, thus leading the leading players to step up their strategies to maintain their market share.

Vendor offerings –

  • Advanced Arm Dynamics Inc. : The company offers prosthetic robot arm solutions and provides comprehensive, upper limb focused prosthetic rehabilitation care to amputees and those with congenital limb differences.
  • Aether Biomedical sp. z o.o. : The company offers prosthetic robot arm solutions such as Zeus Bionic Hand for all.
  • BrainCo Inc. : The company offers prosthetic robot arm solutions such as BrainCo Dexus Prosthetic Hand, BrainRobotics Hand.
  • For details on the vendor and its offerings

Global prosthetic robot arm market – Segmentation assessment
Segment overview
Technavio has segmented the market based on application (hospitals, household, and clinics and ambulatory surgical centers), technology (microprocessor-based and myoelectric), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

  • The hospitals segment will account for a major share of the market growth. The need for prosthetic robot arm in hospitals around the globe has increased as a result of the rising number of limb amputations caused by trauma, diabetes, and other medical disorders. To better serve amputees, major industry participants are concentrating on extending their reach in hospital settings. Owing to such trends and initiatives, the demand for Prosthetic robot arms from the hospital application segment is expected to increase and hence drive the growth of the market in focus during the forecast period.

Geography overview
By geography, the global prosthetic robot arm market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global prosthetic robot arm market.

  • North America is estimated to contribute 37% to the growth by 2027. The US is expected to be the major contributor of revenue to the market in focus in North America. The implementation of the Affordable Care Act is rapidly changing the business environment for medical robots and bionics in the country. The aim of healthcare reform is to reduce costs, enhance access to medical treatment, and improve the quality of healthcare. Manufacturers are focusing on developing innovative technologies to provide effective rehabilitation to amputees. Similarly, manufacturers are establishing direct sales channels for end-users, such as hospitals and surgical centers. They also provide value-added customer services to increase their customer base. The Government of the US is also investing in technologically advanced prosthetic limbs for soldiers and veterans, which is anticipated to drive the growth of the market during the forecast period.

Global prosthetic robot arm market – Market dynamics
Key Trends – Another key factor driving the prosthetic robot arm market growth is the adoption of innovative business models. The forecast period will see more vendors opting for the Robotics-as-a-service (RaaS) business model, in which service robots are rented or leased to end-users on a monthly or hourly basis, along with upgradation, maintenance, and other basic services. The RaaS model is expected to be leveraged by research institutes that conduct research on prosthetics. Similarly, the another innovative business model is open-source business model. The global prosthetic robot arm market will also see vendors increasingly opting for the open-source business model, as monetizing niche products such as prosthetic robot arms is challenging. Being open source ensures that more makers from across the world are aware of the product. Such factors will increase the market growth during the forecast period.

Major challenges – The high cost of equipment is one of the key challenges hindering the prosthetic robot arm market growth. The adoption of robotic systems is common in developed countries of the Americas and Europe. However, patients in developing and emerging economies are reluctant to choose prosthetic robot arms. Advances in medical robotic systems have increased the cost of these devices and made treatments unaffordable for most patients in developing countries. Thus, people incur high capital and recurring costs, which restrict their accessibility to hospitals that are well-established or perform many treatment procedures. All these costs hamper the demand for prosthetic robot arms in emerging markets. Technavio

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