Intelligent Prosthetics Market is expected to reach US$ 1.35 Billion by 2032 | FMI

 As per Future Market Insights, the global Intelligent Prosthetics Market market was around US$ 707.8 Million in 2021 and is projected to exhibit a CAGR of close to 6.1% over the forecast period (2022-2032), with an estimated valuation of US$ 1.35 Billion in 2032.

The intelligent prosthetics market is growing due to the rapid adoption of high-tech-based devices, which is improving the efficiency and overall output of orthopedics treatment. This is creating an opportunity for the patients for faster recovery and lesser time of stay within a clinical environment.

Gain complete access to the report @ https://www.futuremarketinsights.com/reports/intelligent-prosthetics-market

With time, component costs are expected to decrease, and these technologies are considered to be a crucial component of prosthetics. The market is further expected to gain traction on the back of rising prevalence of diabetes. According to the International Diabetes Federation, an estimated 537 million adults ranging from the age group of 20-79 years are expected to have diabetes in 2021.

According to projections, there would be 643 million diabetics worldwide by 2030 and 783 million by 2045. In some of the cases, majority of people with diabetes undergo amputation and are in need of prosthetics. This has led to growth in intelligent prosthetics market.

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.

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

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

Comments

Post a Comment

Popular posts from this blog

Pet Diabetes Care Devices Market Report | Size, Growth, Demand, Scope and Forecast to 2032

  The global  Pet Diabetes Care Devices Market  is expected to grow at a  6.5%  CAGR, reaching  US$ 4 billion  by 2032, up from  US$ 2 billion  in 2021. “The number of pets with diabetes, the number of adopted pets, and the number of overweight pets are all driving the market forward.” Get Full Access @ https://www.futuremarketinsights.com/reports/pet-diabetes-care-devices-market The domestication of animals is leading to a lack of insulin production in them. The limited flow of glucose to the cell can be termed diabetes. This chronic disease is a major concern for pet owners and needs to be taken care of. This concern leads to the expansion of the pet diabetes care devices market. Devices like the alphatrak blood glucose meter are in use as they help the pet owners monitor the pet’s health. The increased number of people adopting pets and then domesticating them around in their households, treating and caring for them as f...
Read more

Human Immunodeficiency Virus Type 1 (HIV 1) Market Opportunity, Competitive Analysis, Future Prospects to 2033

Image
  The global Human Immunodeficiency Virus Type 1 (HIV 1) Market is predicted to exceed a remarkable valuation of US$ 34.83 Billion in 2023, with a compound annual rate of growth (CAGR) of 6% estimated from 2023 to 2033. The Institute for Health Metrics and Evaluation attributes the industry's growth to the soaring incidence rate of HIV-1 infection, which, unlike the deaths caused from this viral illness, has not updated substantially over time. Get Full Access @ https://www.futuremarketinsights.com/reports/human-immunodeficiency-virus-type-1-hiv1-market It affected approximately 37 million people worldwide. Furthermore, antiretroviral therapeutic interventions for disease management are only available to half of this population. HIV-1 is the more common of the two types of human immunodeficiency virus, accounting for approximately 96% of all infections globally. The prevalence of HIV is rising at an alarming rate. The World Health Organization (WHO) estimates that 33.0 million...
Read more

Clostridium Diagnostics Market in US is anticipated to secure a market value worth US$ 2.7 Billion by 2032 | FMI

Image
  The global Clostridium Diagnostics Market is expected to grow at a CAGR of 12.2% during the forecast period, from US$ 2.5 billion in 2022 to US$ 7.8 billion by 2032. The market grew at a CAGR of 13.6% between 2015 and 2021. The rising prevalence of clostridium-related diseases, as well as increased campaigns to educate people about the condition, are driving the market growth. To learn more about this report @ https://www.futuremarketinsights.com/reports/clostridium-diagnostics-market here has been an increased focus of players in the market to offer vaccines, which can augment the market size in the forecast period. For instance, in March 2022, Japan launched a new center, with a budget of US$ 1.6 Billion, to support vaccine and drug projects as a part of a larger scheme to tackle infectious diseases. SCARDA will be in charge of establishing a flagship R&D site for innovative collaborations and controlling funds for R&D projects. Awareness camp...
Read more