NEWARK, DE / ACCESSWIRE / August 31, 2022 / As per Future Market Insights, the global intelligent prosthetics market was around US$ 707.8 Mn 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 Bn 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.
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.
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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.
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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.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the intelligent prosthetics market in its latest study, presenting a historical demand assessment of 2012 - 2021 and projections for 2022 - 2032. The global intelligent prosthetics market is segmented in detail to cover every aspect of the market and presents a complete market intelligence approach to the reader.
The research study is based on the product- (upper extremity prosthetics and lower extremity prosthetics), and distribution channel (hospitals, prosthetic clinics, rehabilitation centres, and others), across seven key regions of the world.
About Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here.
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Key Market Segments Covered In Intelligent Prosthetics Industry Research
Middle East and Africa (MEA)
3.1. Key Trends Impacting the Market
4.4. Key Promotional Strategies, By Manufacturers
Explore wide-ranging Coverage of FMI's Healthcare Market Insights Landscape:
Upper Limb Prosthetics Market: Worldwide sales of upper limb prosthetics stood at around US$ 379 Mn in 2022. As per detailed industry analysis, the global upper limb prosthetics market is projected to increase at a CAGR of 4.9% and reach a valuation of US$ 505 Mn by the year 2028.
Passive Prosthetics Market: Passive prosthetics offer more recognition in the market due to its adjustable mechanisms. There are various types of passive prosthetics available in the market to substitute different body parts such as silicon ear, prosthetic foot, prosthetic knee, prosthetic legs, prosthetic hand, passive prosthetic arm etc.
Orthopaedic Prosthetics Market: The global Orthopaedic Prosthetics market will witness a CAGR of over 4.5% through 2030
Genitourinary Prosthetics Market: The global genitourinary prosthetics market is expected to accumulate US$ 556.0 Million in value by 2022-end. During the forecast period ranging from 2022 to 2032, a CAGR worth 4.8% has been projected for the market.
Implant-Borne Prosthetics Market: The implant-borne prosthetic framework can be tailor-made to the patient specific requirement which also assists the growth of the implant-borne prosthetic market.
Assisted Walking Devices Market:The global assisted walking devices market is augmented to hold the market revenue of USD 3.62 Billion in 2022 while it thrives on the CAGR of 6.4% between 2022 and 2032. The market is anticipated to reach USD 6.33 Billion by 2032.
Orthopedic Prosthetic Devices Market: The orthopedic prosthetic devices market is projected to register a CAGR of 4.7% during the forecast period, up from US$ 1.9 Bn in 2019 to reach a valuation of US$ 2.8 Bn by 2027.
Prosthetic Heart Valve Market: The global prosthetic heart valve market revenue is projected to register a CAGR of 12.0% during the forecast period (2016-2026) and reach a market valuation of US$ 19.60 Bn by the end of 2026.
Dental Implants and Prosthetics Market: Dental Implants And Prosthetics Market is also witnessing key developments with increasing expansions witnessed in its major countries.
Digital Health Market: The Digital Health Market, which is expected to be worth USD 224.24 billion in 2022, is likely to grow at a CAGR of 27.7% from 2022 to 2032 to reach USD 2585.98 billion by 2032.
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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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