Smart Prosthetics Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Smart Prosthetics Market Analysis
The smart prosthetics market is expected to register a CAGR of 10.5% over the forecast period.
- The COVID-19 pandemic impacted the healthcare systems as well as the capacity of intensive care units (ICUs), which caused the suspension of several elective surgical procedures, including surgeries to replace prosthetic limbs.
- For instance, according to an article published in the British Journal of Surgery, in May 2022, about 28.4 million elective procedures were postponed or canceled globally owing to the interrupted hospital services due to the high burden of coronavirus infection. This impacted the demand for smart prosthetics during the pandemic period. However, with the released restrictions and increased hospital services, as well as the increasing number of road accidents, the demand for smart prosthetics have been increased. Thus, the studied market has witnessed significant growth.
- Factors such as the growing number of sports injuries and road accidents, increasing burden of critical limb ischemia, osteosarcoma, diabetes-related amputations, and rising geriatric population, as well as increasing technological advancements in smart prosthetics, are expected to boost the market growth.
- The number of orthopedic surgeries involving prosthetics is predicted to grow globally owing to the rising burden of orthopedic fractures during sports injuries and the rising frequency of trauma cases. For instance, as per the StatBel statistics published in June 2023, there were 37,643 road traffic accidents in 2022, bringing the total of casualties to 46,074, including 42,134 slightly injured, 3,400 seriously injured in Belgium as compared to 34,640 road traffic accidents in 2021. This shows the high burden of accidents and casualties, which may lead to serious upper and lower limbs injuries which necessitate the use of prosthetics, hence expected to fuel the market growth over the forecast period.
- Furthermore, the emerging technological advancements in prosthetics, such as the use of artificial intelligence, biosensor technology, and robotic prosthetic, are increasing, which is also expected to fuel the market growth over the forecast period. For instance, according to an article published in Wevolver in January 2023, there has been an increase in the development of prosthetics that provide complete sensory feedback, where data is collected from sensors mounted on the prosthesis, encoded into signals, and then delivered to the brain via electrical stimulation. Such developments are anticipated to fuel the demand for smart prosthetics over the forecast period.
- Moreover, the rising adoption of key strategic activities by the market players, such as collaborations, partnerships, and fundraising, is expected to increase the availability of advanced prosthetic devices in the market.
- For instance, in April 2022, Ability Matters Group acquired ProActive Prosthetics Ltd to bring the company access to the Ability Matters Group's cutting-edge technologies and support the continued development of its services. Also, in April 2022, Adapttech, a Birmingham biomedical company, received EUR 2.25 million (USD 2.65 million) investment from MEIF Proof of Concept and Early-Stage Fund to boost its global expansion of smart devices for fitting lower limb prosthetics.
- Therefore, owing to the factors such as the increasing number of road accidents, the rising burden of orthopedic disorders and bone cancer, as well as growing company activities, the studied market is anticipated to grow over the forecast period. However, the lack of developed healthcare infrastructure in developing and under-developed countries, as well as the high cost of smart prosthetics, are likely to hinder the growth of the smart prosthetics market over the forecast period.
Smart Prosthetics Market Trends
Prosthetic Hand Segment Expects to Register a Significant Growth Over the Forecast Period
- The prosthetic hand segment is anticipated to witness significant growth over the forecast period owing to the factors such as the increasing number of sports-related and accident injuries as well as the increasing number of product launches by researchers and companies.
- The emerging technological advancements, as well as the use of artificial intelligence in the development of prosthetic hands, are expected to fuel the segment's growth over the forecast period. For instance, an article published in Medicine in June 2022 highlighted a study conducted by researchers in South Korea.
- The study involved providing body-powered 3D-printed finger prostheses and comprehensive prosthetic training to two individuals with partial hand amputations. The results demonstrated improved functionality and overall satisfaction with the 3D-printed finger prostheses among the participants. These advancements in prosthetics not only enhance the quality of life for individuals but also generate increased demand for such products, consequently driving market growth throughout the forecast period.
- aAdditionally, in May 2022, scientists at the University of Minnesota developed real-life mind-controllable robotic prosthetics, and portable neuroprosthetic hands, using artificial intelligence (AI) and machine learning (ML). The peripheral nerve in the patient's arm is connected to a nerve implant in the robotic hand that allows patients to control robotic body parts using their thoughts. Hence, such developments are anticipated to fuel the adoption of artificial intelligence-based prosthetic hands among users, which is expected to contribute to market growth.
- Furthermore, the increasing number of product launches is also expected to fuel the market growth. For instance, in September 2021, Steeper introduced the Steeper Myoelectric System, featuring the innovative Myo Kinisi hand. This advanced hand prosthetic offers effortless control, swift grasping capabilities, and a powerful grip force, enabling individuals to easily perform daily activities. Additionally, it includes an Auto-Grip function, enhancing the user's ability to securely hold objects that are typically challenging to grasp.
- Considering the growing research initiatives by universities and the rising number of product launches, the prosthetics market is expected to experience substantial growth.
North America is Expected to Hold Significant Market Share Over the Forecast Period
- North America is expected to hold a significant CAGR over the forecast period owing to the factors such as the growing number of sports injuries and road accidents, the growing burden of orthopedic diseases, as well as the increasing prevalence of diabetes-related amputations among the population. In addition, the growing geriatric population, high healthcare expenditures, and the presence of key players in the region are also expected to boost the market growth over the forecast period.
- The growing number of sporting events and contests, particularly in the United States, are placing a greater strain on the region's population in terms of sports-related injuries. For instance, data published by GJEL in June 2022 revealed the five sports considered to be the most dangerous in the United States, leading to the highest number of injuries in 2021. These sports include basketball (2,823 injury cases), American football (1,719 injury cases), soccer (1,289 injury cases), baseball (347 injury cases), and boxing (247 injury cases). Among these sports, ligament discomfort was reported as the primary injury in 23% of cases for basketball and soccer.
- Thus, the high number of sports injuries increases the risk of elbow dislocation or fractures, which in turn is expected to fuel the demand for smart prosthetics that can anticipate and respond to the actions of users, providing a very natural walking gait, improving the overall balance, and walking power.
- Furthermore, the increasing focus of the companies to develop innovative prosthetics is also anticipated to fuel the availability of technologically advanced prosthetics in the market, hence expected to propel the market growth.
- For instance, in July 2022, Esper Bionics launched a new prosthetic hand, an artificial intelligence (AI)-powered hand, which is a combination of wearable robotics and a stunning design. The robotic hand has a self-learning technology that enables users to carry out their everyday tasks independently.
- Therefore, owing to the factors such as the increasing burden of sports-related injuries and diabetes among the population as well as the increasing number of product launches, the studied market is anticipated to grow over the forecast period.
Smart Prosthetics Industry Overview
The market for smart prosthetics is fragmented owing to the presence of small and large players in the market. The companies are adopting key strategic initiatives such as collaborations, acquisitions, partnerships, and new product launches to withhold their market position. Some of the key players in the market are Ottobock, Ossur (Touch Bionics Inc.), Esko Bionics, Blatchford Limited, and Esper Bionics, among others.
Smart Prosthetics Market Leaders
Blatchford Limited
Ottobock
Ossur (Touch Bionics Inc.)
Esko Bionics
Esper Bionics
*Disclaimer: Major Players sorted in no particular order
Smart Prosthetics Market News
- September 2023: ISRO developed an intelligent artificial limb that benefits above-knee amputees to walk with a comfortable gait. The artificial limb has a 1.6kg MPK that enables an amputee to walk about 100 m in the corridor with minimum support. These "microprocessor-controlled knees" (MPKs) give the amputee more capabilities as compared to passive limbs that do not use microprocessors.
- February 2022: Össur launched its new POWER KNEE, the first actively powered microprocessor prosthetic knee for people with above-knee amputation or limb difference. The POWER KNEE is groundbreaking bionic technology, a motor-powered 'smart' prosthesis that uses advanced algorithms to detect human movement patterns and learns and adjusts to its wearer's speed and cadence in real time.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Number of Sports Injuries and Road Accidents
4.2.2 Increasing Burden of Critical Limb Ischemia, Diabetes-Related Amputations and Rising Geriatric Population
4.2.3 Technological Advancements In Smart Prosthetics
4.3 Market Restraints
4.3.1 Lack of Developed Healthcare Infrastructure in Developing and Under-developed Countries
4.3.2 High Cost of Artificial Intelligence Prosthetics
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Product
5.1.1 Lower Body Prosthetics
5.1.1.1 Prosthetic Knee
5.1.1.2 Prosthetic Ankle
5.1.1.3 Other Lower Body Prosthetics
5.1.2 Upper Body Prosthetics
5.1.2.1 Prosthetic Arm
5.1.2.2 Prosthetic Hand
5.1.2.3 Other Upper Body Prosthetics
5.2 By End-User
5.2.1 Prosthetic Clinics
5.2.2 Hospitals
5.2.3 Rehabilitation Center
5.2.4 Other End Users
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Sarcos Technology and Robotic Corporation
6.1.2 Esper Bionics
6.1.3 Blatchford Limited
6.1.4 HDT Global
6.1.5 SynTouch, Inc.
6.1.6 Open Bionics
6.1.7 Ottobock
6.1.8 Ossur (Touch Bionics Inc.)
6.1.9 Esko Bionics
6.1.10 Manta Product Development
6.1.11 Steeper Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Smart Prosthetics Industry Segmentation
As per the scope of the report, a prosthetic is an artificial body part, such as an arm or foot, that replaces a missing part. Smart prosthetics are devices that can read a user's intention from the newly rewired nerves and the muscle they activate.
The Smart prosthetics market is segmented by product (lower body prosthetics (prosthetic knee, prosthetic ankle, and other lower body prosthetics) and upper body prosthetics (prosthetic arm, prosthetic hand, and other upper body prosthetics)), end-user (prosthetic clinics, hospitals, rehabilitation centers, and other end-users) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally.
The report offers the value (in USD million) for the above segments.
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Frequently Asked Questions
What is the current Smart Prosthetics Market size?
The Smart Prosthetics Market is projected to register a CAGR of 10.5% during the forecast period (2024-2029)
Who are the key players in Smart Prosthetics Market?
Blatchford Limited , Ottobock, Ossur (Touch Bionics Inc.), Esko Bionics and Esper Bionics are the major companies operating in the Smart Prosthetics Market.
Which is the fastest growing region in Smart Prosthetics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Prosthetics Market?
In 2024, the North America accounts for the largest market share in Smart Prosthetics Market.
What years does this Smart Prosthetics Market cover?
The report covers the Smart Prosthetics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Prosthetics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Smart Prosthetics Industry Report
Statistics for the 2024 Smart Prosthetics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Smart Prosthetics analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
