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Robotics Prosthetics Technology has proven to be a boon for amputees ruling out the age long belief that “nothing can ever fully replace any part of our bodies”. Although, the technology doesn’t offer a replacement; but it surely compensates a limb with Prosthetics allowing amputees to function as well as before. People can lose all or part of limbs (arms or legs) for various reasons including ‘a wartime’ that always pushes surgery beyond its limits, and it is not surprising that most of the advances in prosthetics have taken place during wars. Traumatic injuries, including traffic accidents, Cancer, Birth defects and Circulation problems from atherosclerosis or diabetes.
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Robotics Prosthetics or Robotic Limbs that are defined as Mechanical Limbs are controlled by microprocessors and nerve impulses have further evolved into the field of Exoskeletons, offering wearable, artificially intelligent, bionic devices that allow a person, once a wheelchair bound to function freely, heartily and healthily. Prosthetics, becoming smarter over time, have moved on from simply aesthetic replacement to actual physical replacement with all the functions of a biological limb including the realistic touch sensations. The wold has already introduced to the Thought-Controlled Prosthetic hand that restores 100 realistic touch sensations with the ‘Utah Solutions’. Robotics Prosthetics is evolving pervasively and so is its global market. With each innovation transpired in to the field of Robotics Prosthetics, the Robotics Prosthetics market is intensively expanding on the global platform.
Accrediting the exponentially accruing Robotics Prosthetics market and determining the galore accruals the market will experience in the future, The Market Research Future, has recently published a meticulous study report letting out the potential growth prospects of the Robotics Prosthetics Market and accentuating the market insights up till the year 2027. The MRFR foretells that the global Robotics Prosthetics Market is poised to perceive outstanding growth prospects by 2027, registering a staggering CAGR during the anticipated period (2017 – 2027).
The factors that are contributing to the market growth of Robotics Prosthetics Industry equally to the technological advancements include prevailing amputation instances coupled with Government efforts, initiatives and fundings for availing prosthetic devices to the militaries/ needy and for developing advent technologies. Additionally, growing prevalence of accidents, severe injuries, occupational injuries and chronic diseases like vascular disease, stroke, arthritis and diabetes are defining the demand for Robotics Prosthetics ultimately leading to the increasing the Robotics Prosthetics market scope.
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According to the EksoZeroG, A whopping 625,000 occupational injuries occurred in the manufacturing and construction industries in 2015. And The US alone spends $21 billion per year on workplace-related injuries that drain productivity. Construction workers are 5x more likely to report poor health. 20% of construction workers report severe pain.
Furthermore, prevailing connecting technologies and headways in materials science have expanded the utilization of thermoplastics and carbon fiber materials in in manufacturing robotic amputation devices that is enhancing the general productivity of gadgets are boosting the Robotics Prosthetics market value.
Robotics Prosthetics Market – Competitive Analysis
Various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.
Industry/ Innovation/ Related News
29 November 2017 - Myomo, Inc. (USA), a commercial stage medical robotics company, announced the addition of six new orthotics and prosthetics (O&P) locations to its Center of Excellence (CoE) program, which recognizes top O&P practices that support the MyoPro line of powered Orthoses.
November 2017 - Researchers at the University of Chicago (US) showed that the areas of the brain used to control the amputated limb and the remaining, intact limb can create new connections to learn how to control the device. Amputees can learn to control a robotic arm with their mind even several years after an amputation, through electrodes implanted in the brain, according to a study led by an Indian-origin scientist.
November 2017 - USA - Lincoln and Sudbury middle and high school students have been working with students from the Perkins School for the Blind in Watertown to build prosthetic hands for children in need. The students have used their 3D printing, puzzle solving, and mechanical assembly skills to create low-cost prosthetic hands that will be used by children who are not able to afford more expensive prosthetics as they grow.
November 2017 - Australia – An anonymousstart-up company (RE: purpose for good) is combining the best of both worlds to create 3-D printed artificial limbs made almost entirely from scrap plastics. A prosthetic hand that costs as much as AU$ 4000 (US$ 3000) when manufactured conventionally, now the company has developed a cost effective 3D printed hand made from recycled plastic that will cost only around AU$ 200 (US$ 150)
November 2017 - USA - Researchers of Florida Atlantic University (FAU) and the University of Utah School of Medicine interdisciplinary science team has started a four-year project to develop a robot hand that can sense touch. The project will last 4 years and they have 1.4 million USD to keep the work going. The robotic hand that can adapt to its environment, becoming the world’s first bioengineered hand that can feel touch.
October 2017 – Scientists at the Huazhong University of Science and Technology took inspiration from the Atolla jellyfish – a bioluminescent, deep-sea creature that senses changes in environmental pressure and flashes dramatically when it senses danger operating effectively in a narrow range are unable to respond effectively to a harmful blow.
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Globally North America is the largest market for Robotic Prosthetics. The North American market for Robotic Prosthetics is expected to grow at a substantial CAGR and is expected to increase by a substantial monetarily growth by 2027. This is because of the presence of sophisticated healthcare infrastructure which helps manufacturers gain a perfect platform for new product launches. Europe is expected to be the second-largest market for Robotic Prosthetics which is expected to grow at a considerable CAGR during the estimated period 2017-2027.
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