The global smart prosthesis market size was valued at USD x billion in 2021, growing at a CAGR of x% during the forecast period 2022-2028. Smart prosthetics can be defined as the medical and technical process of building artificial limbs and lifting them on people who have had their limbs amputated. The increasing developments in robotic technology as a result of increased RD activity, mostly in the United States, will be a major determinant for the industry's growth.
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Enhanced healthcare spending in advanced markets, the growing significance of the public-private partnership (PPP) model across various regions, an increase in the prevalence of joint-related diseases, and an ageing population have all contributed to the market for prosthetic arms growing rapidly in recent years. Smartphone innovations such as cybernetic arms that are powered and controlled by a smartphone, as well as the usage of accelerometer technology, are creating substantial business prospects, while Bluetooth connectivity is continuing to develop. Geographically, the market has been dominated by developed countries with developed healthcare systems, with the United States and Europe leading the way. However, increased global integration has resulted in increased awareness and information and technology spill over, which has boosted demand for prosthetic arms in developing countries. An increasing incidence of major injuries, a rise in the frequency of amputations, and technical developments are some of the factors driving market expansion. The global prosthetic arm market will develop as the number of sports injuries rises. The global market will be aided by the increased frequency of bone-related disorders also including osteosarcoma, osteoporosis, and osteopenia. Market expansion will also be fueled by the growing geriatric population. Increased use of 3D printing for prosthetics manufacture will cut production costs, thereby promoting market growth. The total growth of the industry would be influenced by demographic variables such as increased life expectancy as well as average age. The high cost of prosthetics and the related maintenance expenditures will, however, limit market expansion during the projection period.
The global Smart Prosthesis Market segmentation:
- By Type: Upper Limb, Lower Limb
- By Applications: Clinic, Hospital, Nursing Center, Nursing Home, and Others
With a revenue share of 44.5 percent in 2019, North America led the market. The key elements driving the growth are rising healthcare expenditures and positive government measures in favour of smart technology in the United States. Due to expanding investments in the robotics area and rising healthcare expenditure, Asia Pacific is expected to be the fastest-growing region.
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Some of the major key players in the Smart Prosthesis Market are Bioparx Health Technology, HDT Global, SynTouch, Össur, Open Bionics, Motion Control Inc.,DEKA Research Development Corporation, Steeper, Ottobock, Cyberkinetics
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