Robotic Prosthetics, Exoskeletons and Assistive Rehabilitation Technologies Market Outlook Upto 2019
Americas Jan 13, 2017
Disabilities and amputations occur routinely due to accidents and diseases. One of the foremost causes for BKA or Below Knee Amputations is diabetes. CDC estimates suggest approximately 24 million diabetics live in United States alone and an estimated 150,000 people in U.S. are required various levels of amputations due to combined causes (vascular diseases, diabetes, trauma, industrial accidents, automobile accidents and military combat incidents).
According to the latest market research report “Global Robotic Prosthetics, Exoskeletons and Assistive Rehabilitation Technologies Market Assessment & Forecast 2015-2019” by SA-BRC, North America continues to lead the global market for robotic prosthetics and assistive devices with a share of 49.4% in 2014. With sales revenues worth US$ 337.4 million in 2014, the market is forecast to grow to US$ 560.1 million by 2019 at a CAGR of 10.8% from 2015 to 2019.
The loss of a limb causes extreme distress to people and results in various levels of depression. Earlier, showing disability would cause extensive psychological trauma. However, today a large percentage of amputees can move away from depression quickly due to a range of prosthetics that are available to help move on with their daily routine. A large number of amputees and geriatrics do not want to change their lifestyle and continue with regular day-to-day activities as well as engaging in high level of physical activities such as skiing, climbing and hiking. This has pushed the boundaries of research in prosthetics. Most manufacturers today offer prosthetics for varying levels of activities. The increase in choices of prosthetics for various purposes has enabled patients to own multiple devices and further innovation of prostheses will only push this market in the future.
This report focuses on providing the market dynamics of robotic prosthetics for limbs such as prosthetic arms, knees and feet. It also showcases the market estimates and dynamics of other robotic assistive devices such as exoskeletons and rehabilitative devices. Although, the market penetration of robotic healthcare systems in developed economies such as the U.S. and Western Europe is high, its market penetration in developing economies remains limited. Robotic assistive prosthetics and exoskeleton technologies have undergone revolutionary changes in recent years due to a continued focus of bringing complete mobility and rehabilitation to patients who were otherwise immobile. Developments have taken place for reducing the weight of materials, providing versatile movement like the human body, embedded intelligent systems with sensors that operate the robotic devices closely similar to a full able-bodied human. The technology still faces several hurdles due to the highly flexible and complicated nature of human body as compared to exoskeletons and prosthetics which also imply a significant potential to the market in coming years.