Smart Prosthetics Market Size, Share & Trends Growth [2031]

Report Description

The global smart prosthetics market size was valued at USD XX Bn in 2022 and is likely to reach USD XX Bn by 2031, expanding at a CAGR of XX% during 2023 – 2031. The growth of the market is attributed to the rising number of orthopedic surgeries due to growing medical conditions, including orthopedic disorders or bone cancer.

Increasing prevalence of disabilities and injuries, such as limb loss due to accidents, and sports-related incidents is resulting in a higher demand for smart prosthetics. These medical technologies allow individuals to regain mobility and independence. For instance,

• According to the reports, each year, there are nearly 1 million people around the world, who require limb amputations, which is equivalent to one case per 30 seconds. In the United States alone, over 2.2 million individuals are currently living with limb loss, and it is projected that this number is likely to double by 2050.

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Smart prosthetics are advancements in artificial limbs and body parts that integrate modern technologies such as sensors, microprocessors, and artificial intelligence. These devices empower users to achieve a wider range of movements and activities with improved precision and control. Additionally, ongoing developments in 3D printing, device implants, and digital design tools are pushing the boundaries of prosthetic technology, making these artificial limbs increasingly sophisticated and user-friendly.

The research report finds that the COVID-19 pandemic hampered the market. Disruptions in the global supply chain and manufacturing processes have led to shortages of certain components and materials required for smart prosthetic devices, which caused delays in production and distribution. Additionally, the economic impact of the pandemic has affected the purchasing power of potential customers, leading to reduced demand for these advanced prosthetic solutions.

Impact of AI on the Smart Prosthetics Market

Artificial intelligence is expected to propel the market. The integration of AI in smart prosthetics analyzes and interprets data in real time, allowing for intuitive and seamless movements. AI algorithms enable prosthetics to adapt and respond to the user's intentions. This makes individuals feel that prosthetics addition is a natural extension of the body. Moreover, AI-driven prosthetics have the ability to learn and adjust based on the user's usage patterns which optimizes performance and comfort over time. Such advantages of AI in making prosthetics smart and flexible are likely to create significant growth potential for the market.

Smart Prosthetics Market Dynamics

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Major Drivers

Increasing number of sports-related and accident injuries is expected to drive the market. Engaging in sports and physical activities raises the risk of injuries, which ranges from minor sprains to more severe fractures or muscle strains. For instance,

• According to the US National Safety Council, in 2021, emergency departments treated 3.2 million people for injuries related to sports and recreational equipment. The most common activities resulting in injuries were exercise, cycling, and basketball.

Advanced prosthetics, equipped with smart technologies provide enhanced functionality and better integration with the user's body, allowing them to regain a significant level of mobility and independence. Moreover, the continuous advancements in smart technologies of these prosthetics are further boosting their demand in the market.

Existing Restraints

High cost associated with smart prosthetic devices is expected to hinder the market. The advanced technologies and materials used in these prosthetics contribute to their higher production and maintenance expenses. This makes them relatively expensive for some individuals and healthcare systems. Furthermore, the complexities in the maintenance and repair of these advanced technology decreases their demand in the market.

Emerging Opportunities

Integration of 3D printing technology in smart prosthetics manufacturing is likely to create immense opportunities for market players. 3D printing enables cost-effective, rapid prototyping, and customization, making prosthetic devices more accessible and affordable for a broader range of users.

Scope of the Smart Prosthetics Market Report

The report on the market includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Smart Prosthetics Market Segment Insights

Product Type Analysis

Based on product type, the smart prosthetics market is divided into upper body prosthetics and lower body prosthetics. The lower body prosthetics segment is expected to hold a major market revenue share during the forecast period, due to the higher need for smart prosthetics to treat individuals facing limb loss or disabilities in their legs or feet.

Artificial limb prosthetics offer mobility and balance to perform overall daily activities. Furthermore, the growing occurrence of mobility issues among the elder and adult population further boosts the demand for lower-body prosthetics in the market.

The upper body prosthetics segment is anticipated to register robust growth in the market, as they cater to a diverse range of patients. Congenital disabilities, accidents, or medical conditions for which individuals require smart prosthetics. This makes upper-body prosthetics a versatile and essential solution for a broader patient base. Moreover, the ongoing advancements in upper-body smart prosthetic devices to improve their functionality and usability contributes to the growth of this segment in the market.

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End-user Analysis

On the basis of end-user, the market is classified as hospitals, rehabilitation centers, prosthetic clinics, and others. The hospitals segment is anticipated to hold a key market share during the projected period, due to the necessary resources and infrastructure present to handle complex prosthetic procedures and support services.

Majority of the hospitals around the world are investing in modern technology and skilled personnel, ensuring high-quality and precise fittings of smart prosthetic devices. Furthermore, the increasing number of orthopedics surgeries involving smart prosthetics further boosts this segment in the market. For instance,

• According to the report published by the National Library of Medicine in 2022, around 2.4 million people in the US undergo hip and knee surgeries. This data indicates an 18.3% rise in the total number of procedures compared to 2020.

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Regional Outlook

In terms of region, the global smart prosthetics market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market, as this region has a well-established healthcare infrastructure and a high level of awareness about smart prosthetic technologies. This awareness leads to higher adoption rates and demand for advanced prosthetic solutions. Moreover, the higher prevalence of mobility-related conditions and sports injuries in North America further boosts the region. For instance,

• As per the report published by the Centers for Diseases Control and Prevention on May 15, 2023, around 12% of American adults are suffering from mobility issues that affect their walking and climbing capabilities.

Asia Pacific is anticipated to expand at a rapid pace in the global market in the coming years, due to the presence of a large population that contributes to a higher number of patients with physical disabilities. These prosthetics are important for individuals with physical disabilities to restore their mobility. In addition, the higher incidence of accidents and injuries in urban areas boosts the market in this region.

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