Smart Prosthetics Market Size (2024 - 2029)

Smart Prosthetics Market Analysis

The Smart Prosthetics Market is expected to register a CAGR of 10.5% during the forecast period.

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’s growth.

The prevalence of diabetic foot ulcers is expected to be the major reason for amputation among the population, which fuels the demand for lower limb prosthetics in the market. For instance, according to data published by the International Diabetes Federation in 2022, about 643 million people globally are expected to suffer from diabetes in 2030, and this number is projected to reach 784 million by 2045. As the number of diabetic cases increases, the chance of complications related to limbs undergoing amputation rises, thereby boosting market growth over the forecast period.

Additionally, the emerging technological advancements in prosthetics, such as the use of artificial intelligence, biosensor technology, and robotic prosthetics, are increasing, which is also expected to fuel market growth during the forecast period. For instance, according to an article published in Wevolver in January 2023, the development of prosthetics provides 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 during the forecast period.

Furthermore, 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. In April 2022, Adapttech, a Birmingham biomedical company, received a 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.

Moreover, the increasing number of product launches by market players is expected to fuel the availability of advanced prosthetics products in the market. For instance, in April 2022, Adapptech launched a new smart prosthetic limb technology, the Insight system. The Insight range of products includes INSIGHT Sense, an affordable, portable, and standalone real-time analysis pressure measurement system targeted at smaller prosthetics and orthotics clinics to reduce hardware costs and help them provide house calls to remote patients, making it faster and easier to fit lower-limb prostheses and improve patient outcomes.

Therefore, owing to factors such as the increasing number of road accidents, the rising burden of orthopedic disorders and bone cancer, and growing company activities, the market studied is anticipated to grow during 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 during the forecast period.

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 muscles they activate.

The smart prosthetics market is segmented by product, end-user, and geography. By product, the market is segmented into lower-body prosthetics and upper-body prosthetics. By end user, the market is bifurcated into prosthetic clinics, hospitals, rehabilitation centers, and other end users. By geography, the market is divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report offers the value (USD) for the above segments.