Market Trends of Smart Prosthetics Industry
Prosthetic Hand Segment Expects to Register a Significant Growth Over the Forecast Period
- The prosthetic hand segment is anticipated to witness significant growth during the forecast period owing to factors such as the increasing number of sports-related and accident injuries and the increasing number of product launches by researchers and companies.
- The emerging technological advancements, as well as the use of artificial intelligence in the development of prosthetic hands, are expected to fuel the segment's growth during the forecast period. For instance, an article published in Medicine in June 2022 highlighted a study conducted by researchers in South Korea.
- The study involved providing body-powered 3D-printed finger prostheses and comprehensive prosthetic training to two individuals with partial hand amputations. The results demonstrated improved functionality and overall satisfaction with the 3D-printed finger prostheses among the participants. These advancements in prosthetics not only enhance the quality of life for individuals but also generate increased demand for such products, consequently driving market growth during the forecast period.
- Additionally, in May 2022, scientists at the University of Minnesota developed real-life mind-controllable robotic prosthetics and portable neuroprosthetic hands using artificial intelligence (AI) and machine learning (ML). The peripheral nerve in the patient's arm is connected to a nerve implant in the robotic hand that allows patients to control robotic body parts using their thoughts. Hence, such developments are anticipated to fuel the adoption of artificial intelligence-based prosthetic hands among users, which is expected to contribute to market growth.
- Furthermore, government and company initiatives to distribute prosthetic hands are anticipated to increase the availability of the product in India. For instance, in January 2023, Vispala, an Indian technology company, donated a consignment of 350 3D-printed prosthetic hands, developed by TU Delft, for Ukrainians injured in the war.
- Moreover, in April 2022, Rotary District 3150 organized one of the biggest prosthetic hands-free distribution functions at Malla Reddy University in Dulapally, Hyderabad. It was organized in association with Ellen Meadows Prosthetic Hand Foundation, United States. It is a registered non-profit organization in the United States that has created a manufacturing facility to produce and distribute several hundred prototype LN-4 hands (the LN-4 brand of hand was created by the Ellen Meadows Prosthetic Hand Foundation).
- Considering the growing research initiatives by universities and rising government initiatives, the prosthetics hand segment is expected to register substantial growth.
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North America is Expected to Hold Significant Market Share During the Forecast Period
- North America is expected to register a significant CAGR over the forecast period owing to factors such as the growing number of sports injuries and road accidents, the growing burden of orthopedic diseases, and the increasing prevalence of diabetes-related amputations among the population. In addition, the growing geriatric population, high healthcare expenditures, and the presence of key players in the region are also expected to boost market growth during the forecast period.
- The incidence of sport-related injuries, such as ligament sprains, muscle sprains, tennis elbow, and supraspinatus tendinitis, is increasing among the population. For instance, according to an article published in Translational Pediatrics in February 2022, it was observed that about 8.6 million athletes suffer from sports-related injuries each year in the United States. Thus, the high number of sports injuries increases the risk of elbow dislocation or fractures, which, in turn, is expected to fuel the demand for smart prosthetics that can anticipate and respond to the actions of users, providing a very natural walking gait, improving the overall balance and walking power.
- Additionally, rising government initiatives to develop advanced prosthetic products across the region are expected to propel the growth of the market. For instance, in February 2022, the FY22 Defense Appropriations Act provided funding for the Orthotics and Prosthetics Outcomes Research Program (OPORP), which supports research that evaluates prostheses using patient-centric outcomes relevant to service members and military beneficiaries, veterans, and other individuals with limb loss and/or limb impairment.
- Furthermore, the increasing focus of companies on developing innovative prosthetics is also anticipated to fuel the availability of technologically advanced prosthetics in the market, thereby propelling market growth. For instance, in December 2022, NYU Langone Hospitals completed its first set of surgeries using US FDA-approved implantable prosthetics for people with limb loss, and it is now available in greater New York City. The procedure is known as osseointegration, which is done to improve the quality of life for people with limb loss by enhancing the connection between limb and prosthesis.
- Moreover, in July 2022, Esper Bionics launched a new prosthetic hand, an artificial intelligence (AI)--powered hand, which is a combination of wearable robotics and a stunning design. The robotic hand has a self-learning technology that enables users to carry out their everyday tasks independently.
- Therefore, owing to factors such as the increasing burden of sports-related injuries and diabetes among the population and the increasing number of product launches, the market studied is anticipated to grow during the forecast period.
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