AI In Prosthesis Market predicted to grow at a CAGR of 27.45% during the forecast period (2021-2028)
Absolute Market Insights recent analysis of the AI In Prosthesis Market finds that the increasing demand from the The AI in prosthesis market growth can be attributed to the rise in demand for smart prosthetic solutions amongst end-users ‘’to improve the quality of living. is expected to witness maximum growth in the AI In Prosthesis Market during the forecast period. The global Market revenue stood at a value USD in the year 2021.
Market Synopsis
Prosthesis refers to the use of a man-made device for the replacement of a body part in the human body. Some of the commonly replaced body parts include arms, legs, hands, knee joint, hip joint, amongst others. A major issue with traditional prosthetic products is that they often fail to replicate the function of the body part which was originally present in the body. Hence, companies are increasingly making use of technologies such as artificial intelligence for increasing the sensitivity, flexibility and usability of prosthetic products.
AI In Prosthesis Market on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behaviour such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the AI In Prosthesis Market is predicted to grow at a CAGR of roughly 27.45% during the forecast period.
- The AI In Prosthesis Market was estimated to be worth roughly in 2021 and is expected to reach USD by 2028; based on primary research.
- On the basis of region, is projected to dominate the worldwide AI In Prosthesis Market.
Market Dynamics:
Industry Analysis:
The report covers exhaustive analysis on the global AI In Prosthesis Market. Industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
Drivers:
Regular prosthetic products cannot replicate real-life movements. However, the use of artificial intelligence can help in determining body actions based on response from either the neural connections, or control via applications. Companies are increasingly working on developing prosthetic solutions that can be used by individuals of all ages. The rising demand for increasing the usability of prosthetic products, coupled with the advancement in medical technology that is enabling the manufacturing of AI-based prosthetic products that can be upgraded in terms of both hardware and software, is leading to the growth of the global AI in prosthesis market.The immense focus on artificial intelligence during the pandemic has helped the global AI in prosthetics market considerably. Companies are increasingly raising their investment in AI-backed research and development of prosthetic products for enhancing the usability and flexibility of prosthetic products, especially amongst the geriatric population. The global AI in prosthesis market is expected to see significant growth in the coming years as companies are increasingly working on the development of prosthetic products that can be controlled virtually. Hence, the global AI in prosthesis market will see growth in the next decade.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pervasive might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Quarterly Market Revenue Forecast 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on AI In Prosthesis Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America accounted for the highest share in the global AI in prosthesis market in 2020. The regional revenue was highest for North America due to higher awareness regarding the use of advanced technology such as AI and IoT in prosthetics, coupled with the rise in investment in the development of AI-based prosthesis products in the U.S. Companies in the U.S. are increasingly developing AI-driven prosthetic products for the end-users, especially the military and defence sector in the region. The conflicts in the Middle East, especially Iraq and Afghanistan, has resulted in the amputation of body parts amongst numerous serving personnel in the U.S. Studies show that around 1,558 lost a limb due to the engagement of the U.S. troops in Afghanistan and Iraq. Various military funded programs in the U.S. is ensuring that the veterans who have lost a part of their body during combat receive robotic prosthetic products with ease. Moreover, there were about 2.1 million individuals that were suffering from the loss of a limb in the U.S. alone, and the figure is expected to touch about 4.3 million by 2050. Various research organizations are also mulling the scope of the implementation of AI in prosthesis. The Advanced Research Lab at Johns Hopkins University has come up with a prosthetic arm which has reflexes akin to human beings, and can also feel sensations. Furthermore, the advancement in limb and joint replacement technologies in the U.S., along with the availability of both private and public healthcare facilities in the U.S. and Canada for catering to the needs of individuals who have limb loss, joint troubles or other orthopaedic related concerns, is positively impacting the growth of the North American AI in Prosthesis market. These factors are ensuring that North America remains a prominent market in the global AI in prosthesis market in the coming years.
List of Prominent Players in AI In Prosthesis Market:
- Blatchford
- BrainCo Inc.
- COAPT LLC.
- Mobius Bionics
- Össur
- OTTOBOCK
- Shadow Robot Company
- Other Market Participants
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the AI In Prosthesis Market?
- How will the AI In Prosthesis Market change in the upcoming six years?
- Which application and product will take a lion’s share of the AI In Prosthesis Market?
- What is the AI In Prosthesis Market drivers and restrictions?
- What will be the CAGR and size of the AI In Prosthesis Market throughout the forecast period?
This market titled AI In Prosthesis Market will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years: 2016-2028
Base Year: 2021
Historic Years: 2016-2020
Forecast Years: 2022-2028
Segmentation Covered:
- By Body Part
- Feet
- Knees
- Limb Systems
- Upper Limb
- Lower Limb
- Sockets and Accessories
- Ankles
- Others
- By End-User
- Rehabilitation Centers
- Defence and Military
- Hospitals and Clinics
- Others
- By Application
- Adults
- Kids
Region & Counties Covered
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Report Coverage
- Market growth drivers
- restraints, opportunities
- Porter’s five forces analysis
- PEST analysis
- Value chain analysis
- Regulatory landscape
- Technology landscape
- Patent analysis
- Market attractiveness analysis by segments and Regional
- Company market share analysis
- COVID-19 impact analysis
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