Connect with us

Technology

Prosthetic Robot Arm Market to Grow by USD 640 Million from 2024-2028 as Rising Amputation Cases Drive Revenue, AI Revolutionizing Market Landscape – Technavio Report

Published

on

NEW YORK, Sept. 5, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global prosthetic robot arm market  size is estimated to grow by USD 640 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 14.84%  during the forecast period. Increase in amputation cases is driving market growth, with a trend towards 3D-printed prosthetic robot arm. However, high cost of equipment  poses a challenge. Key market players include Advanced Arm Dynamics Inc., Aether Biomedical sp. Z o.o., Bionic Hope Pvt. Ltd., BrainCo Inc., Cardinal Health Inc., COVVI, exiii Inc., HDT Global, Makers Hive Innovations Pvt. Ltd., Mobius Bionics LLC, Open Bionics Ltd., Ossur hf, Ottobock SE and Co. KGaA, Shadow Robot Co., Steeper Inc., TASKA Prosthetics, Unlimited Tomorrow, and Vincent Medical Holdings Ltd..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Hospitals, Household, and Clinics and ambulatory surgical centers), Technology (Microprocessor-based and Myoelectric), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Advanced Arm Dynamics Inc., Aether Biomedical sp. Z o.o., Bionic Hope Pvt. Ltd., BrainCo Inc., Cardinal Health Inc., COVVI, exiii Inc., HDT Global, Makers Hive Innovations Pvt. Ltd., Mobius Bionics LLC, Open Bionics Ltd., Ossur hf, Ottobock SE and Co. KGaA, Shadow Robot Co., Steeper Inc., TASKA Prosthetics, Unlimited Tomorrow, and Vincent Medical Holdings Ltd.

Key Market Trends Fueling Growth

The Prosthetic Robot Arm market is experiencing significant growth, with a major challenge being the high cost of traditional prosthetic arms. However, the forecast period is expected to witness increased adoption of 3D-printed prosthetic robot arms due to their advantages, such as cost-effective manufacturing. Companies like Open Bionics and exiii Inc. Are leading this trend, offering custom-fitted prosthetic arms using 3D scanning and 3D printing technology. Open Bionics’ project allows for a custom-fitted socket and hand to be made in less than two days, while exiii Inc.’s HACKberry arm can be assembled at home with affordable parts and a USD1,000 consumer 3D printer. Easton LaChappelle’s Unlimited Tomorrow is also making waves with a USD4,000 prosthetic arm, focusing on battery technology, miniaturization, and wireless connectivity, while offering free designs for 3D printing. With growing consumer awareness of 3D printing, more vendors are expected to enter the market, increasing competition and driving down costs. 

The Prosthetic Robot Arm market is experiencing significant growth due to the rising number of amputations caused by injuries, chronic diseases, and congenital conditions. Robotics and artificial intelligence are driving innovation in this field, with advancements in 3D printing, biosensor technology, and bionic prosthetics. Companies like LUKE arm system and Mobius Bionics are leading the way in creating high-quality, customized prosthetic arms using advanced materials and biomimetic design. Better materials and technology, such as microprocessor prosthetics, myoelectric prosthetics, and mind-controlled prostheses, are improving the quality of life for amputees. The market volume is increasing due to the growing need for prosthetic arms among healthcare providers and individuals affected by limb loss from diabetes, vascular diseases, cancer, cardiovascular diseases, respiratory diseases, trauma, and other conditions. The use of raw materials and transportation costs are key considerations for manufacturers, while financial aid and insurance coverage help make these advanced technologies more accessible to those in need. Companies like Ace Matrix, Fillauer Companies, and Steeper are also contributing to the market with their innovative solutions. Quantitative units of prosthetic arms are expected to grow steadily in the coming years as technology continues to advance and improve the lives of those with limb loss. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

The Prosthetic Robot Arm market is experiencing gradual adoption in developed countries due to advanced robotic medical systems in healthcare. However, affordability remains a challenge for patients in developing and emerging economies. High costs, attributed to the advanced technology, restrict access to prosthetic robot arms for most patients. The ASP is expected to decrease due to emerging technologies like 3D printing. Functional limitations and a short replacement cycle are additional hindrances to market growth. Prosthetic robot arms range from USD15,000 to USD100,000 for advanced models. Despite advancements, the high capital and recurring costs limit market penetration in emerging markets.The Prosthetic Robot Arm market is experiencing significant growth due to advancements in technology, particularly in the areas of biosensor technology, bionic prosthetics, and AI. However, challenges persist, such as the need for better materials, affordability, and customization. Raw material procurement and transportation costs remain a concern for manufacturers. Microprocessor and myoelectric prosthetics, including the LUKE arm system and Mind-controlled prosthesis, are popular choices, but the steep prices limit their accessibility. Companies like Ace Matrix, Mobius Bionics, Fillauer Companies, exiii, Ossur, Vincent Medical Holdings, and Ottobock are leading the way in innovation, offering advanced materials and biomimetic designs. Healthcare providers and insurers must navigate financial aid and coverage options to make these technologies more accessible to those in need. Quantitative units and volumes in the Global Robotic Prosthetics market continue to rise, transforming the lives of amputees and pushing the boundaries of technology in the extremity devices sector.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This prosthetic robot arm market report extensively covers market segmentation by

Application 1.1 Hospitals1.2 Household1.3 Clinics and ambulatory surgical centersTechnology 2.1 Microprocessor-based2.2 MyoelectricGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Hospitals-  The Prosthetic Robot Arm Market is experiencing significant growth due to advancements in technology. These arms offer improved functionality and mobility for amputees, enhancing their quality of life. Key players in the market include DEKA Research & Development, Mobius Bionics, and Hocoma. Collaborations and partnerships between these companies and healthcare institutions drive innovation and expansion. The market’s future looks promising, with increasing demand for advanced prosthetic solutions.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The Prosthetic Robot Arm market is a rapidly growing segment of the Robotics industry, driven by advancements in Artificial Intelligence, 3D printing, and Biomimetic Design. Amputation due to injuries, chronic diseases, and congenital conditions continues to fuel demand for these advanced devices. The Amputee Coalition estimates that over 2 million Americans live with limb loss, creating a significant need for prosthetic solutions. Global Robotic Prosthetics market volumes are measured in quantitative units, with Extremity Prosthetics being the largest segment. Prosthetic Robot arms offer advanced features such as customization, improved functionality, and increased user comfort. Advanced materials and Brain-Computer Interfaces are key technologies driving innovation in this field. Healthcare providers play a crucial role in the adoption of Prosthetic Robot arms, with financial aid and insurance coverage being major factors influencing accessibility. Companies like Ace Matrix, Mobius Bionics, Fillauer Companies, exiii, Ossur, and others are leading the way in this market, offering solutions tailored to individual user needs. 3D printing and AI are revolutionizing Prosthetic Robot arm production, allowing for more affordable and customized solutions. The future of Prosthetic Robot arms lies in continued innovation, with potential applications in rehabilitation, industrial settings, and beyond.

Market Research Overview

The Prosthetic Robot Arm market is experiencing significant growth due to the increasing prevalence of amputations, injuries, chronic diseases, and congenital conditions. Robotics and artificial intelligence are revolutionizing the field with advanced bionic prosthetics, microprocessor prosthetics, myoelectric prosthetics, and mind-controlled prostheses. Better materials, such as 3D printed components, and biosensor technology are improving the quality of life for amputees. The Amputee Coalition reports that over 2 million Americans are living with limb loss, with diabetes, vascular diseases, cancer, cardiovascular diseases, respiratory diseases, and trauma being common causes. The market includes voluminous units of prosthetic arms, with key drivers being technological advancements, healthcare providers’ adoption, and financial aid and insurance coverage. Companies are focusing on advanced materials, prosthetic arm customization, biomimetic design, and brain-computer interfaces to meet the evolving needs of the market. Global Robotic Prosthetics, Steeper, Myo Kinisi hand, Ace Matrix, Mobius Bionics, Fillauer Companies, exiii, Ossur, Vincent Medical Holdings, and Ottobock are some of the leading players in the industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationHospitalsHouseholdClinics And Ambulatory Surgical CentersTechnologyMicroprocessor-basedMyoelectricGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/prosthetic-robot-arm-market-to-grow-by-usd-640-million-from-2024-2028-as-rising-amputation-cases-drive-revenue-ai-revolutionizing-market-landscape–technavio-report-302239670.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

On World Cleanup Day 2024, VIAIM’s Newly Launched Service Upgrade Provides Added Multilingual Support and Commitment to Environmental Goals, Helping to Shape a More Sustainable Future

Published

on

By

SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VIAIM,  an AI technology hardware company deeply rooted in the smart office sector, is marking the inaugural World Cleanup Day 2024, which falls on September 20, with the official launch of a service package upgrade, reinforcing its dedication to both innovation and environmental responsibility.

This upgrade introduces Malay and Thai language support, expanding the total number of supported languages from 11 to 13. With these additions, VIAIM is taking another step towards making seamless cross-cultural communication more accessible, especially for users across Southeast Asia. At the same time, the Company continues to align its operations with sustainability efforts, lowering the usage threshold for customers and offering environmentally friendly solutions that contribute to a greener planet.

As part of VIAIM’s latest service package upgrade, users enjoy enhanced features designed to make their work and daily lives more efficient. These include free transcription and translation time, along with increased access to To-do List and Summary functions, providing customers with more comprehensive functionality at no additional cost.

These upgrades not only reflect the brand’s core philosophy of “user-first”, but also emphasize VIAIM’s commitment to continuously enhancing user experiences. Now, users can manage tasks more effectively, saving time and reducing the need for additional services, making their workflow more streamlined and productive.

Beyond product and service innovations, VIAIM remains committed to its environmental goals, aligning with global best practices in environmental, social, and governance (ESG) initiatives. VIAIM believes that, just as its users seek to improve their daily lives through technology, the company must contribute to a better world for future generations.

VIAIM is fully committed to environmental protection and sustainable development through its use of molded pulp, an environmentally friendly material for packaging while maintaining a laser focus on technology upgrades that reflect its customer-centric philosophy. The company utilizes molded pulp, an eco-friendly packaging material, to minimize environmental impact, while its smart office solutions contributes to a paperless workplace, further reducing waste. This dual focus on customer convenience and sustainability enhances the overall value that VIAIM delivers to its global customer base.

“Innovation serves as a breakthrough in technology and is also a cornerstone of environmental and social responsibility,” said TOM, Product Manager of VIAIM. “With our latest service upgrades, we not only improve the user experience but also make it easier for our customers to participate in sustainable practices. By embracing these advancements, users can contribute to environmental preservation, while enjoying the benefits of advanced cross-language support and smarter office tools. VIAIM’s mission is to bridge technological innovation with social responsibility, inviting our customers to join us in creating a brighter, more sustainable future.”

About VIAIM

VIAIM is an innovative technology company in the consumer-goods sector. With a focus on versatile, multimodal interactions, we strive to provide effective solutions that meet users’ specific needs. By harnessing state-of-the-art technology, we bring our visionary ideals to life, helping people embrace the incredible possibilities the Company offers.

CONTACT:
Qian Wang
wangqian@vision-intelligence.tech

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/on-world-cleanup-day-2024-viaims-newly-launched-service-upgrade-provides-added-multilingual-support-and-commitment-to-environmental-goals-helping-to-shape-a-more-sustainable-future-302253841.html

SOURCE VIAIM

Continue Reading

Technology

G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

Published

on

By

ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

View original content:https://www.prnewswire.co.uk/news-releases/g42-collaborates-with-nvidia-to-deliver-next-generation-climate-solutions-using-earth-2-302253818.html

Continue Reading

Technology

Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

Published

on

By

HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/kawasaki-and-cbi-sign-strategic-collaborative-agreement-for-promoting-commercial-use-liquefied-hydrogen-supply-chain-302253698.html

SOURCE McDermott International, Ltd

Continue Reading

Trending