Intelligent Prosthetic Market Analysis
Intelligent Prosthetic Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis – 2020- 2027
A prosthetic implant is an artificial medical device that replaces the missing body part in the event of an accident, trauma, disease, or condition by birth. Intelligent prosthetics are devices which use human nerve system and brain interfacing to increase precision and comfort movements. Intelligent prosthetics use a combination of mechanical devices and human muscles to move and act as a supplementary limb. Intelligent prosthetics are manufactured using computer aided design (CAD), a software which aids in designing and analysing the creation in 3-D graphics.
Global Intelligent Prosthetic Market- Drivers
Intelligent prosthetics devices are more efficient due to increased prosthetic use, longer walking distance and full range of body movement, and are capable of providing precision and comfortable movements in patients. Medical device companies are focusing on research and development activities to expand their presence in the global intelligent prosthetic market. For instance, in 2016, Blatchford, a medical device company, created the first integrated robotic control prosthetic of the knee and foot. The prosthetic works together as human leg according to impulse generated by human nervous system for movement. These factors are expected to drive global intelligent prosthetic market.
Global Intelligent Prosthetic Market- Impact of COVID-19
The COVID-19 pandemic is expected to impact growth of the global intelligent prosthetic market in two major ways; firstly, amputees with lower limp prosthetic have to maintain hygiene of limb prosthetics as they are in close contact with skin and susceptible to infections. Secondly, amputees with prosthetics have scheduled appointments with clinics for regular checking, but due to this pandemic period clinics have reduced the number of appointments and moved to only vulnerable patients. Thus, amputees are facing complications in regular checking of their prosthetics.
Global Intelligent Prosthetic Market- Restraints
People with prosthetic legs require more energy and concentration than normal people to perform daily activities. Moreover amputees can suffer severe back pain due to prosthetic weight which needs to be treated with strong painkillers. Furthermore, difference in leg mass ratio in the normal leg and leg prosthetics causes asymmetry in leg kinetics. These factors are expected to restrain global intelligent prosthetic market.
Global Intelligent Prosthetic Market- Regional Analysis
On the basis of region, the global intelligent prosthetic market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The North America intelligent prosthetic market is expected to witness significant growth due to technological advancements such as artificial intelligence. Moreover, various research institutes are focusing on development of intelligent prosthetics. In 2019, the University of Utah, U.S., built a prototype of leg prosthetics that accepts commands according to its user, provides balance while walking and increases power while walking, as reported by the users.
Moreover, the Europe intelligent prosthetic market is expected to witness significant growth due to the increasing focus of various research institutes on research and development activities. Artificial intelligence in the market has become a field of strategic importance and key driver in economic development. For instance, in 2019, Chalmers University of Technology successfully implanted the first intelligent hand prosthetic with the ability to feel and sense things.
Global Intelligent Prosthetic Market- Competitive Analysis
Key operating players in the global intelligent prosthetics market are Blatchford, Intelligent Prosthetic Systems, LLC, Touch Bionics, Open Bionics, Ekso Bionics Holdings Inc., and US Bionics, Inc.
Global Intelligent Prosthetic Market-Taxonomy