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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

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.

Key Developments-

  1. In 2018, the Massachusetts Institute of Technology developed an intelligent prosthetic with user body weight and affordable price to amputees in the U.S.
  2. In 2019, Ecole Polytechnique Federale De Lausanne research institute in Switzerland, developed a prosthetic hand which uses artificial intelligence to adapt user’s finger movement and enhances amputee comfort.

Global Intelligent Prosthetic Market-Taxonomy

  • By Product Type-
    • Upper Limbs
    • Lower Limbs
  • By End User-
    • Hospitals
    • Clinics
    • Rehabilitation Centers
  • By Region-
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East
    • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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