Europe Robotic Prosthetics Market

Europe Robotic Prosthetics Market Size & Growth (2023 to 2028):

As per the research report, the size of the Europe Robotic Prosthetics market was valued at USD 254 million in 2023. It is projected to be around USD 385.52 million by 2028 at a CAGR of 8.7% during the forecast period 2023 to 2028.

The European Robotic prosthetics market is majorly driven by the rising number of ulcers, growing cases of amputation, and vascular diseases. Also, technological advancements and development in medical science in the region are expected to provide lucrative growth opportunities for market players in the robotic prosthetic market.

The other factors, such as increasing road accidents, rising population of the disabled, and growing prevalence of diabetes, are boosting the market growth during the forecast period. In addition, initiatives taken by the government for creating awareness are positively influencing the market growth. Furthermore, an increase in the number of amputations is driving market growth; severe injuries, malignant tumors in limb bones or muscles, accidents, limb infections, and frostbites increase the number of amputations. As a result, the market is growing.

The robotic prosthesis replaces missing body parts with artificially controlled components; this has been a revolution in the previous years and is becoming more common as advanced technology is introduced. Moreover, increasing investments and funding by the government and private organizations and innovations in robotics are projected to fuel market growth.

Mergers and acquisitions are the key strategies implemented by the market players in the region to gain a competitive advantage over the comparators, which is expected to encourage market growth. However, the high cost of robotic prosthetics and their maintenance are significant challenges to market growth. In addition, a lack of awareness in low-income countries is expected to limit the market growth. 

This research report on the Europe Robotic Prosthetics Market has been segmented and sub-segmented into the following categories:

By Technology:

• Myoelectric Technology
• Microprocessor Controlled
• Bluetooth

By Products:

• Prosthetic Ankles Or Feet
• Prosthetic Arms

By Application:

• Upper Body Extremity
• Lower Body Extremity

By End Users:

• Hospitals
• Clinics

By Country:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Geographically, the Europe has the second-largest share of the global robotics prosthetics market over the forecast period. However, the market is anticipated to witness a significant share owing to the availability of advanced healthcare facilities, increasing investments, and supportive government policies. Also, rising research and development activities and private organizations' availability of funds for research are fuelling the European market over the forecasted period. Further, developed countries like Germany, the UK, Italy, and France are increasing investment in the healthcare sector and contributing to the regional market growth. 

Germany robotic prosthetics market held the largest share of the Robotic Prosthetics Market, and it is likely to continue its dominance throughout the predicted period. Increasing cases of amputation, road accidents, and technological advancements in the healthcare sector are propelling the market's growth. As a result, MPC technology dominated the market and is expected to expand healthy over several years. On the other hand, Myoelectrical prosthetics are expected to be the fastest-growing category throughout the forecast period.

While the UK robotic prosthetics market is likely to grow significantly in the Robotic prosthetics market, the market growth is driven by the advanced healthcare infrastructure, growing disabled population, and favorable reimbursement policies. In addition, the major players in the region are implementing various strategies to gain a competitive advantage over the market players. 

On the other hand, the countries such as France, Italy, and Spain are projected to witness a promising share in the Robotic Prosthetics market and contribute to the European regional market growth. Furthermore, the increasing number of cutting cases, diabetes, and vascular diseases contribute to the Robotic Prosthetics market growth. 

KEY MARKET PLAYERS

Key players operating in the Europe Robotic Prosthetics market profiled in this report are Shadow Robot Company (UK), Touch Bionics (UK), Ossur (America), HDT Global (USA), Endolite (USA), Syn Touch Inc (Los Angeles), Irobot (U.S.A), Northrope Grumman (U.S.A), Qbotix (U.S.A), Prox Dynamics (U.S.A).