Latin America Robotic Prosthetics Market

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

As per the research report, the size of the Latin America Robotic Prosthetics market was valued at USD 138.33 million in 2023. It is projected to be around USD 197.67 million by 2028 at a CAGR of 7.4% during the forecast period 2023 to 2028.

Robotic prosthetics, also known as microprocessor-controlled prosthetics or MPC, are a novel concept developed by mechanical research and cutting-edge medical technology. Robots are widely used to assist people physically and insistently demanding work and industries that need precision and accuracy.

The robotic prosthetics market is driven by increasing amputation cases and chronic diseases such as diabetes and vascular diseases. Also, a rise in lower-limb amputations due to the high prevalence of diabetic foot and vascular disorders in emerging nations is expected to fuel sector expansion.

The Robotic prosthesis is simply the replacement of missing body parts with artificially controlled components; it has been a revolution in recent years and is expanding due to advances in technology. 

However, the rising congenital abnormalities lead to amputation, leading to the growing demand for robotics prosthetics, increasing market growth.

The Revolutionizing Prosthetics initiative aims to overcome these issues by providing patients who've already lost an upper limb near-natural hand and arm movement. The resultant technologies have the potential to improve warfighter rehabilitation, restore function and independence to people who have had stems removed or who are paralyzed, and allow wounded warriors to return to service in the future. 

Advancements in robotic space and increasing investments and funding for innovative products provide numerous growth opportunities to the market players. Apart from this, the future strategies by the key market players such as partnerships, mergers, and acquisitions are further expanding the market growth.

Other factors such as the high prevalence of road accidents, increasing healthcare expenditure, and growing disabled population augment the market growth. Moreover, the key market players focus on the launch of innovative products that are further anticipated to drive growth over the forecast period.

However, lack of awareness about robotic prosthetics in lower-income countries is considered the significant growth restrain factor of the market. In addition, the high cost of prosthetics and their maintenance creates an extra burden to the patients, which is impeding the market growth. 

This research report on the Latin America 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:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, the Latin American robotic prosthetics market is expected to account for a promising share during the forecast period. The market growth is contributed to the improving healthcare facilities, supportive government policies, and prevalence of road accidents in the region. In addition, the emerging countries in the area, such as Brazil and Mexico, are augmenting the regional market growth. 

The Brazil robotic prosthetics market dominated the robotic prosthetics market, and it is likely to continue its dominance throughout the forecast period. Advancing healthcare technology, increasing investments, and increasing the number of amputations are propelling the market growth. 

On the other hand, Mexico robotic prosthetics market is more likely to witness a considerable share in the Robotic Prosthetics market in the coming future. The rising number of ulcers, advancements in robotic space, and key market players are augmenting the market growth. On the other hand, the increasing incidence of diabetic foot and vascular diseases is anticipated to fuel the market growth throughout the predicted period. 

KEY MARKET PLAYERS

Prominent companies leading in the Latin America Robotic Prosthetics market profiled in the 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).