Innovation And Development, The Future Of Robotic Prosthetics Market

Global robotic prosthetic market is estimated to grow with the CAGR of around 10.1% during the forecast period 2019-2026. Rising research and development activities in robotic prosthetics is one of the major factors contributing towards the growth of global robotics prosthetics market. According to Institute of Electrical and Electronics Engineering (United States), in 2019, a team of researcher at University of Glasgow, working 3D printing for e-skin (tactile skin) production that would bring prosthetics to life. As per, Phys Org, in 2018, a there dimensional printed, low cost robotic prosthetic hand was developed by students at University of Manchester. Every joints of prosthetic hand are fully posable with each of individual thumb and finger. This prosthetic hand allows user to do task such as typing and picking up items. Additionally, Nail state worker’ compensation prosthetic center and Italian Institute of Technology Italian researchers has developed a robotic hand named Hennes robotic hand which will allow user to natural grip to an object in 2018. Hennes robotic hand is cost effective, lighter and has minimum mechanical complexity as it was controlled by a single motor that control all five figures of hand. Furthermore, in 2017, researchers of Texas A&M University were developing robotics prosthetics by using biomechanics and neuro-mechanics that help to restore balance to patients. The main aim of research is on biomechanical and neuromechanical aspects of human walking and balancing along with robotics. Thus, such research and development activities across globe in robotics prosthetics is boosting growth in global market.

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Strategies adopted by market players bringing revolution in the market

Market players are looking for continuous development in the market that allows them to take a competitive advantage over other market players. For instance, Ossur Americas a United States (U.S.) based company has entered into a licensing agreement with SpringActive Inc. a U.S. based company deals in human compliant robotics and prosthetic devices in 2015. The aim for the agreement is to develop next generation bionic prosthetics. Additionally, in 2017, NAVIOTM Surgical system a part of Smith & Nephew a United Kingdom based company has unveiled its bi-cruciate first robotic assisted retaining total knee replacement. Furthermore, in 2015, as per Institute of Electrical and Electronics Engineering (United States), Defense Advanced Research Projects Agency, United States has awarded prime contracts for first phase of its Hand Proprioception and Touch Interfaces (HAPTIX program).