Prosthetic robot arm market to rise at 14.8% CAGR through 2028

The market is witnessing a trend towards 3D printing technology.

The global prosthetic robot arm market is projected to grow by $640m until 2028 at an estimated compound annual growth rate (CAGR) of over 14.8%, according to Technavio.

The sector’s expansion is attributed to the rising prevalence of amputations due to injuries, chronic diseases, and congenital conditions.

Moreover, the market is witnessing a shift towards the use of 3D-printed prosthetic robot arms due to benefits such as cost-effective manufacturing.

“With growing consumer awareness of 3D printing, more vendors are expected to enter the market, increasing competition and driving down costs,” the report said.

Meanwhile, robotics and artificial intelligence serve as drivers of market innovation, with developments in 3D printing, biosensor technology, and bionic prosthetics.

“Better materials and technology, such as microprocessor prosthetics, myoelectric prosthetics, and mind-controlled prostheses, are improving the quality of life for amputees,” it added.