Robotic Artificial Muscles Market Share, Growth Insights, Competitive Landscape, Revenue, Recent Trends, SWOT Analysis, and Forecast 2022-2030
Robotic artificial muscles build up a sub-category of artificial muscles which are able to produce biologically stimulated motions. There is a vast range of motions that these robot systems carry out including inherent compliance, power-to-weight ratios, and many others. These types of artificial muscles have potential utilization in a wide range of applications owing to their achievements in control methods, modeling, and fabrication. They are widely used in medical devices or smart textiles. This aided the market to flourish via industrial sectors. The Robotic artificial muscles market grow with a CAGR of 17.4% by 2022-2030.
The rising prevalence of diabetes and other diseases which elevate the demand for prosthetics has significantly contributed to the market share. According to the International Diabetes Federation, in 2019, approximately 463 million adults (20-79 years) were living with diabetes; expected to rise to 700 million by 2045. Many diabetic patients have a risk of developing foot ulcers, which often lead to amputation. Also, according to the Amputee Coalition of America, vascular diseases are considered the main cause of lower limb amputation.
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Factors Affecting the Market
Technology is maintaining a vital place across all industrial verticals, including healthcare, automotive, construction, etc. Companies leverage cloud and service-based services to propel innovation and bring significant revolution. Thus, it will drive the growth of the global Robotic Artificial Muscles market during the forecast period.
Growing investments in this market are expected to boost the growth of the overall market. For instance, the US Federal Government set aside $58.4 billion budget for IT at civilian Federal agencies in 2022, which is an increase of 2.4 percent from 2021.
COVID-19 Impact Analysis
The COVID-19 outbreak forced many organizations to adapt to digital methods, which rapidly accelerated digital transformation. Work environments changed abruptly as remote work became the new normal among organizations. As a result, it is forecast to strengthen the potential scope of the Robotic Artificial Muscles market in the coming years. This report by Astute Analytica covers all the factors depicting the impact of the pandemic.
North America is forecast to emerge as the largest shareholder in the global Robotic Artificial Muscles market in terms of revenue. The growth of the market is attributable to various factors, including early adoption of advanced technology, growing investments in the sector, and rising infrastructural development. Furthermore, the Asia-Pacific market for Robotic Artificial Muscles will also grow steadily due to growing spending by government bodies. Additionally, increasing initiatives to improve infrastructure will also drive the market forward.
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