The global motorized prosthesis market is set to expand its roots at a strong CAGR of 14.4% between 2022 and 2032. The market is anticipated to reach USD 139.4 Million by 2032, up from USD 31.9 Million in 2022.
| Report Attribute | Details |
|---|---|
| Motorized Prosthesis Market Value (2022) | USD 31.9 Million |
| Motorized Prosthesis Market Anticipated Value (2032) | USD 139.4 Million |
| Motorized Prosthesis Projected Growth Rate (2032) | 14.2% |
The modernized medical gear and increased investment of the public and private sectors in the healthcare sector have led to the adoption of the motorized prosthesis. Electric arm prostheses and motorized prostheses help the treatment of affected patients. This is one of the small developments that have happened lately in the advanced healthcare systems.
Body-powered prosthesis works as a system of cables or attachments to control the limb. Ultimately, the end user operates and controls the prosthetic arm through other parts of your body, such as elbows, chest, and shoulders. This has happened due to the electrical signals obtained from the muscles. Further, it is translated those signals into movements.
Another factor driving the sales of the motorized prosthesis is how body-powered arm prostheses make for a better device, as it works smoothly in more rugged environments and is ideal for getting specific tasks done. While it is a professional choice, motorized prostheses are a practical option as they tend to be more pocket-friendly than myoelectric options. This fuels the demand for motorized prosthesis systems.
FMI’s research report on motorized prostheses explains that a higher number of accidents and other nerve diseases have led to the sales of motorized prosthesis systems, while it also pushes the healthcare equipment industry giants to adopt new methods that can further help these patients. Limb alignment therapy is another option, but its high cost has led people to adopt motorized prostheses.
The new custom silicon restorations that perfectly match your skin, hair, and other parts of your body have become the first option for people. By including multi-positional joints in a passive prosthesis, the wearer can use their sound hand to position the shoulder, elbow, wrist, or fingers of the prosthesis to make it easier for them to hold or carry something. Other than this, products like naked prosthetics grip locks or auto spring-based point designs have revolutionized the prosthesis market as we see it.
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Drivers:
A global study on motorized prosthesis suggests that a rising healthcare budget along with a higher number of research and development programs regarding prosthesis parts, deployment, and their development have fuelled the sales of motorized prosthesis objects. Another factor driving the motorized prosthesis market is the government's investment and interest in building a strong healthcare system that can help people with disabilities.
Restraints:
Due to batteries and motors, motorized prosthetics are likely to be heavier when compared with a body-powered prosthesis and therefore restrain the growth of the motorized prosthetics market. Moreover, the presence of batteries and motors makes them heavier than a body-powered prosthesis, further hampering the motorized prosthesis market growth.
The light bod-based prosthesis systems are only suitable for people who have strength in their core muscles. Motorized systems are designed for people whose muscle strength is low and who are recovering slowly.
Dominating the market space, North America is likely to hold the largest share of 49.5% in 2022. There are several factors driving the growth of the motorized prosthesis market. Factors such as technological advancements and rising research and development expenditures to support affected patients are driving the growth of the motorized prosthesis market.
NGOs working for the betterment of differently-abled people also consume a good amount of the global motorized prosthesis market. Increasing healthcare infrastructure, along with the growth in IT infrastructure, is also driving motorized prosthesis market growth.
In Western Europe, healthcare infrastructure and access to advanced technology are more developed, contributing to a market share of 29.7% in 2022. Furthermore, government support, favorable reimbursement policies, and a high disposable income are driving the motorized prosthesis market. New healthcare policies covering prosthesis equipment and their fulfillment in the state healthcare units have fueled the sales of motorized prosthesis systems.
The market in Asia-Pacific is forecast to grow at the fastest rate due to consistent technological advancements and increased Research and Development investment by both private and public organizations.
Principal Consultant
The motorized prosthesis market survey explains that with large companies in the industry and ongoing Research and Development, the prosthetic limb market has become highly competitive. Various companies make both upper and lower-extremity prosthetics. An amputee can hold objects much more efficiently with Steeper's thermoelectric system, which includes an easy-to-use Myo Kinisi hand along with an auto grip function:
Due to the higher number of big healthcare giants trying their luck in the prosthetics market, the motorized prosthesis market share is highly competitive. Key manufacturers are coming up with multiple solutions for differently abled people. From electric prostheses to body-powered prosthetics and electric arm prostheses are the latest by-products of innovation-driven Research and Development programs.
Key Market Developments:
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| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 14.4% from 2022 to 2032 |
| The base year for estimation | 2021 |
| Historical data | 2017 to 2021 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments Covered | Target Population, End-User, and Region. |
| Regional scope | North America; Western Europe; Eastern Europe; Middle East Africa; ASEAN; South Asia; Rest of Asia; Australia; and New Zealand. |
| Country scope | USA, Canada, Mexico, Germany, United Kingdom, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, United Arab Emirates(UAE), Iran, South Africa. |
| Key companies profiled | Advanced Arm Dynamics; Bionic Prosthetics and Orthotics; BionX Medical Technologies, Inc.; Faulhaber Group; Freedom Innovations; LLC; Mobius Bionics LLC; Össur hf.; Otto Bock HealthCare GmbH; Sensars Neuroprosthteics,; Touch Bionics Inc. |
| Customization scope | Free report customization (equivalent to up to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The motorized prosthesis market is likely to project a CAGR of 14.4% during the forecast period.
Better alternatives with lighter material and high power are hampering the sales of motorized prosthesis tools.
By 2032, the market is likely to grow to a revenue of USD 139.4 Million.
1. Executive Summary | Motorized Prosthesis Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Target Population 5.1. Pediatric 5.2. Adult 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User 6.1. Hospitals 6.2. Orthopedic Clinics 6.3. Trauma Centers 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa (MEA) 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Advanced Arm Dynamics 15.2. Bionic Prosthetics and Orthotics 15.3. BionX Medical Technologies 15.4. Faulhaber Group 15.5. Freedom Innovations 15.6. Mobius Bionics LLC 15.7. Össur hf 15.8. Otto Bock HealthCare GmbH 15.9. Sensars Neuroprosthetics 16. Assumptions & Acronyms Used 17. Research Methodology
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Motorized Prosthesis Market
