The Global Motorized Prosthesis Market size is expected to reach $98.2 Million by 2028, rising at a market growth of 10.7% CAGR during the forecast period.
An artificial medical device known as a motorized prosthesis replaces missing body parts lost due to congenital conditions, accidents, or numerous other disorders. Neuroscience and biomedical engineering are combined in motorized prosthesis. The motorized prosthesis uses muscle innervation and brain-computer interface technologies to restore the biological function of lost body parts. A complex network of motor and cognitive modalities makes up a motorized prosthesis.
These tools assist autonomous nervous system operations, including bladder control tools. Researchers are now working to build motorized prosthetics. Road accidents, diabetes, and other illnesses are rising, which is why amputations are becoming more common. In addition, technological progress has made it possible to create more complex prosthetics that are both pleasant and useful. The rising demand for prosthetic devices is also fueled by a greater understanding of their advantages and a rise in their affordability.
The market for motorized prosthesis is anticipated to expand dramatically over the following years as demand for cutting-edge prosthetic devices rises. Amputations are becoming more common, people are becoming more aware of the advantages of motorized prosthesis, and more sophisticated prosthetic technologies are available than ever. These are some of the key drivers fueling the market's expansion. In addition, the market is anticipated to be driven by a growth in the number of initiatives launched by governments and non-profit organizations to provide financial aid for purchasing prosthetic devices.
The adoption of the motorized prosthesis results from updated medical equipment and increasing governmental and private sector investment in the healthcare industry. Motorized and electric arm prosthesis aid in the treatment of afflicted individuals. One of the recent minor advancements in sophisticated healthcare systems is this.
The COVID-19 outbreak significantly impacted the market for a motorized prosthesis. Lockdowns and limits on movement have diminished consumer demand for these gadgets, which has slowed down both manufacture and sales. Moreover, producers now must contend with supply chain interruptions and a scarcity of raw materials. Research groups involved in life science R&D were compelled to handle their investigations with constrained resources since they needed help accessing raw materials. The pandemic also affected the world economy, which decreased funding for R&D.
Today's rise in amputees is brought on by chronic conditions like cancer and diabetes, in addition to an increase in accidents throughout the globe. Trauma is the most frequent cause of amputation, followed by chronic illnesses. More people have lower limb amputations than upper limb amputations. The risk of amputation has grown over the last several years due to an increase in those with diabetes and cancer. With the growth in the incidence of these illnesses, these numbers are anticipated to climb even more. Motorized prostheses are used to replace a missing body part, such as an upper or lower limb.
WHO reports that by 2030, the UN General Assembly hopes to have cut the number of people killed and injured in traffic accidents worldwide in half. For children and young people aged 5 to 29 years, fatal road accidents are the main cause of mortality. An estimated 1.3 million individuals each year pass away in automobile accidents. Pedestrians, cyclists, and motorcyclists make up more than half of all road traffic fatalities. Even though low- and middle-income nations have around 60% of the world's automobiles, they account for 93% of all traffic deaths.
The high cost of these devices may constrain the expansion of the motorized prosthesis market during the projected period. Despite a considerable demand for these products, the exorbitant price of these prosthetics is a significant obstacle. A motorized prosthesis is prescribed by an orthotist or prosthetist based on the patient's unique needs. According to their complexity and degree of development, these gadgets cost more money. In addition, the lower demand for such devices in emerging countries may also constrain the expansion of the motorized prosthesis market.
Based on type, the motorized prothesis market is bifurcated into passive, active, and hybrid. The active segment covered a considerable revenue share in the motorized prothesis market in 2021. Active prosthesis employs motors to provide the user with external power. Compared to passive prosthesis, these devices often provide greater functioning features. In addition, these gadgets are portable and feature effective control methods for various locomotor activities. Those who have upper limb weakness often utilize active prosthesis. Children and recent amputees are often given a passive prosthesis, which is quite simple to operate.
By end-user, the motorized prothesis market is segmented into hospitals, prosthetic clinics, rehabilitation centers and others. The hospital segment held the highest revenue share in the motorized prothesis market in 2021. Among end-user segments, the hospital segment is anticipated to grow throughout the forecasted period. The need for surgical operations has supported the segment's rise over the years as a result of the rising incidence of medical illnesses like diabetes, which has a significant negative impact on the lower part of the human body.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 49.4 Million |
| Market size forecast in 2028 | USD 98.2 Million |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 10.7% from 2022 to 2028 |
| Number of Pages | 145 |
| Number of Table | 268 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | End User, Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Australia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the motorized prothesis market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed the largest revenue share in the motorized prothesis market in 2021. The market for motorized prosthesis is growing because to technological advancements and more R&D spending to assist afflicted patients. A sizeable share of the motorized prosthesis market is consumed by Organizations dedicated to enhancing the lives of people with disabilities. The growth of the IT and healthcare infrastructures propels the market for motorized prosthesis.
Free Valuable Insights: Global Motorized Prosthesis Market size to reach USD 98.2 Million by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ossur Hf, Otto bock SE & Co. KGaA, Hanger, Inc. (Patient Square Capital), Advanced Arm Dynamics, Inc., Bionic Prosthetics & Orthotics Group LLC, Integrum AB, Dr. Fritz Faulhaber GmbH & Co. KG, and Sensars Neuroprosthetics.
By End User
By Type
By Geography
The global Motorized Prosthesis Market size is expected to reach $98.2 Million by 2028.
Rising traffic-related deaths are driving the market in coming years, however, Low awareness and high cost in developing countries restraints the growth of the market.
Ossur Hf, Otto bock SE & Co. KGaA, Hanger, Inc. (Patient Square Capital), Advanced Arm Dynamics, Inc., Bionic Prosthetics & Orthotics Group LLC, Integrum AB, Dr. Fritz Faulhaber GmbH & Co. KG, and Sensars Neuroprosthetics.
The expected CAGR of the Motorized Prosthesis Market is 10.7% from 2022 to 2028.
The Passive segment acquired maximum revenue share the Global Motorized Prosthesis Market by Type in 2021 thereby, achieving a market value of $46.2 Million by 2028.
The North America market dominated the Global Motorized Prosthesis Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $38.9 Million by 2028.
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