Motorized Prosthesis Market Size is Projected to Generate a Revenue of $154.1 Mn by 2031Download Sample Reports Overview
The Global Motorized Prosthesis Market Share is predicted to be valued at $154.1 million by 2031, surging from $57.4 million in 2021, at a noteworthy CAGR of 11.2%.
Impact Analysis of COVID-19 on the Motorized Prosthesis Market
The COVID-19 pandemic had a detrimental effect on the market for motorized prosthesis market due to business closures and disruptions in the logistics & supply chain. The global pandemic had caused businesses to divert their attention away from their typical research & innovation operations related to a prosthesis toward other concerns including worker safety and regional government regulations. These considerations ultimately had a detrimental effect on the market for motorized prosthesis. The global economic crisis during the pandemic was a major factor in the decline of investments in the motorized prosthesis market. Owing to labor shortages, high prices of raw materials and severe disruption in logistics; economic activity had slowed or stopped altogether. Investors thus put a stop to their investing plans. All these factors severely impacted the motorized prosthesis market.
Global Motorized Prosthesis Market Analysis
A motorized prosthesis is an artificial medical device that replaces missing body parts that have been lost due to congenital reasons, accidents, or various diseases. Numerous prosthetic devices that involve active knee joints and ankle joints are constructed by businesses. These devices can restore the ability of an amputee to pick up and grab objects. The rise in the number of amputations due to accidents and chronic illnesses such as diabetes & cancer majorly contributes to the rising need for motorized prostheses. In addition, surge in healthcare spending globally, increase in the prevalence of joint-related disorders, and rise in elderly population are all anticipated to augment the motorized prosthesis market expansion during the forecast period.
Trauma is the most frequent cause of amputation, followed by chronic illnesses. More people have lower limb amputations than upper limb amputations. Wearing this device enables the amputee to stand, walk, maintain balance, and regain upright posture.
The expansion of the motorized prosthesis market during the forecast period may be constrained by the high cost of these devices. Despite a considerable demand for these products, the high price of these prosthetics presents a significant obstacle. Motorized prosthesis is prescribed by an orthotist or prosthetist based on the patient's unique needs. According to their sophistication and level of development in prosthetists such as robotics and myoelectric power, these devices cost more money. The expansion of the motorized prosthesis market may also be constrained by the lower demand for such devices in emerging countries.
It is anticipated that a growing number of diabetes-related amputations would offer many opportunities as diabetes patients are more likely to need lower limb amputations. Diabetes is associated with diabetic neuropathy and peripheral artery disease, two conditions that raise the risk of foot amputation. Smoking and excessive blood sugar levels can also exacerbate foot-related issues, which may lead to a greater need for amputation.
Global Motorized Prosthesis Market, Segmentation
The motorized prosthesis market is segmented on the basis of type, end-user, and region.
Type segment is further classified into passive, active, and hybrid. The active segment is anticipated to be fastest growing during the forecast period. Active prostheses employ motors to provide the amputee with external power to provide the ability to act. Compared to passive prostheses, these devices often offer more functioning features. These devices can effectively control a variety of locomotor activities. People who have upper limb weakness typically use an active prosthesis. Children and recent amputees are typically given a passive prosthetic that is quite simple to use. After the time of use, these individuals are given active prostheses.
The end-user segment is further categorized into hospitals, prosthetic clinics, rehabilitation centers, and others. The hospitals segment is anticipated to have the fastest growth during the forecast period. Hospitals typically recommend motorized prostheses to amputees. Hospital insurance often pays for most government-approved prosthetics. Hospitals recommend motorized prostheses to patients who have had amputations. In addition, hospitals also offer other services including artificial limb maintenance and repair.
The motorized prosthesis market in North America held the largest market share in 2021. The presence of major players, rising healthcare expenditure, the increasing prevalence of chronic diseases including cancer & diabetes, a well-established healthcare infrastructure, and favorable government backing for research and development activities are some of the primary factors expected to drive the motorized prosthesis market in this region.
Key Players in the Global Motorized Prosthesis Market
Some of the leading Motorized Prosthesis market players are
- Arm Dynamics
- Bionic Prosthetics
- BionX Medical Technologies Inc.
- Faulhaber Group
- Freedom Innovations LLC
- Mobius Bionics LLC
- Össur hf.
- Otto Bock HealthCare GmbH
- Sensars Neuroprosthteics