The global motorized prosthesis market is envisioned to garner $154.1 million by 2031, growing from $57.4 million in 2021 at a CAGR of 11.2% from 2022 to 2031.
The market for motorized prosthetics has been growing rapidly in recent years due to advancements in technology and increase in demand from amputees. Factors driving growth include surge in prevalence of amputations, rise in awareness about prosthetics, increase in healthcare expenditure, and upsurge in demand for advanced and user-friendly prosthetics. In addition, partnerships between prosthetic manufacturers & rehabilitation centers, and government initiatives to provide insurance coverage for prosthetics are expected to further boost the market growth.
The key factor that is hampering the market is the mobility of the motorized prosthesis devices as they need power source nearby in order to keep it charged constantly. In addition, in some remote or rural areas, access to electricity may be limited, making it difficult for users to charge their devices. This can also increase the cost of ownership, as users may need to purchase additional batteries or generators to support their prosthetics. Furthermore, the limitation is the weight of the devices, as motorized prosthetics tend to be heavier and bulkier compared to non-motorized prosthetics. This can cause discomfort and fatigue for users, especially for those who need to use the prosthetics for extended periods.
The rise in awareness about prosthetics and their benefits have created huge opportunity for the motorized prosthesis market. With people becoming more educated about the different types of prosthetics available, they are increasingly seeking for advanced prosthetic options such as motorized prosthetics. This growing demand for motorized prosthetics has created a huge market opportunity for manufacturers, suppliers, and healthcare providers, who specialize in this field. The increased awareness about prosthetics and their benefits, combined with advancements in technology and the rise in health awareness, are creating a huge opportunity for the motorized prosthesis market, which is expected to continue to grow in the coming years as people become more aware of the benefits of motorized prosthetics, leading to more demand for these devices.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. Moreover, there were import-export restrictions laid down on major motorized prosthesis producing countries such as the U.S. and China, which imposed significant challenges on the market. Furthermore, disruptions in supply chains and shortage of raw materials have added to the challenges faced by manufacturers. On the other hand, the pandemic increased awareness of assistive devices among the general public and led to an increase in demand for home health care products, which has provided a small boost to the motorized prosthetics market.
The key players profiled in this report include Arm Dynamics, Arm Dynamics, Orthotics, BionX Medical Technologies, Inc., Faulhaber Group, Freedom Innovations, LLC, Mobius Bionics LLC, Össur hf., Otto Bock HealthCare GmbH, Otto Bock HealthCare GmbH, Touch Bionics Inc, Integrum AB, and Hanger Inc.
The market for motorized prosthetics has been growing rapidly in recent years due to advancements in technology and increase in demand from amputees. Factors driving growth include surge in prevalence of amputations, rise in awareness about prosthetics, increase in healthcare expenditure, and upsurge in demand for advanced and user-friendly prosthetics. In addition, partnerships between prosthetic manufacturers & rehabilitation centers, and government initiatives to provide insurance coverage for prosthetics are expected to further boost the market growth.
The key factor that is hampering the market is the mobility of the motorized prosthesis devices as they need power source nearby in order to keep it charged constantly. In addition, in some remote or rural areas, access to electricity may be limited, making it difficult for users to charge their devices. This can also increase the cost of ownership, as users may need to purchase additional batteries or generators to support their prosthetics. Furthermore, the limitation is the weight of the devices, as motorized prosthetics tend to be heavier and bulkier compared to non-motorized prosthetics. This can cause discomfort and fatigue for users, especially for those who need to use the prosthetics for extended periods.
The rise in awareness about prosthetics and their benefits have created huge opportunity for the motorized prosthesis market. With people becoming more educated about the different types of prosthetics available, they are increasingly seeking for advanced prosthetic options such as motorized prosthetics. This growing demand for motorized prosthetics has created a huge market opportunity for manufacturers, suppliers, and healthcare providers, who specialize in this field. The increased awareness about prosthetics and their benefits, combined with advancements in technology and the rise in health awareness, are creating a huge opportunity for the motorized prosthesis market, which is expected to continue to grow in the coming years as people become more aware of the benefits of motorized prosthetics, leading to more demand for these devices.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. Moreover, there were import-export restrictions laid down on major motorized prosthesis producing countries such as the U.S. and China, which imposed significant challenges on the market. Furthermore, disruptions in supply chains and shortage of raw materials have added to the challenges faced by manufacturers. On the other hand, the pandemic increased awareness of assistive devices among the general public and led to an increase in demand for home health care products, which has provided a small boost to the motorized prosthetics market.
The key players profiled in this report include Arm Dynamics, Arm Dynamics, Orthotics, BionX Medical Technologies, Inc., Faulhaber Group, Freedom Innovations, LLC, Mobius Bionics LLC, Össur hf., Otto Bock HealthCare GmbH, Otto Bock HealthCare GmbH, Touch Bionics Inc, Integrum AB, and Hanger Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the motorized prosthesis market analysis from 2021 to 2031 to identify the prevailing motorized prosthesis market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the motorized prosthesis market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global motorized prosthesis market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Passive
- Active
- Hybrid
By End-user
- Hospitals
- Prosthetic Clinics
- Rehabilitation Centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Össur
- ottobock
- advanced arm dynamics
- Bionic Prosthetics & Orthotics Group LLC.
- integrum ab
- Hanger Inc
- Faulhaber Group
- Mobius Bionics,
- BionX™ Medical Technologies, Inc.
- Touch Bionics
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MOTORIZED PROSTHESIS MARKET, BY TYPE
CHAPTER 5: MOTORIZED PROSTHESIS MARKET, BY END-USER
CHAPTER 6: MOTORIZED PROSTHESIS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Motorized Prosthesis Market," the motorized prosthesis market was valued at $57.40 million in 2021, and is estimated to reach $154.1 million by 2031, growing at a CAGR of 11.2% from 2022 to 2031.A motorized prosthesis is an artificial medical device used to replace body parts lost due congenital causes, accidents, or numerous diseases. Motorized prostheses are the result of a collaboration between biomedical engineering and neurobiology. It is based on brain-computer interface and muscle innervation technology, which allows missing body parts to operate biologically. The performance and functionality of the amputee are enhanced with the help of motorized prostheses, which provide the amputee access to external power. Various companies have developed active ankle joints, knee joints, and systems that combine the knee and ankle. Motorized prosthetics can assist amputees in their physical, social, and psychological well-being. Most lower limb amputees use the motorized prosthesis. Lower limb prosthetics allow amputees to carry out daily activities like walking.
Key factors driving the growth of the motorized prosthesis market include development in motorized prosthesis market and rise in incidence of amputations due to accidents & medical conditions such as diabetes. According to a report by the World Health Organization (WHO), every year, an estimated 15 million amputations occur worldwide due to various reasons such as war, road accidents, and diseases. In addition, the rise in prevalence of diabetes has contributed to the growth of the motorized prosthesis market. Diabetes is one of the leading causes of amputations, particularly in lower limb amputations. The rise in diabetes cases globally is leading to an increased demand for advanced prosthetics, including motorized prosthetics, which offer improved mobility and better quality of life for people with amputations. All these factors are projected to boost the market growth during the forecast period. Diabetes increases the likelihood that a lower limb will need to be amputated. Amputation is frequently required to treat ulcers and non-healing wounds. Diabetes is associated with diabetic neuropathy and peripheral artery disease, two conditions that raise the risk of foot amputation (PAD). High morbidity and fatality rates are associated with diabetic foot ulcers. Compared to neuropathic ulcers, ischemic ulcers have a greater mortality rate. Smoking and excessive blood sugar levels can also exacerbate foot-related issues, which may lead to a greater need for amputation.
Advancements in technology, such as the integration of AI and machine learning, are leading to more advanced and user-friendly prostheses, further boosting the market growth. The motorized prosthesis market is being influenced by a growing awareness of the benefits of these devices and the need for improved mobility & quality of life for amputees. Government initiatives and investment on R&D of prosthetic technology contribute to the growth of this market. Moreover, the rise in demand for customized prostheses, with a focus on personal comfort, performance, and aesthetics, is expected to drive growth in the motorized prosthesis market. The surge in disposable income and healthcare spending, especially in developing countries, is contributing to the growth of the market. These factors are projected to create numerous growth opportunities for the key players operating in the motorized prosthesis market during the forecast period.
The motorized prosthesis market is segmented on the basis of type, end user, and region. On the basis of type, the market is classified into passive, active, and hybrid. On the basis of end user, it is divided into hospitals, prosthetic clinics, rehabilitation centers, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, Italy, France, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, United Arab Emirates, South Africa, and rest of LAMEA).
The key players profiled in the study include Arm Dynamics, Arm Dynamics, Orthotics, BionX Medical Technologies, Inc., Faulhaber Group, Freedom Innovations, LLC, Mobius Bionics LLC, Össur hf., Otto Bock HealthCare GmbH, Otto Bock HealthCare GmbH, Touch Bionics Inc, Integrum AB, and Hanger Inc. The major players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and expansion to remain competitive and gain an advantage over the competitors in the market. For instance, in 2022, Advanced Aem Dynamics created an early prosthesis fitting program to assist children suffering with limp absence. The brand also offers constraint treatment assistance.
Key Market Insights
- By type, the passive segment was the highest revenue contributor to the market in 2021. However, the active segment is estimated to be the fastest growing during the forecast period.
- By end user, the hospitals segment dominated the global market in 2021 and is estimated to be the fastest growing during the forecast period.
- By region, North America was the highest revenue contributor to the market in 2021, accounting for a market size of $22.9 million.
Companies Mentioned
- Össur
- ottobock
- advanced arm dynamics
- Bionic Prosthetics & Orthotics Group LLC.
- integrum ab
- Hanger Inc
- Faulhaber Group
- Mobius Bionics
- BionX™ Medical Technologies, Inc.
- Touch Bionics
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Related Reports
Orthopedic Prosthesis Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030
- Report
- 100 Pages
- Global
From
From
From
Total Wrist Prosthesis - Market Insights, Competitive Landscape, and Market Forecast - 2030
- Report
- 100 Pages
- Global
From
This product is a market research report. Each license type allows a set number of users to access the report. Please select an option from the list below. This product is a market research report. This is a single user license, allowing one user access to the product. This product is a market research report. This is a single user license, allowing one user access to the product. The product is a PDF. This product is a market research report. This is an enterprise license, allowing all employees within your organization access to the product. The product is a PDF. 
