Motorized Prosthesis Market Research, 2031
The global motorized prosthesis market size was valued at $57.4 million in 2021, and is projected to reach $154.1 million by 2031, growing at a CAGR of 11.2% from 2022 to 2031. The motorized prosthesis is a new technology that is being used by a large number of affected patients. The motorized prosthesis is based on the integration with the nervous system to operate the replacement body part via a device known as a controller that maintains compatibility between the patient's neural and muscular systems.
The increasing prevalence of amputations is due to the rising number of road accidents, diabetes, and other medical conditions. Technological advancements have enabled the development of advanced prosthetic devices that are more comfortable and functional. In addition, the growing demand for prosthetic devices is driven by the increasing awareness of the benefits of prosthetic devices and the surge in affordability.
Weight and durability of some motorized prostheses can be heavy and prone to breakage, which can limit their use and longevity. This issue is caused by the fact that motorized prostheses require additional components, such as motors and batteries, which add weight to the device. In addition, the mechanical components of motorized prostheses are more complex and can be prone to failure, which can lead to breakage and a decrease in longevity of the prostheses. Improving the durability and reducing the weight of motorized prostheses is an ongoing challenge for manufacturers and engineers in the industry, which is expected to hinder the motorized prosthesis market size.
The motorized prosthesis market opportunity are expected to grow significantly over the next few years due to the increase in demand for advanced prosthetic devices. The rise in prevalence of amputations, the growth in awareness about the benefits of motorized prostheses, and the surge in availability of advanced prosthetic technologies are some of the major factors driving the growth of the market. In addition, the increase in number of initiatives taken by governments and non-profit organizations to provide financial assistance for the purchase of prosthetic devices is expected drive the 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 motorized prosthesis market forecast is segmented on the basis of type, end user, and region. By type, the market is categorized into passive, active, and hybrid. By end user, the market is classified into hospitals, prosthetic clinics, rehabilitation centers, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The motorized prosthesis market is segmented into Type and End-user.
By type, the Passive segment dominated the market in 2021. Prosthetic hands and tools are examples of passive prostheses. These can be fixed or can be adjusted. Even though passive prostheses are widely used, there has been little research and development. Two types of hand prostheses exist: active and passive. The force used to operate the grasping mechanism of an active prosthesis is applied internally, for example, by an electric actuator or a body-powered cable. These are predicted to be the major factors driving the motorized prosthesis market growth during the forecast period too.
By end user, the hospital segment dominated the global motorized prosthesis market share in 2021. The hospital segment is expected to grow among end-user segment during the forecast period. The growth in prevalence of medical conditions such as diabetes, which causes many difficulties in the lower portion of the human body and other ankle and foot-related disorders necessitate surgical procedures, which have aided the segment's expansion over the years. Furthermore, the increase in adoption of digitalization and fresh product releases are likely to boost market expansion in the future years.
By region, North America dominated the global market in 2021. Technological improvements and increased R&D expenditures to support affected patients are driving the expansion of the motorized prosthesis market. NGOs working to improve the lives of persons with disabilities consume a significant portion of the worldwide motorized prosthesis industry. Motorized prosthesis market expansion is being driven by expanding healthcare infrastructure as well as growing IT infrastructure.
Impact of COVID-19 on the Global Motorized Prosthesis Industry
- The COVID-19 pandemic had a significant impact on the market for motorized prosthetics. Owing to lockdowns and restrictions on mobility, the demand for these devices has decreased, leading to a slowdown in production and sales.
- In addition, disruptions in supply chains and shortage of raw materials have added to the challenges faced by manufacturers. On the other hand, the pandemic has increased awareness of assistive devices among the people that has led to an increase in demand for home health care products, which has provided a small boost to the motorized prosthetics market.
- Economic slowdown affected the setup of new Motorized Prosthesis projects across the world as majority of government fundings were diverted toward healthcare sector owing to rapid spread of the COVID-19 virus, impacting the market to a great extent.
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.
Motorized Prosthesis Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 154.1 million |
 Growth Rate | CAGR of 11.2% |
 Forecast period | 2021 - 2031 |
 Report Pages | 280 |
 By Type |
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 By End-user |
|
 By Region |
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 Key Market Players | Össur, Touch Bionics, Hanger Inc, advanced arm dynamics, integrum ab, Faulhaber Group, BionX™ Medical Technologies, Inc., Mobius Bionics,, ottobock, Bionic Prosthetics & Orthotics Group LLC. |
Analyst Review
Rise in demand for mobility aiding devices due to upsurge in the geriatric population, increased incidences of amputations, and a surge in the number of people with mobility issues drive the demand for motorized prostheses. Limited durability of motorized prostheses can be prone to breakdowns and malfunctions, which can limit their useful lifespan and make them less reliable, which is expected to hamper the market growth during the forecast period. The increased funding for research and development of advanced prosthetics is a major opportunity for the motorized prosthesis market. With the growing investment, new and innovative technologies are being developed to enhance the functionality and comfort of prosthetics. This includes the use of advanced materials, sophisticated sensors, and improved power sources. Moreover, the rise in funding is expected to increase the accessibility of motorized prosthetics, especially in underdeveloped and developing countries. This is anticipated to benefit a larger number of people with disabilities and enhance their quality of life. In addition, the funding by government is projected to help in educating people about the benefits of motorized prosthetics, thereby increasing their adoption rate, which is anticipated to provide remunerative opportunities for key players to maintain the pace of the motorized prosthesis market in the upcoming years.
Among the analyzed regions, North America is expected to account for the highest revenue share in the market by the end of 2031, followed by Europe, Asia-Pacific, and LAMEA. Rapid industrialization and urbanization are the key factors responsible for leading position of North America and Asia-Pacific in the global motorized prosthesis market.
The diverse application of motorized prosthesis across technology, healthcare expenditure, and other sectors is the major factor driving the market growth.
The major growth strategies adopted by motorized prosthesis market players are investment and agreement.
Asia-Pacific is expected to provide more business opportunities for the global motorized prosthesis market in future.
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. are the major players in the motorized prosthesis market.
By end user, the hospital segment acquired the maximum share of the global motorized prosthesis market in 2021.
Hospitals are the major the major customers in the global motorized prosthesis market.
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global motorized prosthesis market from 2021 to 2031 to determine the prevailing opportunities.
The use of motorized prosthesis as a various technological, in gasoline blending substitute, as a diesel blending substitute, and in the production of biodiesel is estimated to drive the adoption of motorized prosthesis.
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