Global Motorized Prosthesis Industry’s Ascension to a US$139.4 Million Valuation by 2032 with a Strong CAGR of 14.4%

The Global Motorized Prosthesis Industry is on an upward trajectory, poised to reach an estimated value of US$ 139.4 Million by 2032, according to recent insights by leading industry analysts. The market has witnessed impressive growth, with a recorded value of US$ 31.9 Million in 2022, and is projected to maintain a strong CAGR of 14.4% throughout the forecast period from 2022 to 2032.

Motorized prostheses, innovative artificial medical devices designed to restore the functionalities of missing body parts caused by factors such as trauma, congenital conditions, or various diseases, have gained significant attention in the medical field. This revolutionary concept is born from the fusion of biomedical engineering and neuroscience.

The core of motorized prostheses lies in brain-computer interfaces, harnessing the power of neurological signals to enable the biological functioning of absent body parts. These cutting-edge devices form a complex network of motors and cognitive modalities, aimed at supporting autonomous nervous system functioning, including devices designed for bladder control.

This remarkable market growth underscores the increasing demand for advanced medical solutions that enhance the quality of life for individuals affected by limb loss or neurological conditions. As technology continues to advance, motorized prostheses are poised to play a pivotal role in the healthcare industry.

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The motorized prosthesis are in research and development phase, and various technological advancements has been witnessed in developing a novelty product to support the normal functioning of the body. The motorized prosthesis are based on target muscle innervation (TMR) technology.

Global Motorized Prosthesis Industry: Drivers and Restraints

The motorized prosthesis market is expected to show tremendous growth during the forecast period. The factors such as technological advancement in motorized prosthesis, increasing research and development expenditure to support the life of affected patients are driving the growth of the Global Motorized Prosthesis Industry.

Increasing healthcare infrastructure along with the growth in IT infrastructure are also driving the growth of the Global Motorized Prosthesis Industry. In addition, according to research studies conducted, approximately 2 million individuals are living without a limb in the U.S. alone, and nearly 185,000 amputations occur in the U.S. every year.

However, the motor prosthesis is in its initial phase of development, and factors such as high developmental cost, and pricing are the major constraints of the Global Motorized Prosthesis Industry growth. The factors such as modelling of the device, power consumption, size, and biocompatibility are major issues which can hamper the growth of the Global Motorized Prosthesis Industry.

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Moreover, due to the presence of batteries and motor, they are likely to be heavy as compared with body-powered prosthesis, and thus impede the motorized prosthesis market growth.

Global Motorized Prosthesis Industry: Key Players

Some of the market participants in the global motorized prosthesis market are 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, and Touch Bionics Inc.

Key Segments :

By Target Population:

• Pediatric
• Adult

By End-User:

• Optics and Hospitals
• Orthopedic Clinics
• Trauma Centers

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia-Pacific
• Japan
• Middle East and Africa

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Global Motorized Prosthesis Industry: Overview

The Global Motorized Prosthesis Industry is an emerging technology and is adopted by a large number of affected patient population base. The motorized prosthesis are based on the integration with the nervous system to conduct the functioning of the replaced body part by a device known as a controller that maintains the compatibility between the patient’s nervous system and muscular systems.

Motorized prosthesis work by sending users’ commands to the device’ actuators, and deduces the feedback from the biosensors. Motorized hand prosthesis are widely used as compared with the motorized leg prosthesis. The information technology also plays a crucial role in the development of the motorized prosthesis.

The various programs have been conducted such open-source robotic prosthesis through which various collaboration are made by players for bringing advancement in the technology coupled with lowering the cost of the devices by using 3D printing technology for custom made fabrication.

Global Motorized Prosthesis Industry: Region Wise Outlook

Geographically, the Global Motorized Prosthesis Industry is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East and Africa.  North America is projected to hold the largest share of motorized prosthesis in the global market, followed by Western Europe, owing to more developed healthcare infrastructure and ease of access to advanced technology.

In addition, high disposable income, support from the governmental bodies, and favorable reimbursement scenario are driving the growth of the motorized prosthesis market. The market in Asia-Pacific is expected to show the fastest growth over the forecast period owing to the consistent technological advancement, increasing R&D investment by the public and private bodies.

The market in regions such as Latin America, Middle East, and Africa are anticipated to show sluggish growth owing to low per capita income, lack of skilled personnel, and limited medical facilities.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

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