The Global Motorized Prosthesis Industry is on the brink of a remarkable transformation, poised to reach a staggering valuation of US$ 139.4 million by 2032, according to a recent report by Future Market Insights (FMI). This projection reflects a rapid growth trajectory, with the market’s estimated value standing at US$ 31.9 million in 2022, and an impressive projected Compound Annual Growth Rate (CAGR) of 14.4% during the forecast period from 2022 to 2032.
Motorized prosthesis, a groundbreaking field at the intersection of biomedical engineering and neuroscience, is dedicated to enhancing the lives of individuals with missing body parts resulting from a wide range of factors, including trauma, congenital conditions, and various diseases. These remarkable devices are designed to replicate the functions of the body’s natural counterparts, offering an unprecedented level of functionality and independence to those in need.
At its core, motorized prosthesis leverages the power of brain-computer interfaces to restore biological functions to individuals facing limb loss. These devices constitute an intricate network of motors and cognitive modalities, providing users with a new lease on life, and allowing them to regain control over essential bodily functions. One notable example is devices that aid in bladder control, enhancing the autonomy and quality of life for individuals affected by urinary disorders.
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The motorized prosthesis is in the research and development phase, and various technological advancements have been witnessed in developing a novelty product to support the normal functioning of the body. The motorized prostheses are based on target muscle innervation (TMR) technology.
Motorized Prosthesis Industry: Drivers and Restraints
The motorized prosthesis industry is expected to show tremendous growth during the forecast period. Factors such as technological advancement in motorized prostheses, and increasing research and development expenditure to support the lives of affected patients are driving the growth of the motorized prosthesis industry.
Increasing healthcare infrastructure along with the growth in IT infrastructure are also driving the growth of the motorized prosthesis market. 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 motorized prosthesis market growth. Factors such as modeling of the device, power consumption, size, and biocompatibility are major issues that can hamper the growth of the motorized prosthesis industry.
Moreover, due to the presence of batteries and motors, they are likely to be heavy as compared with body-powered prostheses and thus impede the motorized prosthesis industry’s growth.
Motorized Prosthesis Industry: Key Players
Some of the market participants in the global motorized prosthesis industry 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 Neuroprosthetics, and Touch Bionics Inc.
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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
Motorized Prosthesis Industry: Overview
The motorized prosthesis market is an emerging technology and is adopted by a large number of affected patient population base. The motorized prosthesis is 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 prostheses work by sending users’ commands to the device’s actuators, and deduces the feedback from the biosensors. Motorized hand prostheses are widely used as compared with motorized leg prostheses. Information technology also plays a crucial role in the development of motorized prostheses.
Various programs have been conducted such as open-source robotic prostheses through which various collaborations 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.
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Motorized Prosthesis Industry: Region Wise Outlook
Geographically, the motorized prosthesis market 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 prostheses 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 governmental bodies, and favorable reimbursement scenarios 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, and increasing R&D investment by the public and private bodies.
The market in regions such as Latin America, the Middle East, and Africa is 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, applications, and industries.
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)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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