Motorized Prosthesis Market on Track to Attain US$ 139.4 Million by 2032, with a 14.4% CAGR | FMI

The global motorized prosthesis market size is expected to reach US$ 139.4 Million in 2032. The motorized prosthesis market is growing rapidly. As per FMI Analysts, the global motorized prosthesis market is estimated to be valued at US$ 31.9 Million in 2022 and is projected to increase at a CAGR of 14.4% in the forecast period from 2022 to 2032.

Motorized prosthesis is an artificial medical device used to perform the functions of missing body parts due to factors such as trauma, congenital factors, or various other diseases. The concept of motorized prosthesis arises from the combination of biomedical engineering and neuroscience.

The motorized prosthesis is based on brain computed interface, to avail the biological functioning of missing body parts. Motorized prosthesis is a complex network of motors and cognitive modalities. These devices are made for supporting of autonomous nervous system functioning such as devices for bladder control.

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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.

Motorized Prosthesis Market: 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 motorized prosthesis market.

Increasing healthcare infrastructure along with the growth in IT infrastructure are also driving the growth of 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. The factors such as modelling of the device, power consumption, size, and biocompatibility are major issues which can hamper the growth of motorized prosthesis market.

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.

Motorized Prosthesis Market: 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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Motorized Prosthesis Market: Overview

The motorized prosthesis market 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 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.

Motorized Prosthesis Market: Region Wise Outlook

Geographically, 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 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.

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