Global Motorized Prosthesis Market Expected to Grow Substantially Owing to Increased Rate of Amputation Due to Chronic Injuries [220-Pages] | Commended by Research Dive

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18 Apr, 2023, 10:59 GMT

The global motorized prosthesis market is expected to grow primarily due to growing rate of amputation as a result of chronic injuries. Passive sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.

NEW YORK, April 18, 2023 /PRNewswire/ -- 

Global Motorized Prosthesis Market Forecast Analysis:

As per the report published by Research Dive, the global motorized prosthesis market is expected to register a revenue of $154.1 million by 2031 at a CAGR of 11.2% during the forecast period 2022-2031.

Segments of the Motorized Prosthesis Market

The report has divided the market into the following segments:

  • Type: passive, active, and hybrid
    • Passive– Most dominant in 2021
      Passive prostheses are adjustable, offer a more realistic look, and can help in a wide range of activities. These advantages associated with passive prostheses are expected to push the growth of this sub-segment further.
  • End-User: hospitals, prosthetic clinics, rehabilitation centres, and others
    • Hospitals – Fastest growth rate by 2031
      Since most of motorized prostheses are prescribed by hospitals and most government-approved prostheses are covered by hospitals, the hospitals sub-segment is expected to witness huge growth in the 2022-2031 timeframe.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • North America – Significant market share in 2021
      The rapidly increasing healthcare spending and growing prevalence of chronic ailments like cancer and diabetes are predicted to propel the market in the forecast period.

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Dynamics of the Global Motorized Prosthesis Market

The growing rate of amputation due to increased prevalence of chronic ailments, injuries, and genetic diseases is expected to make the motorized prosthesis market a highly profitable one in the forecast period. Additionally, growing healthcare spending across the world is predicted to propel the market forward. However, according to market analysts, high cost of motorized prostheses might become a restraint in the growth of the market.

Surge in geriatric population across the world is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing prevalence of joint-related ailments is expected to augment the growth rate of the global market in the coming period.

COVID-19 Impact on the Global Motorized Prosthesis Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The motorized prosthesis market, too, was negatively impacted due to the pandemic. The lockdowns and travel restrictions disrupted the global supply chains which hampered the production cycles of motorized prostheses. Also, the investments in research and development were reduced which affected the industry badly. Both these factors ultimately had a huge impact on the growth rate of the market in the pandemic period.

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Key Players of the Global Motorized Prosthesis Market

The major players of the market include

  • Arm Dynamics
  • Faulhaber Group
  • Össur hf
  • Bionic Prosthetics
  • Freedom Innovations LLC
  • Otto Bock HealthCare GmbH
  • Orthotics
  • Mobius Bionics LLC
  • Neuroprosthteics
  • BionX Medical Technologies Inc.

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

For instance, in February 2022, Össur, a global orthopedics equipment manufacturer, announced the launch of its new product, viz., Power Knee™. This product, as per the company's claim, is the world's first microprocessor prosthetic knee, designed specifically for people with limb difference or above-knee amputation. This product launch is expected to boost the market share of the company substantially in the coming period.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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