Motorized Prosthesis Market to Reach $154.1 Million, Globally, by 2031 at 11.2% CAGR: Allied Market Research
Rising number of road accidents, diabetes, and other medical conditions, increasing prevalence of amputation, and surge in the awareness of advanced prosthetic devices drive the growth of the global motorized prosthesis market.
PORTLAND, Ore., March 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Motorized Prosthesis Market by Type (Passive, Active, Hybrid), by End-user (Hospitals, Prosthetic Clinics, Rehabilitation Centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031."According to the report, the global motorized prosthesis industry was estimated at $57.4 million in 2021, and is anticipated to hit $154.1 million by 2031, registering a CAGR of 11.2% from 2022 to 2031.
Drivers, restraints and opportunities-
Rising number of road accidents, diabetes, and other medical conditions, increasing prevalence of amputation, and surge in the awareness of advanced prosthetic devices drive the growth of the global motorized prosthesis market. On the other hand, weight and durability of some motorized prostheses can be heavy and prone to breakage, which can limit their use and longevity. This factor impedes the growth to some extent. However, increase in the number of initiatives taken by governments and non-profit organizations to provide financial assistance for the purchase of prosthetic devices are expected to create lucrative opportunities in the industry.
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Impact of Covid-19 on Motorized Prosthesis Market-
- Disruptions of the supply chain during the lockdown slowed down both manufacturing and sales of motorized prosthesis.
- Also, the pandemic affected the global economy which reduced research funding in R&D, which has a negative impact on the global motorized prosthesis market. However, the market has now recovered soon.
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The passive segment to retain its dominance by 2031-
By type, the passive segment accounted for the major share in 2021, garnering more than two-fifths of the global motorized prosthesis market revenue. This is because passive prostheses can be fixed or can be adjusted as per the needs. The active segment, however, would cite the fastest CAGR of 11.7% from 2022 to 2031. This is owing to the fact that active prostheses generally offer more functional qualities compared to passive prostheses.
The hospitals segment to rule the roost-
By end-user, the hospitals segment held the highest share in 2021, holding around two-fifths of the global motorized prosthesis market revenue. The same segment would also portray the fastest CAGR of 11.6% 2022 to 2031. This is because motorized prostheses are mostly prescribed by hospitals.
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North America garnered the major share in 2021 –
By region, North America garnered the major share in 2021, accounting for nearly two-fifths of the global motorized prosthesis market revenue. Increased technological advancements and surge in R&D expenditure on healthcare across the region drive the market growth. The Asia-Pacific region, simultaneously, would portray the fastest CAGR of 12.9% by 2031. This is due to the growing prevalence of critical diseases such as diabetes in this province.
Key players in the industry-
- Otto Bock HealthCare GmbH
- Hanger Inc.
- Faulhaber Group
- Arm Dynamics
- Orthotics
- BionX Medical Technologies Inc.
- Freedom Innovations LLC
- Mobius Bionics LLC
- Össur hf.
- Otto Bock HealthCare GmbH
- Touch Bionics Inc
- Integrum AB
The report analyzes these key players in the global motorized prosthesis market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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