New York, July 14, 2022 (GLOBE NEWSWIRE) -- Owing to the high adoption of advanced technologies and advancements in AI technology in the healthcare sector, the global myoelectric prosthetics market recorded a market value of US$ 149.9 Mn in 2021. It is expected that this market will expand at a CAGR of 5.2% over the forecast period (2022-2032).
Myoelectric prosthetics have several benefits as compared to body-powered devices, such as access to effortless strength, less harnessing, multiple grip patterns, and more natural hand movements. Motors and batteries are built into myoelectric prosthetics so that they can move while being ultimately controlled by electrical impulses produced by muscles in the residual limb. Muscle contraction results in an electrical signal being released. Electrodes positioned on the skin inside the socket of a prosthetic device sense these muscle impulses and transmit them to a controller, which causes movement following the user's intentions.
It is concerning that, there are more and more people developing chronic illnesses such as diabetes. WHO estimates that this condition affects over 422 million people globally, a majority of whom reside in low- and middle-income nations, and diabetes is directly responsible for 1.5 million fatalities annually.
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According to the Amputee Coalition, 55 percent of people who have lower extremity amputations would need a second amputation within two to three years after the first amputation. This has led to a growth in the market for myoelectric prosthetics for those who have had amputations as a result of diabetes.
Key Takeaways from Market Study
- Transradial disarticulation (below elbow) held 15.7% market share, by indication, in 2021.
- By end user, patients prefer hospitals more and the segment held a market share of 44.6% in 2021.
- Around 38% of the global market share, by region, was accounted for by North America in 2021.
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“High prevalence of diseases such as peripheral arterial disease and rise in cases of amputations will propel market growth over the coming years,” says an analyst of Persistence Market Research.
Market Competition
Consolidation activities such as sales and service agreements, collaborations, growing research and development activities, joint ventures, new product launches, partnerships, and mergers & acquisitions among global and regional players are characteristic phenomena of the overall competitive scenario in the myoelectric prosthetics market.
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- In July 2020, Fillauer, a family-owned market pioneer in the manufacturing of prosthetic and orthotic devices, teamed up with FabCo Prosthetic Designs of Nashville to establish FabCo Powered by Fillauer, a subsidiary of Fillauer Companies, Inc.
- In July 2021, COAPT Acquired the Liberating Technologies, Inc. from College Park Industries. COAPT will expand its strong research & development capabilities in the addition of LTI from the industries of College Park and accelerate the development of cutting-edge technology in orthotics and prosthetics.
- In April 2022, Faulhaber GmbH welcomed 34 new specialists to its Schönaich headquarters after integrating PDT Präzisionsdrehteile GmbH, a subsidiary from Nürtingen.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the myoelectric prosthetics market in its latest study, presenting a historical demand assessment of 2017 – 2021 and projections for 2022 – 2032.
The research study is based on indication, forequarter amputation, shoulder disarticulation, transhumeral disarticulation (above elbow), elbow disarticulation, transradial disarticulation (below elbow), wrist disarticulation, partial hand, and finger amputation) and end user (hospitals, prosthetic clinics, and ambulatory surgical centers), across seven key regions of the world.
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