New York, USA, March 27, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global motorized prosthesis market is envisioned to garner $154.1 million in revenue and grow at a rising CAGR of 11.2% throughout the estimated timeframe from 2022 to 2031.
As per our analysts, the increasing number of amputees across the globe due to the growing incidences of people suffering from chronic diseases such as cancer and diabetes is expected to foster the growth of the motorized prosthesis market over the forecast timeframe. Besides, the increasing number of road accidents all around the world is further predicted to propel the growth of the market during the analysis period. Moreover, the increasing requirement for lower limb amputations among individuals with diabetes is expected to create massive growth opportunities for the market over the estimated period. However, the high cost of motorized prostheses along with the less awareness about them among people in developing nations may hinder the growth of the market throughout the forecast period.
Segments of the Motorized Prosthesis Market
The report has divided the market into segments based on type, end-user, and region.
Type: Active Sub-Segment to be Most Productive
The active sub-segment is expected to have the fastest growth during the estimated timeframe. This is mainly because active prostheses are lightweight and have wide control techniques for various types of mobility. Moreover, the increasing demand for active prostheses among individuals with upper limb weaknesses is expected to boost the growth of the market sub-segment over the analysis period.
End-User: Hospitals Sub-Segment to be Most Profitable
The hospitals sub-segment is predicted to grow at the highest CAGR during the forecast timeframe. Hospitals prescribe motorized prostheses for individuals who have undergone amputation which is expected to fuel the growth of the market sub-segment throughout the estimated period.
North America Region Held the Maximum Market Share in 2021
The North America region of the motorized prosthesis market accounted for the dominant market share during the analysis timeframe. This is mainly due to the presence of major market players, increasing healthcare spending, and the growing prevalence of chronic diseases among people in this region. Moreover, the increasing incidents of accidents in this region are further expected to drive the regional growth of the market over the estimated period.
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Covid-19 Impact on the Motorized Prosthesis Market
The rise of the Covid-19 pandemic has had a negative impact on the motorized prosthesis market. This is mainly because strict lockdowns and social distancing norms impacted the manufacturing operations and logistics activities which further affected the supply chains. Moreover, reduced government investments in research & development activities owing to their complete focus on the development of the Covid-19 vaccine have declined the market growth throughout the crisis.
Prominent Market Players
The major players of the motorized prosthesis market include
- Freedom Innovations LLC
- Faulhaber Group
- Mobius Bionics LLC
- BionX Medical Technologies Inc.
- Össur hf.
- Orthotics
- Otto Bock HealthCare GmbH
- Bionic Prosthetics
- Sensars Neuroprosthetics
- Arm Dynamics
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to procure a leading position in the global industry.
For instance, in October 2022, researchers at the University of Utah’s Bionic Engineering Lab announced its partnership with Ottobock, a global leader in the prosthetics industry to license the technology behind the Utah Bionic Leg and to provide individuals with lower-limb amputations.
In addition, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, and the latest strategic development.
More about Motorized Prosthesis Market:
- Does Motorized Prosthetics Improve the Lives of Amputees Adeptly?
- Global Motorized Prosthesis Market to Wintess Significant Growth by 2031 Due to Increasing Number of Amputees Across the Globe
