Dublin, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The "Myoelectric Prosthetics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global myoelectric prosthetics market is poised for remarkable growth during forecast period. In 2024, the market generated revenue of US$ 165 million, and it is projected to surge to a valuation of US$ 250 million by the end of 2031.
Transradial Disarticulation to Drive Market
The publisher has identified a noteworthy trend in the myoelectric prosthetics market related to the increasing significance of transradial disarticulation (below the elbow). It is estimated that this specific segment will achieve a substantial market value by 2031. In 2024, sales of myoelectric prosthetics made up a significant portion of the global robotics prosthetics market's total revenue share.
The growth of the myoelectric prosthetics market is attributed to several key factors:
- Increasing Accidental Events & Injuries: A rise in accidents, particularly in regions such as Asia, has led to an increase in traumatic injuries like burns. This surge in traumatic injuries has created significant opportunities for myoelectric prosthetics providers to meet the growing demand for prosthetic solutions.
- Prevalence of Disorders: The market for myoelectric prosthetics is expanding due to various disorders, including peripheral artery disease, which necessitates amputation for preventive purposes.
- Rising Demand for High-Throughput Prosthetics: There has been a growing demand for advanced myoelectric prosthetics, such as upper extremity prosthetics, lower extremity prosthetics, liners, sockets, and modular components, over the past few decades.
- Demand from End Users: Hospitals, prosthetic clinics, and rehabilitation centers are increasingly seeking branded and patented myoelectric prosthetics to ensure safety and quality.
Despite its promising growth, the myoelectric prosthetics market faces challenges:
- Cost Constraints: The high cost of myoelectric prosthetics and a stringent regulatory environment could hinder market expansion. Reducing the cost of these products remains a challenge for manufacturers.
- Impact of COVID-19: The early stages of the COVID-19 pandemic led to the postponement of limb procedures, temporarily reducing the demand for prosthetics.
Country-wise Insights
- Booming U.S. Market: The U.S. myoelectric prosthetics market is experiencing significant growth attributed to a notable volume of accidental trauma within the country. In 2023, the U.S. dominated the North American myoelectric prosthetics market. The market is poised for further development due to the increase in accidental injuries and trauma cases, including sports injuries. The National Safety Council (NSC) reports a substantial number of exercise-related injuries, bicycle-related injuries, and sports-related injuries in the United States. As a result, there is an increased demand for myoelectric prosthetics in the U.S., contributing to the overall value of the myoelectric prosthetics market in the country.
- Lucrative German Market: In Germany, which held a significant share of the European myoelectric prosthetics market in 2024, the market is considered lucrative due to high patient compliance and the availability of skilled healthcare professionals. The country boasts a robust healthcare system, supported by qualified individuals working in the medical and nursing fields, as confirmed by the Federal Government of Germany. These factors are driving the growth of the myoelectric prosthetics market in Germany.
Competitive Landscape
Leading manufacturers in the myoelectric prosthetics market are focusing on developing technologically advanced products and expanding their global presence. They are also actively engaged in collaboration activities to enhance their product lines. The industry is witnessing an increase in corporate collaborations aimed at boosting market share.
Key Companies Profiled
- Virginia Prosthetics & Orthotics Inc.
- Endolite India
- Ottobock
- College Park Industries
- Leimkuehler, Inc.
- Touch Bionics Inc. (Ossur hf)
- Fillauer LLC
- COAPT LLC
- Ossur
- FAULHABER
Key Segments Covered in Myoelectric Prosthetics Industry Research
Myoelectric Prosthetics Market by Indication:
- Forequarter Amputation
- Shoulder Disarticulation
- Transhumeral Disarticulation (Above Elbow)
- Elbow Disarticulation
- Transradial Disarticulation (Below Elbow)
- Wrist Disarticulation
- Partial Hand
- Finger Amputation
Myoelectric Prosthetics Market by End User:
- Hospitals
- Prosthetic Clinics
- Ambulatory Surgical Centers
Myoelectric Prosthetics Market by Region:
- North America Myoelectric Prosthetics Market
- Latin America Myoelectric Prosthetics Market
- Europe Myoelectric Prosthetics Market
- South Asia Myoelectric Prosthetics Market
- East Asia Myoelectric Prosthetics Market
- Oceania Myoelectric Prosthetics Market
- The Middle East & Africa Myoelectric Prosthetics Market
For more information about this report visit https://www.researchandmarkets.com/r/erigkp
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