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
The global motorized prosthesis market is envisioned to garner $154.1 million by 2031, growing from $57.4 million in 2021 at a CAGR of 11.2% from 2022 to 2031.
The market for motorized prosthetics has been growing rapidly in recent years due to advancements in technology and increase in demand from amputees. Factors driving growth include surge in prevalence of amputations, rise in awareness about prosthetics, increase in healthcare expenditure, and upsurge in demand for advanced and user-friendly prosthetics. In addition, partnerships between prosthetic manufacturers & rehabilitation centers, and government initiatives to provide insurance coverage for prosthetics are expected to further boost the market growth.
The key factor that is hampering the market is the mobility of the motorized prosthesis devices as they need power source nearby in order to keep it charged constantly . In addition, in some remote or rural areas, access to electricity may be limited, making it difficult for users to charge their devices. This can also increase the cost of ownership, as users may need to purchase additional batteries or generators to support their prosthetics. Furthermore, the limitation is the weight of the devices, as motorized prosthetics tend to be heavier and bulkier compared to non-motorized prosthetics. This can cause discomfort and fatigue for users, especially for those who need to use the prosthetics for extended periods.
The rise in awareness about prosthetics and their benefits have created huge opportunity for the motorized prosthesis market. With people becoming more educated about the different types of prosthetics available, they are increasingly seeking for advanced prosthetic options such as motorized prosthetics. This growing demand for motorized prosthetics has created a huge market opportunity for manufacturers, suppliers, and healthcare providers, who specialize in this field. The increased awareness about prosthetics and their benefits, combined with advancements in technology and the rise in health awareness, are creating a huge opportunity for the motorized prosthesis market, which is expected to continue to grow in the coming years as people become more aware of the benefits of motorized prosthetics, leading to more demand for these devices.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. Moreover, there were import-export restrictions laid down on major motorized prosthesis producing countries such as the U.S. and China, which imposed significant challenges on the market. Furthermore, disruptions in supply chains and shortage of raw materials have added to the challenges faced by manufacturers. On the other hand, the pandemic increased awareness of assistive devices among the general public and led to an increase in demand for home health care products, which has provided a small boost to the motorized prosthetics market.
The key players profiled in this report include Arm Dynamics, Arm Dynamics, Orthotics, BionX Medical Technologies, Inc., Faulhaber Group, Freedom Innovations, LLC, Mobius Bionics LLC, Össur hf., Otto Bock HealthCare GmbH, Otto Bock HealthCare GmbH, Touch Bionics Inc, Integrum AB, and Hanger Inc.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the motorized prosthesis market analysis from 2021 to 2031 to identify the prevailing motorized prosthesis market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the motorized prosthesis market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global motorized prosthesis market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
Passive
Active
Hybrid
By End-user
Hospitals
Prosthetic Clinics
Rehabilitation Centers
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
United Arab Emirates
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Össur
ottobock
advanced arm dynamics
Bionic Prosthetics & Orthotics Group LLC.
integrum ab
Hanger Inc
Faulhaber Group
Mobius Bionics,
BionX™ Medical Technologies, Inc.
Touch Bionics
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