The future of mobility is here, with the Motorized Prosthesis Market taking center stage. This innovative technology is transforming the lives of amputees, and the market is reflecting that change. According to a recent analysis, the global motorized prosthesis market is set to reach a significant USD 139.4 million by 2032, growing at a robust Compound Annual Growth Rate (CAGR) of 14.4% from its current valuation of USD 31.9 million in 2022.
The motorized prosthesis is an artificial medical device used to perform the functions of missing body parts due to factors such as trauma, congenital factors, or various other diseases. The concept of motorized prosthesis arises from the combination of biomedical engineering and neuroscience.
The motorized prosthesis is based on brain brain-computed interface, to avail the biological functioning of missing body parts. The motorized prosthesis is a complex network of motors and cognitive modalities. These devices are made for supporting of autonomous nervous system functioning such as devices for bladder control.
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The motorized prostheses are in the research and development phase, and various technological advancements have been witnessed in developing a novelty product to support the normal functioning of the body. The motorized prostheses are based on target muscle innervation (TMR) technology.
Motorized Prosthesis Market: Overview
The motorized prosthesis market is an emerging technology and is adopted by a large number of affected patient population base. The motorized prosthesis is based on the integration with the nervous system to conduct the functioning of the replaced body part by a device known as a controller that maintains the compatibility between the patient’s nervous system and muscular systems.
Motorized prosthesis work by sending users’ commands to the device’s actuators, and deduces the feedback from the biosensors. Motorized hand prostheses are widely used as compared with motorized leg prostheses. Information technology also plays a crucial role in the development of motorized prostheses.
Various programs have been conducted such as open-source robotic prostheses through which various collaborations are made by players for bringing advancement in the technology coupled with lowering the cost of the devices by using 3D printing technology for custom-made fabrication.
Motorized Prosthesis Market: Region Wise Outlook
Geographically, the motorized prosthesis market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East and Africa. North America is projected to hold the largest share of motorized prostheses in the global market, followed by Western Europe, owing to more developed healthcare infrastructure and ease of access to advanced technology.
In addition, high disposable income, support from governmental bodies, and favorable reimbursement scenarios are driving the growth of the motorized prosthesis market. The market in Asia-Pacific is expected to show the fastest growth over the forecast period owing to the consistent technological advancement, and increasing R&D investment by the public and private bodies.
The market in regions such as Latin America, the Middle East, and Africa is anticipated to show sluggish growth owing to low per capita income, lack of skilled personnel, and limited medical facilities.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, applications, and industries.
Motorized Prosthesis Market: Drivers and Restraints
The motorized prosthesis market is expected to show tremendous growth during the forecast period. Factors such as technological advancement in motorized prostheses, and increasing research and development expenditure to support the lives of affected patients are driving the growth of the motorized prosthesis market.
Increasing healthcare infrastructure along with the growth in IT infrastructure are also driving the growth of the motorized prosthesis market. In addition, according to research studies conducted, approximately 2 million individuals are living without a limb in the U.S. alone, and nearly 185,000 amputations occur in the U.S. every year.
However, the motor prosthesis is in its initial phase of development, and factors such as high developmental cost, and pricing are the major constraints of the motorized prosthesis market growth. The factors such as the modeling of the device, power consumption, size, and biocompatibility are major issues that can hamper the growth of the motorized prosthesis market.
Moreover, due to the presence of batteries and motors, they are likely to be heavy as compared with body-powered prostheses,and thus impede the motorized prosthesis market growth.
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Motorized Prosthesis Market: Key Players
Some of the market participants in the global motorized prosthesis market are Advanced Arm Dynamics, Bionic Prosthetics and Orthotics, BionX Medical Technologies, Inc., Faulhaber Group, Freedom Innovations, LLC, Mobius Bionics LLC, Össur hf., Otto Bock HealthCare GmbH, Sensars Neuroprosthetics, and Touch Bionics Inc.
Key Segments :
By Target Population:
- Pediatric
- Adult
By End-User:
- Optics and Hospitals
- Orthopedic Clinics
- Trauma Centers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia-Pacific
- Japan
- Middle East and Africa
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