Motorized Prosthesis Market Expected to Reach $154.1 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Motorized Prosthesis Market," The motorized prosthesis market was valued at $57.40 million in 2021, and is estimated to reach $154.1 million by 2031, growing at a CAGR of 11.2% from 2022 to 2031.

With motorized prostheses, the amputee has access to external power and both the performance and functionality of the amputee are improved with aid of these devices. Various active ankle joints, knee joints, and systems combining ankle & knee have been produced by various organizations. Amputees can benefit physically, socially, and personally from motorized prosthetics. The motorized prosthesis is mostly used for lower limb amputation. Lower limb prostheses offer help amputees perform functional tasks such as walking. The motorized prosthesis market growth is positively influenced by increase in healthcare expenditure, as this leads to a surge in the availability of funds for advanced prosthetics and assistive technology. The rise in healthcare expenditure drives the development of new technologies and improves access to prosthetic services for a larger number of people, fueling the growth of the motorized prosthesis market. With higher healthcare budgets, individuals have more access to advanced prosthetic devices and can receive better treatment and rehabilitation services. Furthermore, governments and private healthcare providers are more likely to invest in innovative solutions to meet the growing demand for prosthetic devices, thereby driving the growth of the market.   

However, some of the disadvantages of motorized prosthesis market include its certain unfavorable properties. Technical challenges are major issues of the motorized prosthesis. The development and maintenance of motorized prostheses can be complex, and there is a shortage of trained professionals to provide adequate support and repair. Due to these factors, the motorized prosthesis market size is anticipated to be restrained during the forecast period.

Motorized prosthetics has become increasingly popular among people with disabilities and amputations, as it provides more advanced and functional options compared to traditional prosthetics. Prosthesis devices can be powered by batteries or motors and can provide advanced functions such as power walking, standing, and sitting. This allows people with disabilities and amputations to be more independent, active, and engage in daily activities that they may have otherwise been unable to perform. The rise in prevalence of disabilities and amputations presents a significant opportunity for the growth of the motorized prosthesis market. Governments and healthcare organizations are investing in the development and distribution of advanced prosthetics to improve the lives of people with disabilities and amputations. These factors are anticipated to boost the market growth in the upcoming years. 

The motorized prosthesis market is segmented on the basis of type, end user, and region. By type, it is classified into passive, active, and hybrid. By end-user, it is categorized into hospitals, prosthetic clinics, rehabilitation centers, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The key players profiled in the motorized prosthesis market 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.  

The report offers a comprehensive analysis of the global motorized prosthesis market trends by thoroughly studying various aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. The report sheds light on the present scenario and upcoming trends & developments that contribute to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers & suppliers, threats of fresh players, and emergence of substitutes in the market. 

Impact of COVID-19 on the Global Motorized Prosthesis Industry 

• Supply chain disruptions: The pandemic caused delays and disruptions in the production and distribution of motorized prosthetics. Owing to the economic impact of the pandemic, funding for research and development in the motorized prosthetics industry reduced. 

• COVID-19 impacted all industries and the motorized prosthesis producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries, shortage of labor; and the fear of contracting the novel coronavirus, which led to sluggish demand in the market.  

• Social distancing norms, closed borders, and production constraints due to the pandemic across various countries such as China, India, and the U.S. affected the global market.  

Key Findings of the Study 

• By type, the passive segment accounted for the largest motorized prosthesis market share in 2021 and active segment is anticipated to be the fastest growing segment during the forecast period. 

• By end user, the hospitals segment emerged as the global leader in 2021 and as well as this segment is predicted to show the fastest growth in the upcoming years. 

• By region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.