Global Motorized Prosthesis Market to Wintess Significant Growth by 2031 Due to Increasing Number of Amputees Across the Globe

Motorized prostheses have come a long way since their inception. They are designed to help amputees regain the freedom and mobility they may have lost due to injury, diseases, or other reasons. The earliest motorized prostheses were bulky and heavy, and their movements were often jerky and unnatural. However, advances in technology have made it possible to create prostheses that are lightweight, durable, and highly responsive to the user’s movements. One of the key features of a motorized prosthesis is the use of electrical motors. These motors provide the power necessary to move the prosthetic limb, and they are controlled by sensors that detect the user’s movements. The sensors can detect muscle contractions and translate those contractions into movements of the prosthesis.  

Forecast Analysis of the Global Motorized Prosthesis Market

With the growing rate of amputations across the globe due to the increasing prevalence of chronic diseases among individuals such as diabetes and cancer, the motorized prosthesis market is predicted to witness remarkable growth over the forecast period. Moreover, the increasing need for amputations owing to the rising foot-related complications caused by high blood sugar levels and smoking is further expected to bolster the growth of the market throughout the estimated timeframe. However, the high cost of motorized prostheses along with the less awareness about it among people in developing nations may restrict the growth of the market over the analysis period.

According to the report published by Research Dive, the global motorized prosthesis market is predicted to garner $154.1 million revenue by 2031 and grow at a CAGR of 11.2% during the forecast timeframe from 2022 to 2031. The major players of the market include Sensars Neuroprosthetics, Arm Dynamics, Otto Bock HealthCare GmbH, Bionic Prosthetics, Össur hf., Orthotics, Mobius Bionics LLC, BionX Medical Technologies, Inc., Mobius Bionics LLC, Faulhaber Group, Freedom Innovations, LLC, and many more. 

Key Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global motorized prosthesis market to grow exponentially. For instance:

• In September 2021, Cleveland Clinic-led international research team engineered a first-of-its-kind bionic arm for patients with upper-limb amputations, in collaboration with the University of Alberta and the University of New Brunswick. This bionic arm can allow the wearer to think, behave, and function like a human without an amputation.
   
• In September 2022, Össur, a renowned leader in the orthotics and prosthetics (O&P) industry launched its new product namely, POWER KNEE which is the world’s first actively powered microprocessor prosthetic knee for individuals with limb differences. POWER KNEE is a motor-powered "smart" prosthesis that utilizes advanced algorithms to find human movement patterns, learn, and adjust to its wearer's speed and cadence in real time.
   
• In December 2022, EQT, a private equity firm, announced its acquisition of Ottobock, a German prosthetics company. With this acquisition, Ottobock aimed to expand its portfolio by developing more advanced motorized prostheses that can be controlled by users’ thoughts. 

Most Productive Region

The North America region of the motorized prosthesis market registered the highest revenue in 2021 and is anticipated to have steady growth in the coming period. This is mainly due to the robust presence of major market players, rising healthcare spending, and the increasing pervasiveness of chronic diseases among people of this region. Additionally, the rising cases of accidents in this region are expected to thrive the regional growth of the market over the estimated timeframe.  

Covid-19 Impact on the Global Motorized Prosthesis Market

The rise of the Covid-19 pandemic has harshly affected the motorized prosthesis market, likewise various other industries. Prolonged quarantine period, strict lockdowns, and social distancing norms have hampered the manufacturing and logistics activities during the pandemic. This further disrupted the supply chain of raw materials. In addition, the governments paid more attention to the development of the Covid-19 vaccines which has reduced investments in R&D activities. All these factors have severely decreased the market growth over the crisis period.