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Motorized Prostheses Market to Record Sturdy Growth by 2025

03-09-2018 11:35 AM CET | Health & Medicine

Press release from: Transparency Market Research

Motorized Prostheses Market to Record Sturdy Growth by 2025

Motorized prosthesis is an artificial medical device used to perform functions of missing body parts that were lost due to congenital factors, trauma, or various other diseases. Motorized prosthesis are a combination of biomedical engineering and neuroscience. The motorized prosthesis is based on brain-computed interface and muscle innervation technology, to avail biological functioning of missing body parts. Motorized prosthesis is a complex network of motors and cognitive modalities. These devices are made support autonomous nervous system functions such as devices for bladder control. Motorized prostheses are in the research and development phase. Various technological advancements are used to develop novel prosthesis to support the normal functioning of the body.

Increasing research & development expenditure to support the life of affected patients with missing body parts, technological advancement in motorized prosthesis, rising geriatric population, and rise in trauma cases across the globe are driving the Motorized Prostheses Market. According to the World Health Organization (WHO) report, nearly 50 million people across the globe are severely injured every year due to road accidents. The severity of these injuries sometimes result in loss of limbs. The number is said to witness an alarming rise of around 65% in the coming years. The scenario is expected to increase the demand for motorized prosthesis across the globe. However, motor prosthesis is in its initial phase of development and factors such as high developmental cost and high pricing are likely to restrain the motorized prosthesis market.

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The motorized prostheses market has been segmented into DNA type, application, end-user, and geography. In terms of DNA type, the motorized prostheses market has been categorized into oligonucleotide DNA (oDNA) and complementary DNA (cDNA). Based on application, the motorized prostheses market has been segmented into upper limb prosthetic and lower limb prosthetic. In terms of end-user, the motorized prostheses market has been segregated into hospitals, clinics, ambulatory surgical centers, and others.

Based on geography, the motorized prostheses market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America was the largest motorized prostheses market owing to favorable government policies, increase in incentives. Technological advancement in motorized prostheses is anticipated to propel the market in North America. According to an article published by the University of Pittsburgh, approximately 2 million individuals live without a limb in the U.S. alone, and nearly 185,000 amputations occur in the U.S. every year. Europe was the second largest motorized prostheses market. Increasing research & development expenditure, rising prevalence of back and neck/upper-limb problems and increasing number of neurological disorders in the region are expected to propel the motorized prostheses market in Europe.

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According to WHO, in Germany around 250,000 to 500,000 people suffer from spinal cord injury (SCI) every year. Most of these spinal cord injuries are caused due to road accidents, violence, and falls. Technological advancements, growth in infrastructure, and increase in disposable income are projected to drive the market in Asia Pacific. China, Japan, and India are rapidly developing countries in the region. Increasing adoption of technological advanced products and establishment of foreign companies in these countries are expected drive the market in the region. Countries such as Brazil and Mexico are expected to support the expansion of the market in Latin American due to improving medical infrastructure and rising disposable income.

Key players operating in the motorized prostheses market include Advanced Arm Dynamics, Bionic Prosthetics and Orthotics Group LLC, BionX Medical Technologies, Inc., Faulhaber Group, Freedom Innovations, LLC, Mobius Bionics LLC, Ottobock Holding, and Touch Bionics Inc.

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