Global Myoelectric Prosthetics Market is valued at USD 239.44 Million in 2022 and is projected to attain a value of USD 829.36 Million by 2030 at a CAGR of 16.80% during the forecast period, 2022–2028. Myoelectric Prosthetics are artificial body parts that are powered by an external source but respond to the electric characteristics of muscle, i.e. they respond to the body's impulse. Amputation results in the loss of a body part owing to a variety of illnesses, which has a severe socioeconomic and emotional impact on the individual. Recent scientific advances, on the other hand, have given sufferers hope through the use of myoelectric prosthetics. Myoelectric Prosthetics are the greatest alternative for persons living with amputations who want to experience true body part functioning that is powered by an external source but runs on muscle impulses.
COVID-19's increased prevalence is expected to have an impact on market growth over the projection period. The COVID-19 dilemma has had a significant and immediate impact on the healthcare industry. Because of the unexpected impact on the supply chain and the limits imposed on manufacturing and supply operations during the early stages of the coronavirus pandemic, most pharmaceutical companies suffered a minor loss in the first few quarters. COVID-19, on the other hand, has raised demand for Myoelectric Prosthetics, and some important players have seen favourable sales growth as a result of the increased demand.
Rising Demand for Myoelectric Prosthetics
Myoelectric Prosthetics Market Size, 2022 To 2030 (USD Million)
Amputation is 15 times more likely in people with diabetes of any kind. According to the World Health Organization (WHO), the number of people living with diabetes has surged from 108 million in 1980 to 422 million in 2014, with many severe cases requiring amputation, which is projected to fuel the demand for Myoelectric Prosthetics. Due to an increase in the frequency of accidents in Asia, traumatic injuries such as vehicle accidents and burns are on the rise, which represents a substantial revenue generation opportunity in the Myoelectric Prosthetics industry. Various disorders, such as peripheral artery disease, are on the rise, necessitating amputation to avoid further consequences, which is propelling the market for Myoelectric Prosthetics.
High Cost of Instruments
Myoelectric Prosthetics have a higher adoption rate in industrialised countries because they improve patient compliance and assist with everyday activities. However, the Myoelectric Prosthetics Market's growth may be hampered by greater costs and low penetration in different developing nations. Instruments necessary for Myoelectric Prosthetics research are costly since they have advanced features and functions. Maintenance and a variety of additional indirect costs, such as samples and consumables, add to the overall cost of ownership. Many of these systems are required by pharmaceutical corporations and research institutes. End users with limited budgets, such as academic research laboratories, find it challenging to afford such systems. As a result of the high costs of instruments, their widespread acceptance is hampered, which is projected to limit market growth over the projection period.
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- Competitive benchmarking
- Historical data & forecasts
- Company revenue shares
- Regional opportunities
- Latest trends & dynamics
- Power BI Report (Dashboard)
The Global Myoelectric Prosthetics Market can be segmented by product type, into Leg myoelectric prosthetics and Arm myoelectric prosthetics. By End User into Hospitals, Ambulatory Surgery Centers, Specialty Clinics and Others. Based on Region, the Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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North America to Continue Dominating the Myoelectric Prosthetics Market
With a market share of around 40% in 2018, North America was at the forefront of the market. Governments in the region are supporting ongoing Myoelectric Prosthetics research by providing financing. Aside from that, the existence of superior healthcare facilities and ongoing advances in diagnostic methods are boosting the regional market's growth. The expanding elderly population and high acceptance of technologically improved facilities are expected to drive the market in North America.
Key participants operating in the myoelectric prosthetics market are: Key participants operating in the myoelectric prosthetics market are: Steeper Inc., Ottobock SE & Co. KGaA, Human Technology Inc., Touch Bionics Inc., LTI / Liberating Technologies, Inc., Coapt, LLC, Shadow Robot Company, Advanced Arm Dynamics, Inc., Aetna Inc. and others
The Myoelectric Prosthetics Market is segmented as follows:
- Product (Leg myoelectric prosthetics , Arm myoelectric prosthetics)
- End User (Hospitals, Ambulatory Surgery Centers, Specialty Clinics, Others)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Key participants operating in the myoelectric prosthetics market are: Steeper Inc.
- Ottobock SE & Co. KGaA
- Human Technology Inc.
- Touch Bionics Inc.
- LTI / Liberating Technologies Inc.
- Shadow Robot Company
- Advanced Arm Dynamics Inc.
- Aetna Inc. and others
||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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The Myoelectric Prosthetics Market scope can be tabulated as below: