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Myoelectric Prosthetics Market

Myoelectric Prosthetics Market

Myoelectric Prosthetics Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

123

Base Year:

2021

Date

Mar - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1409

Segments Covered
  • By Product Leg myoelectric prosthetics , Arm myoelectric prosthetics
  • By End User Hospitals, Ambulatory Surgery Centers, Specialty Clinics, Others
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 205.60 Million
Revenue 2028Revenue 2028: USD 802.70 Million
Revenue CAGRRevenue CAGR (2022 - 2028): 17.10%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Myoelectric Prosthetics Market Share

Market Synopsis:

Global Myoelectric Prosthetics Market is valued at USD 205.60 Million in 2021 and is projected to attain a value of USD 802.70 Million by 2028 at a CAGR of 17.10% 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, 2021 To 2028 (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.

Market Segmentation:

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.

Below tree is interactive. You can click the nodes to get more information.

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 Players:

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:

Parameter Details
Segments Covered
  • 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)
Companies Covered
  • 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
Report Coverage 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 impact analysis

The Myoelectric Prosthetics Market scope can be tabulated as below:

FAQ
Frequently Asked Question
  • The global Myoelectric Prosthetics valued at USD 205.60 Million in 2020 and is expected to reach USD 802.70 Million in 2028 growing at a CAGR of 17.10%.

  • The prominent players in the 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 market is project to grow at a CAGR of 17.10% between 2021 and 2028.

  • The driving factors of the Myoelectric Prosthetics include

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  • North America was the leading regional segment of the Myoelectric Prosthetics in 2020.