The Global Myoelectric Prosthetics Market is projected to grow at a CAGR of 18.5% from USD 198.2 million in 2022 to USD 775.9 million in 2030. The Global Myoelectric Prosthetics Industry is expanding at a rapid pace. Many myoelectric prosthesis companies deals in the industry to provide myoelectric prosthetic arm and myoelectric prosthetic leg to patients. Myoelectric hand prosthetics are a rapidly growing sector of the industry.
Open Bionics is one of the most-demanding company dealing in this industry and Bionic Limbs is their highest-selling portfolio. Prosthetic limb market, robotic prosthetics market, prosthetics industry statistics, orthotics and prosthetics market, prosthetic arm, myoelectric sensors, myoelectric prosthetics compared to body-powered, to name a few some of the most crucial corresponding factors and topics that have been influencing the market growth in many ways, have been additionally discussed in details in the report. Leading and growing players in the market that have been investing an extensive amount in the research & development in such corresponding factors have observed enormous growth in their business.
The machines enjoy advantages over body-powered prosthetics in many areas. Since it utilizes a battery and electronic engines to work, the appendage does not require any inconvenient lashes or saddles to work. Rather, it is hand crafted to fit and connect to the rest of the appendage (regardless of whether over the elbow or underneath) with greatest suspension utilizing suction addendums. When it is connected, the prosthetic uses electronic sensors to recognize muscle, nerve, and electromyography (EMG) movement. The device deciphers this muscle action (as activated by the patient) into data that its electric engines use to control the fake appendages developments.
The final product is that the myoelectric prosthetics products moves much like a real limb, helping the patient to resume daily activities. The patient can even control the quality and speed of the machines developments and hold by changing their muscle power. Also, the advanced sensors & the mechanized controls empower more enhanced ability, enabling the control & utilization of things like keys or holding a glass. Dexterity is increased as an end result. Recent advances in material designing, the understanding of human neuromuscular systems, and micromachining have enabled the enhancement of the lightweight prosthetic devices that are expected to be used to help the amputees perform activities of the daily living. Researchers have been successful to develop many signal processing techniques, feature extraction methods, and control strategies to enhance the performance of this approach.
Modern three-dimensional (3D) printing technology has enabled more widespread development and cost-effectiveness in the field of myoelectric prostheses and is expected to fuel future industry growth. Diseases like Critical Limb Ischemia (CLI), which affects the extremities of limbs in such a way that their functionality is lost, is increasing in the general population. A report in NCBI estimated that the percentage of people suffering or are high risk of suffering from this disease is 3%-10% of the population, which increases to 15%-20% in persons older than 70 years of age. Diabetes, increasing incidences of high blood pressure, sedentary lifestyles are all increasing the rate of CLI in people, which debilitates limbs of most people. In these kind of cases, the growth of myoelectric prosthetics market is expected to increase in the forecast period.
Targeted Muscle Reinnervation is expected to be the new frontier in the in the Myoelectric prosthetics industry. The technique is increasingly receiving acceptance & popularity in upper limb prosthetics field. One of the first successful attempt at using was performed at the Rehabilitation Institute of Chicago (RIC) on a bilateral shoulder disarticulation amputee in 2005, and since then, interest in, and myoelectric prosthetics in general has increased remarkably. Companies like Openbionics Inc., develop products for like prosthetic myoelectric hands, robot gloves among others. On September, 2022, the company partnered with the New Dexterity research group at the University of Auckland to deliver a new class of affordable, light-weight, robust prosthetic and assistive devices.
In the Technology segment, Pattern recognition is expected to show maximum CAGR during the forecast period in the myoelectric prosthetics market. It involves an effective method of identification of information from the extracted features from a person’s behaviour.
Upper-extremity prostheses remains at the top in both market share and CAGR forecast within the Product Type segment.
Leg myoelectric prosthetics held a significant market share of in 2021 and shall be seeing a very high growth within the lower-extremity prostheses sub-segment. As worldwide ageing of population is increasing and is expected to reach 2 Billion by 2050, this increases the risk of diagnosis of chronic diseases resulting in increasing demand for prosthetics.
North America accounted for a high myoelectric prosthetics market share in 2022, on account of high degree of technological and healthcare research. North America is expected to show an average growth till 2026 in myoelectric prosthetics market and is also expected to retain its status as the greatest revenue generating region.
Europe held a remarkable market share in 2022, due to increase in technological advancements and healthcare spending. The Asia Pacific region is expected to show very high growth by 2030.
Asia Pacific region is expected the grow with the highest CAGR during the forecast period on account of the estimated high-rise in the overall numbers of the road & vehicular accidents in this region. Most of these accidents eventually required amputations & an increased requirement of the low-cost solutions to provide prosthetics.
Companies considered and profiled in this market study
Ottobock SE & Co. KGaA, Steeper Inc (USA), Human Technology Inc (USA), Touch Bionics Inc (Japan), Liberating Technologies, Inc. (Netherlands), Coapt, LLC (Switzerland), Aetna Inc. (Japan), Ambionics Pvt Ltd (UK), OpenBionics (Australia), Shadow Robot Company, among others are leading players involved in the market.
The industry poses significant amount of opportunities for small manufacturers and startups to come up with cost-effective solutions in the manufacturing & processing. Many innovative start-ups that are growing remarkably have been profiled in the report with all their innovative techniques and developments. There is a continuous growth in demand from the end-users, which can encourage several startups to launch innovative products in this market.
Mergers and Acquisitions are an integral part of this industry. These mergers and acquisitions help us decide the strategic initiatives taken up by the leading players as well as growing companies dealing in this market, and have been included in this report.
Reports and Data forecasts in the Myoelectric Prosthetics industry, having considered the interviews with some of the most prestigious personalities and experts in this market. Open Bionics is one of the most-demanding company dealing in this industry and Bionic Limbs is their highest-selling portfolio. Prosthetic limb market, robotic prosthetics market, prosthetics industry statistics, orthotics and prosthetics market, prosthetic arm, myoelectric sensors, myoelectric prosthetics compared to body-powered, to name a few some of the most crucial corresponding factors and topics that have been influencing the market growth in many ways, have been additionally discussed in details in the report. Leading and growing players in the market that have been investing an extensive amount in the research & development in such corresponding factors have observed enormous growth in their business. However, the main players, according to experts, need to review their strategies in order to support the following COVID 19 scenario and to maintain healthy relationships with their business partners. As a result of this pandemic, the world's average disposable income would decrease. The main manufacturers of the company are expected to attempt to discover new areas.
Segments covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2020 to 2030. The scope of the report can be defined as:
For the purpose of this study have segmented the market by product type, by technology, by end use, and by Region:
Product Type Outlook (Revenue: USD Million; 2022-2030)
Technology Outlook (Revenue: USD Million; 2022-2030)
End Use Outlook (Revenue: USD Million; 2022-2030)
Regional Outlook (Revenue: USD Million; 2022-2030)