Increasing number of Critical Limb Ischemia (CLI) cases across the world, along with high investments in 3D printing technology for medical development will drive the market at a high CAGR during the forecast period.
Market Size- USD 165.87 Million in 2018, Market Growth- CAGR of 18.7%, Market trends- Rise in diabetes and other lifestyle related illnesses leading to Critical Limb Ischemia (CLI), coupled with increasing accidents requiring limb amputation from the Asia Pacific region is boosting the global myoelectric prosthetics market, North America expected to register the largest market share during the forecast period
According to the current analysis of Reports and Data, the Global Myoelectric Prosthetics market was valued at USD 165.87 million in 2018 and is expected to reach USD 656.99 million by year 2026, at a CAGR of 18.7%. The market for prosthetics is growing out of critical customer needs. Although relatively uncommon a few years ago and still very costly in many parts of the world, this is an industry that has grown from its nascent to the advanced stages very rapidly. Myoelectric prosthetics as a market can be divided into several segments and sub-segments. It also incorporates new age technology for the function of prosthetics. Many of these technologies are still relatively new, especially finite state machine control and pattern recognition technology, and further research is required in the field to streamline glitches due to improper handling. The product range is also very wide, and so is the scope and need for specializations. Significant progress made in the fields of signal processing, sensory substitution and pattern recognition for myoelectric prostheses has allowed for improvements in the performance of myoelectric control.
The machines currently used by amputees can be difficult to control. Machine learning, and in particular learned predictions about user intent, could help to reduce the time and cognitive load required by amputees while operating their prosthetic device. Adaptive control using real-time prediction learning has the potential to help decrease both the time and the cognitive load required by amputees in real-world functional situations when using these devices.
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The report provides an in-depth analysis of the key developments and innovations of the market such as research and development advancements, product launches, mergers & acquisitions, joint ventures, partnerships, government deals, and collaborations. The report offers a comprehensive assessment of key players in the market along with their global position, financial standing, business expansion plans, production and manufacturing capacity, and strategic alliances.
Key players in the market include
Ottobock SE & Co. KGaA, Steeper, Inc., Human Technology, Inc., Touch Bionics, Inc., Liberating Technologies, Inc., Coapt, LLC, Aetna, Inc., Ambionics Pvt Ltd., OpenBionics, Shadow Robot Company, amongst others
Further key findings from the report suggest–
- Increasing number of trauma and accident cases are leading to limb amputations, multiplying the need of myoelectric prosthetics. Upper limb prosthetics are the highest growing sub-segment in the Product Type segment.
- North America had the leading share in the myoelectric prosthetics market in 2018, chiefly because of the converging trends of their increased adoption rate of new technology, rise in the number and cases of Critical Limb Ischemia (CLI) and increased investments in the field.
- Asia Pacific region will witness the highest CAGR during the forecast period on account of estimated rise in the numbers of road and vehicular accidents requiring amputations and an increased need of low-cost solutions to provide prosthetics.
- China and India are expected to witness a huge surge in this market, as the industry is geared towards countries which have a higher population (thus leading to a larger addressable market for companies). As accidents continue to rise in the Asia Pacific region, with public healthcare expenditures continuing to increase, the industry is expected to see a stable and long-term growth. For example, the government of India is planning to increase public health spending to 2.5% of its GDP by 2025.
- By Technology, pattern recognition occupies the largest myoelectric prosthetics market share and is also expected to grow a significant CAGR during the forecast period.
- Latin America and Middle East and Africa will also show substantial growth of around 20.3% till 2026. In Latin America, the healthcare cost is considerably low, and the region shows similar dynamics as Asia-Pacific for this particular industry. Countries where the income levels are comparatively higher, like Argentina, Brazil and Uruguay are expected to drive growth of the myoelectric prosthetics market in the study period
- Specialty orthopedics are increasingly becoming an important End User, showing a CAGR of 19.1% during the forecast period
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Furthermore, the report segments Myoelectric Prosthetics market on the basis of key product types and applications and provides details about the revenue growth, revenue CAGR, and revenue share each segment is expected to register over the forecast period.
Type Revenue, USD Million; 2017–20277)
- Upper-extremity prostheses
- Arm myoelectric prosthetics
- Hand myoelectric prosthetics
- Shoulder myoelectric prosthetics
- Lower-extremity prostheses
- Leg myoelectric prosthetics
- Hip joint myoelectric prosthetics
Technology Revenue, USD Million; 2017–2027)
- Proportional control
- On–off control
- Machine learning
- Finite state machine
- Pattern recognition
- Postural control
End Use Revenue, USD Million; 2017–2027)
- Specialty Orthopaedic Clinics
For a better understanding of the global Myoelectric Prosthetics market dynamics, a regional analysis of the market across key geographical areas is offered in the report. The market is spread across key geographical regions such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region is analysed on the basis of the market scenario in the major countries of the regions to provide a deeper understanding of the market. It provides insights into production and consumption patterns, supply and demand ratio, export/import, current and emerging trends and demands, market share, market size, revenue contribution, and presence of key players in each region.
In-depth regional analysis includes:
- North America (U.S., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of EU)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Benefits of the Global Myoelectric Prosthetics Report:
- Comprehensive analysis of the opportunities and risks of the Myoelectric Prosthetics market
- Detailed study of the latest product and technological developments and innovations of the Myoelectric Prosthetics market
- Business strategies and plans are analysed for understanding the Myoelectric Prosthetics market scenario
- Revenue forecast of Myoelectric Prosthetics market for the forecast period 2020-2028
- Comprehensive analysis of the drivers, constraints, limitations, challenges, and opportunities
- Latest and emerging market trends analysis and their impact on product and application demand
- Study of recent M&A, joint ventures, collaborations, partnerships, product launches and brand promotions among others
- Extensive SWOT analysis and Porter’s Five Forces analysis along with investment return analysis and feasibility
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