Myoelectric Prosthetics Market to Witness Robust Growth by 2026 | Top Players Ottobock SE & Co. KGaA, Steeper, Inc.

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.

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.

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The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.

Key companies operating in the market and profiled in the report 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

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The Myoelectric Prosthetics market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.

Segments Covered in the report

Type Revenue, USD Million; 2016–2026)

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; 2016–2026)

Proportional control
On–off control
Machine learning
Finite state machine
Pattern recognition
Postural control

End Use Revenue, USD Million; 2016–2026)

Specialty Orthopaedic Clinics
Hospitals
Others

Key Regions Analyzed in the Report include:

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
Italy
France
BENELUX
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Rest of APAC

Latin America

Brazil
Rest of LATAM

Middle East Africa

Saudi Arabia
U.A.E.
South Africa
Rest of MEA

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Furthermore, it consists information about individual segment of the Myoelectric Prosthetics market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.

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
Many companies such as

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