The market for myoelectric prostheses is expected to grow at a
New York, July 14. 2022 (GLOBE NEWSWIRE) — Due to the high adoption of advanced technologies and advancements in AI technology in healthcare, the global market for myoelectric prostheses recorded a market value of US$149.9 million in 2021. This market is expected to grow at a CAGR of 5.2% during the forecast period (2022-2032).
Myoelectric prostheses have several advantages over body-powered devices, such as access to effortless force, fewer harnesses, multiple grip patterns, and more natural hand movements. Motors and batteries are built into the myoelectric prostheses so that they can move while ultimately being controlled by electrical impulses produced by the muscles of the residual limb. Muscle contraction results in the release of an electrical signal. Electrodes positioned on the skin inside the socket of a prosthesis detect these muscle impulses and transmit them to a controller, which causes movement according to the user’s intentions.
Worryingly, more and more people are developing chronic diseases like diabetes. The WHO estimates that the disease affects more than 422 million people worldwide, the majority of whom reside in low- and middle-income countries, and that diabetes is directly responsible for 1.5 million deaths per year.
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According to the Coalition for Amputees, 55% of people with lower limb amputees would need a second amputation within two to three years of the first amputation. This has led to a growth in the market for myoelectric prostheses for amputees as a result of diabetes.
Key insights from market research
- Transradial (below the elbow) disarticulation held 15.7% market share, by indication, in 2021.
- By end-user, patients prefer hospitals more and the segment held a market share of 44.6% in 2021.
- Around 38% of the global market share, by region, was held by North America in 2021.
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“High prevalence of diseases such as peripheral arterial disease and rising amputation cases will propel the market growth over the coming years,” says an analyst. market research on persistence.
Consolidation activities such as sales and service agreements, collaborations, increasing research and development activities, joint ventures, new product launches, partnerships, and mergers and acquisitions between global and regional players are characteristic phenomena. of the global competitive scenario in the Myoelectric Prostheses market.
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- In July 2020, Fillauer, a family-owned market pioneer in the manufacture of prosthetics and orthotics, partnered with FabCo Prosthetic Designs of Nashville to create FabCo Powered by Fillauer, a subsidiary of Fillauer Companies, Inc.
- In July 2021, COAPT acquired Liberating Technologies, Inc. from College Park Industries. COAPT will expand its strong research and development capabilities by adding LTI from College Park Industries and accelerate the development of advanced technologies in orthotics and prosthetics.
- In April 2022, Faulhaber GmbH welcomed 34 new specialists to its headquarters in Schönaich after integrating PDT Präzisionsdrehteile GmbH, a subsidiary in Nürtingen.
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Ohat does the report cover?
Persistence Market Research offers a unique perspective and actionable insights into the Myoelectric Prosthetics market in its latest study, presenting a historical demand assessment from 2017 to 2021 and projections for 2022 to 2032.
The research study is based on the indication, forequarter amputation, shoulder disarticulation, transhumeral disarticulation (above the elbow), elbow disarticulation, transradial disarticulation (below the elbow ), wrist disarticulation, partial hand and finger amputation) and end-user (hospitals, prosthetic clinics, and ambulatory surgery centers), in seven key regions around the world.
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