Myoelectric Prosthetics Market to Offer Lucrative Growth Opportunities for Players During the Forecast Period 2018-2026

Myoelectric prosthetics are the artificial body parts which are powered by the external source but it responds as per the electric properties of muscle i.e. responds based on the impulse generated by the body. Amputation due to various conditions leads to loss of the body part which has significant socio-economical and emotional impact on the individual. Whereas, recent developments in the field on science has provided hope for the patients by using myoelectric prosthetics. Myoelectric prosthetics provides the best suitable option for the people living with amputation to experience actual body part functioning which is powered by external source but operates on muscle impulse. Myoelectric prosthetics operates by the signals created by residual musculature which are also called as electromyographic (EMG). These signals are picked up by electrodes located in the myoelectric prosthetics socket. When the sensors fabricated into the myoelectric prosthetics socket receive the signal from the muscle (residual musculature) it transfers the information to controller which further sends command to electric motor and this allows person to move the body part. As per Blesma, around 5,000 to 6,000 amputations are carried out in U.K. alone in a year. Critical ischemia is the most common reason of amputation. Other major reasons include road accidents, diabetes and others.

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People with any form of diabetes are 15 times more prone to require amputation. As per World Health Organization (WHO), number of people living with diabetes has increased from 108 million in 1980 to 422 million in 2014 and many critical cases of it require amputation which expected to drive the growth of myoelectric prosthetics market. Traumatic injury such as car accidents, burns are on rise in region such as Asia due to higher number of accidents which represents significant revenue generation opportunity in myoelectric prosthetics market. Various diseases such as peripheral artery disease are on rise which needs amputation to avoid further complications driving the growth of myoelectric prosthetics market. The National Limb Loss Information Center (NLLIC) around one out of every 200 Americans is an amputee although adoption of myoelectric prosthetics is still not clear but it represents significant revenue opportunity for myoelectric prosthetics market. As per NLLIC, the rate of amputation due to cancer and traumatic injury has decreased by 50% in last two decades but the amputation due to peripheral artery disease and diabetes is on the rise driving the growth of myoelectric prosthetics market. Myoelectric prosthetics offer greater patient compliance and helps in daily activities which has led to higher adoption among the developed countries. Whereas, comparatively higher cost and low penetration in the various developing countries may hamper the growth of the myoelectric prosthetics market.

Global myoelectric prosthetics market can be segmented on the basis of product type, end user and geography

By product type myoelectric prosthetics market is segmented as:

  • Leg myoelectric prosthetics
  • Arm myoelectric prosthetics

By end user myoelectric prosthetics market is segmented as:

  • Hospitals
  • Ambulatory Surgery Centers
  • Specialty Clinics
  • Others

With increasing prevalence of peripheral artery disease and diabetes leading to amputation expected to drive the growth of myoelectric prosthetics market. The myoelectric prosthetics market by product type is expected to be dominated by arm myoelectric prosthetics marginally ahead to leg myoelectric prosthetics. Whereas by end user myoelectric prosthetics market expected to be dominated by hospitals due to higher patient footfall for the treatment. Manufacturers in the myoelectric prosthetics market are focusing on technologically more advanced myoelectric prosthetics for more patient compliance and compatibility.

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The global myoelectric prosthetics market is expected to be dominated by the North America due to higher product penetration and greater patient adoption. Europe is expected to be second most lucrative market due higher patient compliance and higher availability of skilled healthcare professionals. Asia-Pacific expected to be fastest growing myoelectric prosthetics market due rapidly improving healthcare facilities and product adoption. Latin America myoelectric prosthetics market is expected to experience steady growth. Whereas Middle East & Asia is least lucrative myoelectric prosthetics market due to low product penetration and low product adoption.

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

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