According to the Market Statsville Group (MSG), the global mind control prosthetics market size is expected to grow from USD 857.9 million in 2022 to USD 2,375.4 million by 2033, at a CAGR of 9.7% from 2023 to 2033.

Mind-controlled prosthetics, such as myoelectric prostheses, provide more functionality, but the most common varieties on the market today fall short of providing an intuitive solution. Electromyographic (EMG) signals from an amputee's remaining muscles are used in these devices, which are noted by electrodes placed on the skin of the arm. For instance, a person with an amputation above the elbow could flex their biceps and triceps to switch between and activate various hand functions such as rotating the wrist, opening/closing the fist, and pinching the index finger and thumb. Advanced intuitive prosthetic systems can tap into the brain, nerves, or muscle tissue to allow an amputee to simply think about moving their hand, and the prosthesis will respond appropriately.

Request Sample Copy of this Report: https://www.marketstatsville.com/request-sample/mind-control-prosthetics-market?utm_source=free&utm_medium=harsh                                                                     

Global Mind Control Prosthetics Market Dynamics

Drivers: Growing incidence of chronic diseases

The increasing prevalence of diseases such as critical limb ischemia (CLI), which damages the limbs' extremities, is a major driving factor for the mind control prosthetics market. Diabetes and sedentary lifestyles are all resulting in increased critical limb ischemia, which results in limb paralysis, thereby increasing demand for mind control prosthetics. According to the International Diabetic Federation, the number of diabetic patients is growing at a significant pace. Around 425 million diabetic patients were reported in 2015 globally, and these numbers are estimated to grow to about 578 million by 2030 and about 700 million by 2045.

Moreover, as per the University of Utah, approximately 185,000 people in the United States are amputated every year, 507 people lose a limb every day, and 2.1 million people live with limb loss. According to the Amputee Coalition, this number will rise to 3.6 million by 2050. Thus, the increased cases of chronic disease across the globe have increased the chances of limb paralysis, boosting the mind control prosthetics market.

Restraints: High Cost of AI Prosthetics and limited prosthetic care infrastructure

The high cost of these devices and the stringent regulatory environment are likely to stymie the intelligent prosthetics industry. The high cost of intelligent prosthetics, particularly in emerging economies, is a significant barrier to their widespread use among amputees. As a result, manufacturers are having difficulty lowering the product's price. Furthermore, access to prosthetic care is limited globally. The World Health Organization evaluates that 30 million people require prosthetic and orthotic devices; however, more than 75 percent of developing countries lack a prosthetics and orthotics training program, which often results in poor clinical coverage of patients.

Opportunities: Rising Incidence of Amputation due to Trauma Injuries and Cancer

Traumatic injuries, such as third-degree burns and cancer-related amputations, are on the rise around the world. This will increase demand for mind control prosthetics. For instance, as per the American Cancer Society, it is projected that 10,470 children will be identified as having cancer in 2022, with 1,050 dying from the disease. Leukemia is still the most common childhood cancer, accounting for 28% of all childhood cancers. The market for intelligent prosthetics is expected to grow during the forecast period due to the rising incidence of peripheral arterial disease, amputations, and bone disorders. Over the last half-decade, stronger and higher-throughput prostheses, which include upper- and lower-extremity prosthetics, have gained enormous traction. Hospitals, rehabilitation facilities, and prosthetic clinics strive for licensed and patented prosthetics to ensure safety and quality. As a result, manufacturers are focusing on creating a technology that can track patient movement, suggest improvements, and send it directly to surgeons for immediate assistance and interaction between end-users and customers. This is anticipated to boost the demand for mind control prosthetics.

Scope of the Global Mind Control Prosthetics Market

The study categorizes the mind control prosthetics market based on deployment mode, organization size, and industry vertical area at the regional and global levels.

By Extremity Outlook (Sales, USD Billion, 2019-2033)

  • Lower Body Prosthetics
    • Prosthetic Knee
    • Prosthetic Ankle
    • Others
  • Upper Body Prosthetics
    • Prosthetic Arm
    • Prosthetic Hand
    • Others

By Distribution Channel Outlook (Sales, USD Billion, 2019-2033)

  • Hospitals
  • Prosthetic Clinics
  • Rehabilitation Centre
  • Others

By Region Outlook (Sales, USD Billion, 2019-2033)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA

Direct Purchase Report: https://www.marketstatsville.com/buy-now/mind-control-prosthetics-market?opt=3338&utm_source=free&utm_medium=harsh 

Lower body extremity segment accounts for the largest market share during the forecast period by extremity

Based on the extremity, the market is bifurcated into lower body extremity and upper body extremity. The lower body extremity segment accounted for a larger revenue share in 2022. Lower limb amputations are more common in general than upper limb amputations. The rising prevalence of chronic illnesses such as diabetes and PAD is the leading cause of non-traumatic amputations. Diabetes and vascular diseases were the leading causes of non-traumatic amputations. According to a study by National Library of Medicine, USA.gov, approximately 150000 patients annually undergo a lower extremity amputation in the United States. The most common causes leading to amputation are peripheral vascular disease, diabetes mellitus, neuropathy, and trauma. The growing demand for prosthetics in the geriatric population controls market growth.

North America is projected to account for the highest market share by Region

Based on the regions, the global mind control prosthetics market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is expected to witness the highest market share in 2022, owing to the high number of people undergoing amputation. The region's development status, as well as the availability of modern and advanced technology, the presence of large players in the market, and the increasing number of R&D activities in the field, all contribute significantly to the region's growth. Furthermore, government initiatives to provide prosthetics to veterans have spurred significant growth.

Moreover, due to an increase in trauma and accidental injuries, the market is expected to grow in 2021. Sports injuries have increased significantly in the United States as physical activity has increased rapidly. According to the National Safety Council, there were approximately 375,797 injuries associated with cycling and approximately 481,865 injuries associated with basketball and football.

However, Asia Pacific is projected to grow at the highest CAGR during the forecast period due to significant technological transformation over the past decades. Many governments in the region are prioritizing medical device development, manufacturing, and investment. The Indian government announced a "Promotion of Medical Device Parks" policy to create streamlined infrastructure for medical device development and manufacturing in four cities across the country. The Chinese government launched procurement programs to reduce the cost of prosthetic limbs to consumers by up to 82% and to streamline approval for select international medical devices.

Key Market Players in the Global Mind Control Prosthetics Market

The mind control prosthetics market is extremely cutthroat, and significant competitors in the sector are using tactics including product development, collaborations, acquisitions, agreements, and growth to bolster their market positions. Most sector businesses focus on growing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global mind control prosthetics market are:

  • Ottobock
  • Touch Bionics, Inc.
  • EndoliteSynTouch, Inc.
  • HDT Global
  • Össur Americas
  • Shadow Robot Company
  • Sarcos Technology and Robotics Corporation
  • Ktwo Healthcare Pvt. Ltd.
  • SynTouch, Inc.
  • Artificial Limbs & Appliances
  • Blatchford Group
  • Manta Product Development

Request For Report Toc: https://www.marketstatsville.com/table-of-content/mind-control-prosthetics-market 

Recent Developments

  • In November 2019, Ossur and the Alfred Mann Foundation (AMF) signed a milestone agreement that allows Ossur to develop further and license AMF's implanted myoelectric sensor systems as both organizations pursue the potential of mind-controlled prosthetic technologies.
  • In August 2022, Össur acquired Naked Prosthetics, a durable, custom, and functional finger prostheses provider. The acquisition meets a critical need for patients with partial and complete hand loss, a traditionally underserved but growing population. It is a great asset to the Ossur product portfolio as it strengthens Ossur's global upper limb product offering and allows Ossur to answer a broader group of amputees seeking to experience a Life Without Limitations.