Pune, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Artificial Limbs Market by Product Type (Lower Extremity, Upper Extremity Accessories), by Technology (Electrically Powered/Myoelectric, Cosmetic Prosthetics, and Cable Operated), and by End-User (Hospitals, Prosthetic Clinics Rehabilitation Centers, and Prosthetic Clinics) – Global Outlook & Forecast 2022-2030" published by Growth Plus Reports, the Artificial Limbs market is expected to grow at a CAGR of 4.1% from 2021 to reach US$ 9.30 billion by 2030. Owing to the rising prevalence of vascular diseases, traumatic accidents, and the availability of technologically advanced products coupled with intense research and development.
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Market Driver
Governments worldwide are taking several initiatives to generate awareness regarding amputation and the use of prostatic limbs. Non-government organizations are also providing guidance and aid to patients with prosthetics. For instance, in the U.S., organizations like the Amputee Coalition and AMPOWER provide trained mentors who guide patients with new technologies in artificial limbs. There has been a consistent increase in the number of amputations occurring worldwide. According to Amputee Coalition of America, more than 1 million amputations occur annually globally, representing around 1 in every 30 seconds. Approximately 185,000 amputations take place in the U.S. per year. It is estimated that by 2050 a staggering 3.6 million people in the U.S. will be coping with amputations of limbs. Moreover, the adoption of advanced technologies such as integration with robotics, bionics, and AI. Additionally, the rising incidence of traumatic accidents such as falls, road injuries, other transportation injuries, and mechanical forces are some factors fueling the growth of the global artificial limb market.
The global artificial limbs market has been analyzed from four perspectives–Product, Technology, End User, and Region.
Excerpts from ‘By Product Segmentation’
The global artificial limbs market has been segmented majorly into three products:
- Lower Extremity
- Upper Extremity
- Accessories (Liners, Sockets, Etc.)
The lower extremity segment dominated the market with the largest share in 2021. The lower extremity segment is further categorized into transfemoral (above knee amputation), transtibial (below knee amputations), transpelvic, and partial foot amputation. The large share of this segment can be attributed to several factors, including the rise in the prevalence of vascular diseases, non-healing foot ulcers, and increasing numbers of traumatic accidents. The upper extremity segment has the second largest market share of the global artificial limbs market. The upper extremity segment is categorized into transradial (below the elbow amputations), transhumeral (above the elbow amputation), and forequarter (interscapulothoracic). Around 3 million people worldwide have an upper extremity amputation, making up 30% of all amputations. 2.4 million upper extremity amputees are living in developing countries. 1.77 million people worldwide have amputation below the elbow, 0.84 million above the elbow, 0.24 million have an amputation from the shoulder, and 0.15 million have hand amputation. There is also increased use of myoelectric upper extremity artificial limbs like fingers and hands (multi-articulating myoelectric hands). These are some factors propelling the growth of the upper extremity artificial limbs segment in the overall artificial limbs market.
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Excerpts from ‘By Technology Segmentation’
Based on technology, the global artificial limbs market is segmented into:
- Electrically Powered/Myoelectric
- Cosmetic Prosthetics
- Cable-Operated Artificial Limbs
The electrically powered/myoelectric artificial limbs currently occupy the largest market share. The use of advanced technologies in the myoelectric such as single neuromuscular technology is a primary trend observed in the market. Myoelectric prostheses reduce harnessing load, improve grip strength, and increase the natural movement of artificial limbs.
Excerpts from ‘By Region Segmentation’
The global artificial limbs market has been segmented into:
- North America
- Europe
- Asia Pacific
- Rest of the World
North America is expected to command the largest share of the global artificial limbs market in 2021, followed by Europe and the Asia Pacific. The increasing population with vascular diseases, widespread adoption of novel rehabilitation technologies, presence of top players and well-developed healthcare infrastructure, and availability of skilled professionals are some factors attributed to the large share of North America. The Asia Pacific has the fastest growth rate in the global artificial limbs market. The governments in the region are taking initiatives to develop and distribute good quality and cost-efficient artificial limbs. Technologies such as electric-powered artificial limbs are swiftly being adopted in the Asia Pacific. This is mainly due to rising healthcare expenditure and growing awareness in the general population.
Excerpts from ‘Competitive Landscape’
Some prominent artificial limb market players are:
- Blatchford Ltd
- Fillauer LLC
- Ottobock Inc
- Willow Wood Global LLC
- Bock Healthcare GmbH
- Ossur
- Mobius Bionics
- Hanger Inc
- Steeper Inc
- Liberating Technologies Inc
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecasted Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL ARTIFICIAL LIMBS MARKET - ANALYSIS & FORECAST, BY PRODUCT
- Lower Extremity
- Transfemoral (above knee amputation)
- Transtibial (below knee amputations)
- Transpelvic
- Partial Foot Amputation
- Lower Extremity
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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