Pune, India, July 19, 2023 (GLOBE NEWSWIRE) -- The global limb prosthetics market size was valued at USD 1.59 billion in 2022. The market is projected to grow from USD 1.67 billion in 2023 to USD 2.44 billion by 2030, exhibiting a CAGR of 5.5% during the forecast period.
These products are prescribed to replace a part of the body, support a weak or deformed part, and correct a physical deformity or physiological malfunction. A rise in cases of infections, diabetes, cancers, blood vessel diseases, and tissue damage surged the demand for limb prosthetics.
Fortune Business Insights provide this information in its report titled “Limb Prosthetics Market, 2023-2030.”
Key Industry Development:
February 2022: Ossur introduced a new product, Power Knee. It is the world’s first actively powered microprocessor prosthetic knee for people with above-knee amputation or limb differences.
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Key Takeaways:
- An increased emphasis on the creation of myoelectric prostheses has been seen in the global market.
- With a USD 120.0 million funding from the U.S. Department of Defense, the technology was initially created over ten years of study at Johns Hopkins' Applied Physics Laboratory.
- According to the National Institutes of Health (NIH), 57.7 million persons worldwide had limbs amputated due to trauma in 2017.
- In the US, the price of a bionic hand ranges from USD 8,000 to USD 100,000. Some significant conventional manufacturers continue to demand prices above USD 30,000.
Discover the Leading Players Featured in the Report:
Leading Players in Limb Prosthetics Market are, Fillauer LLC (Fillauer Companies, Inc.) (U.S.), Hanger, Inc. (U.S.), Össur (Iceland), Blatchford Limited (U.K.), Ottobock (Germany), WillowWood Global LLC. (U.S.), Steeper Inc. (U.K), Uniprox (Bauerfeind) (Germany), Ortho Europe (U.K.)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.5% |
| 2030 Value Projection | USD 2.44 Billion |
| Base Year | 2021 |
| Limb Prosthetics Market Size in 2023 | USD 1.67 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 161 |
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Drivers and Restraints:
Integration of Cutting-edge Technologies in Limb Prosthetics to Foster Market Expansion
With the increasing demand for technologically advanced products, various manufacturers are focused on the integration of novel technologies into their products. Regarding the global landscape, individuals with limb loss and other disabilities want products that ease their daily functioning. Many manufacturers are diligently developing and launching novel materials to design technology-based prosthetic devices to gain a robust foothold in the global market.
Emerging nations lag in reimbursement policies for prosthetics and prostheses, increasing the cost barriers. The cost of the devices increase depending on the level of mechanism and advancement; hence, the prosthetic limb market share is anticipated to decrease during the forecast period.
Regional Insights:
North America to Lead the Market Growth during the Forecast Period
North America accounts for the most dominant limb prosthetics market share, owing to various factors such as the presence and adoption of technologically advanced products, high limb loss incidence, strong healthcare expenditure, and reimbursement trends.
Asia Pacific has significant growth potential due to the region’s aging population. The substantial geriatric demographic in the region, combined with the increase in the occurrence of diseases, including diabetes, is estimated to lead the region to grow at the highest CAGR.
Segments:
High Number of Lower Limb Amputations Recorded the Segment’s Strong Market Share in 2022
Based on type, the market is segmented into upper limb prosthetics and lower limb prosthetics.
The lower limb prosthetics segment is anticipated to dominate the market share owing to the strong volume of lower limb amputations and new advances.
Easy Affordability of the Conventional Prosthetic Devices’ Lead the Market Share in 2022
On the basis of technology, the market is segmented into conventional prosthetic devices, electric prosthetic devices, and hybrid prosthetic devices. Conventional prosthetic devices dominated the market share in 2022. These devices are body-powered and are available at lower prices.
Repeated Replacement of Sockets Owing to Greater Wear and Tear Contributes to Segment’s High Market Share
According to the component, the market is segmented into socket, appendage, joint, connecting module, and others. The socket segment dominated the market share in 2022. Rising number of research initiatives to increase the efficacy of sockets is pivotal for the dominance of the segment.
Considerable Volumes of Prosthetic Devices Credited to O&P Clinics to Support Market Growth
As per end user, the market is divided into orthotics & prosthetists (O&P) clinics, orthopaedic clinics, and others. The orthotics & prosthetists (O&P) clinics segment is estimated to account for the largest segment in the forecast period. The availability of products and the presence of specialized prosthetic-related care in these locations are predicted to contribute to the segment’s dominance.
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Report Coverage:
The report offers a detailed study of the market and a keen examination of the significant segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Competitive Landscape:
Prominent Players are Indulging in Partnerships and Mergers to back their Position in the Market
Key players in the market, such as Ottobock and Ossur, held a leading position in terms of market size due to their healthy geographic presence. The company’s considerable market value is estimated to additionally contribute to the company’s market dominance in the projected period.
FAQ’s
How Big Is The Limb Prosthetics Market?
Limb Prosthetics Market size was USD 1.67 Billion in 2023.
How Fast is The Limb Prosthetics Market Growing?
The Limb Prosthetics Market will exhibit a CAGR of 5.5% during the forecast period, 2023-2030
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