Pune, India, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The global limb prosthetics market size was valued at USD 1.53 billion in 2021. The market is projected to grow from USD 1.61 billion in 2022 to USD 2.33 billion by 2029, exhibiting a CAGR of 5.4% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Limb Prosthetics Market, 2022-2029.”
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Limb Prosthetics Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 5.4% |
| 2029 Value Projection | USD 2.33 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 1.53 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 161 |
COVID-19 Impact
Due To Fewer Appointments Being Cancelled And Injuries And Amputations Occurring Less Frequently, The Market Experienced A Decline
There was a reduction in patient visits for prosthetic services in 2020 as a result of the COVID-19 epidemic. For example, the COVID-19 pandemic has profoundly affected prosthetic services, with face-to-face sessions being reserved for urgent patients and inpatients in important countries like the U.K., according to 2021 data published by the National Institutes of Health (NIH).
The institutions in this market that had teleconsultations and other digital technology deployed were able to survive the pandemic's overall bad effects while still operating.
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Report Coverage
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the limb prosthetics market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
Segmentation
Large Number of Lower Limb Amputations to Contribute to the Segment’s Strong Market Share in 2021
On the basis of type, the market can be bifurcated into upper limb prosthetics and lower limb prosthetics. The lower limb segment owing to strong volume of lower limb amputations on a global landscape contributed to the segment’s dominance in terms of global limb prosthetics market share.
Ease in Terms of Affordability Contributed to the Conventional Prosthetic Devices’ Dominant Market Share in 2021
The technology segment can be divided into conventional prosthetic devices, electric prosthetic devices, and hybrid prosthetic devices. The conventional prosthetic devices was the dominant segment in the global market in 2021.
Frequent Replacement of Sockets Due to Greater Wear and Tear Contributes to Segment’s Maximum Market Share in 2021
Based on the components, the market can be segmented into the socket, appendage, joint, connecting module, and others. The socket segment held a dominant share in the global market.
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Substantial Volumes of Limb Prosthetics Attributed to O&P Clinics to Enable Segment to Hold Highest Market Share
Based on the end user, the market is segmented into orthotists and prosthetists (O&P) clinics, orthopedic clinics, and others. The O&P clinics segment is expected to account as the largest segment in the forecast period.
In terms of geography, the global market can be divided into North America, Europe, Asia Pacific, and the rest of the world.
Driving Factors
Increase in Amputations Boosted Market Growth
The most frequent reasons for amputations are traumatic events like accidents, injuries, or surgeries brought on by conditions including diabetes, blood vessel illnesses, cancer, infection, excessive tissue damage, dysfunction, or pain. Because of this, there is now a greater need for prosthetic devices, which have greatly improved patient lifestyles. One of the most prevalent and important causes of limb loss is peripheral vascular disease.
Regional Insights
North America to Dominate Backed by Availability of Advanced Healthcare Products
The North American market had a value of USD 0.76 billion in 2021. A combination of variables, including the high prevalence of limb loss, the availability and adoption of technologically advanced goods, favorable trends in reimbursement, and high healthcare spending, make North America the most dominating region in the world market.
In terms of the worldwide market in 2021, Europe was the second-most prominent area. It is projected that the region will have a sizable market share due to a number of beneficial variables, including a favorable regulatory and reimbursement policy, a high number of amputations, and the development of novel technology.
Due to its sizable elderly population, the Asia Pacific area has significant development potential.
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Competitive Landscape
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Key Industry Development
February 2022: Össur unveiled a novel product, POWER KNEE. It is the world’s first dynamically powered microprocessor prosthetic knee for people with above-knee amputation or limb alterations.
List of Key Players Covered in the Report
- 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.)
Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments
- New Product Launches
- Technological Advancements in Prosthetics
- Reimbursement Scenario
- Statistics Related to Limb Loss and Amputations
- Impact of COVID-19 on the Global Limb Prosthetics Market
- Global Limb Prosthetics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Upper Limb Prosthetics
- Lower Limb Prosthetics
- Market Analysis, Insights and Forecast – By Technology
- Conventional Prosthetic Devices
- Electric Prosthetic Devices
- Hybrid Prosthetic Devices
- Market Analysis, Insights and Forecast – By Components
- Socket
- Appendage
- Joint
- Connecting Module
- Others
- Market Analysis, Insights and Forecast – By End User
- O&P Clinics
- Orthopedic Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Type
- North America Limb Prosthetics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Upper Limb Prosthetics
- Lower Limb Prosthetics
- Market Analysis, Insights and Forecast – By Technology
- Conventional Prosthetic Devices
- Electric Prosthetic Devices
- Hybrid Prosthetic Devices
- Market Analysis, Insights and Forecast – By Components
- Socket
- Appendage
- Joint
- Connecting Module
- Others
- Market Analysis, Insights and Forecast – By End User
- O&P Clinics
- Orthopedic Clinics
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Type
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