Pune, July 29, 2024 (GLOBE NEWSWIRE) -- Prosthetic Limbs Market Size & Growth Analysis:
“According to SNS insider Research, The Prosthetic Limbs Market size was valued at US$ 1.95 billion in 2023, and is expected to reach US$ 3.07 billion by 2032, and grow at a CAGR of 5.18% over the forecast period 2024-2032.”
As health systems in developing countries struggle with financial constraints, there is a growing market for low-cost, simple prosthetics. These solutions tackle affordability fears that will enable more people to leverage on such life changing products. Aerospace and computer industries are driving technological advances to produce better prosthetics, which increasingly resemble natural limbs. Usually, these innovations first come into the hands of well-financed individuals - probably athletes. This ultimately gets breakthrough technology expanded and less expensive for the more casual user, which simultaneously raises all boats in terms of increased performance across prosthetics.
Artificial limbs have come a long way from the old wooden and metal days. The use of modern materials, such as carbon fiber and 3-D printing, now allows designers to produce prostheses that are lighter (in some cases even making the user faster than before), more limb-like in appearance, and custom-fit for each amputee. In addition to materials, amputees are now being given the potential for smoother control and even sensation through innovations like myoelectric control and neural interfaces. In the future, AI prosthetics will learn and use artificial limbs in a way that is expected to directly control your replacement part into your body.
Get a Sample Report of Prosthetic Limbs Market@ https://www.snsinsider.com/sample-request/4399
Major Players Analysis Listed in this Report are:
- Medtronic
- Ortho Europe
- Fillauer LLC (Fillauer Companies, Inc.)
- Uniprox (Bauerfeind)
- Hanger, Inc.
- Steeper Inc.
- Össur
- Ottobock
- WillowWood Global LLC.
- Blatchford Limited
- RSL Steeper Group Ltd.
- Blatchford Group
- Other Players
Technologies such as robotics, 3D printing and imaging, AI/ML techniques (Machine Learning), VR installation system that can be used with prosthetic design software to achieve a better limb in quicker way, motion detection sensors etc have provided cost-effective solutions for rapid advancements of the products in this field. Fueling this progress is the National Institutes of Health (NIH) Since 2004, they have supported projects investigating brain-computer interfaces (BCI) in them. BCIs, like the new technology used in this study, use implanted electrodes to transform brain signals into movement for prosthetic limbs, giving users more flexibility and control.
That's where the Limb Loss and Preservation Registry comes in and launched by the National Institutes of Health (NIH), U.S. Department of Defense, and Mayo Clinic in 2020, this repository monitors mainly examine how many people need amputations each year based on electronic health records from all across the country against what expect to see owing solely to diabetes. This information allows researchers and healthcare providers to know how much each treatment costs, how well it works, and helping which patients can make informed decisions that can improve the quality of life.
Amputation is surprisingly common in the US, affecting roughly 1 in 200 people and these number is expected to rise due to an aging population with more diabetes and vascular disease. The US sees a high rate of amputations, with around 500 happening daily. This number is likely to climb as diabetes and vascular disease become more prevalent with a growing older population.
Prosthetic Limbs Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.95 billion |
| Market Size by 2032 | US$ 3.07 Billion |
| CAGR | CAGR of 5.18% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • An Aging Population Fuels Demand For Upper Limb Prosthetic • Road Accidents And Technological Advancements Drive Prosthetic Limb Market |
Do you have any specific queries or need any customization research on Prosthetic Limbs Market, Make an Enquiry Now@ https://www.snsinsider.com/enquiry/4399
The war in Ukraine has mainly highlighted the need for advanced prosthetics due to estimated 20,000 to 50,000 amputees from the conflict, healthcare systems face massive pressure. A recent development addresses this challenge through a unique approach – concealing prosthetic limbs with textiles. This collaboration between Running Guy Studio, a London-based design studio, and SYLA, an advanced knee prosthetics company, tackles inclusivity by making prosthetics less noticeable. They utilize textiles to create a cosmetic cover that integrates seamlessly with the amputee's clothing. This innovative design enhances comfort and confidence, promoting social acceptance and a more natural integration of the prosthesis into daily life.
MIT researchers have developed a new prosthetic leg technology that reconnects amputated leg muscles. Sensors on these muscles send signals to a controller, mimicking natural leg movement. In a study, amputees with this technology walked 41% faster and had better balance compared to those with standard prosthetics and this suggests the potential for more natural and even athletic movement for amputees.
Road Traffic Accidents Are A Major Cause Of Traumatic Amputations Which Is The One Of Driver For Prosthetic Limbs Market
- Aging Population
- Road Accidents and Technological Advancements
The High Cost Is The Biggest Restraint
- Financial Limitations
Conventional Solutions Lead, But Innovation In Joints Drives Future Growth
- By Type, Lower limb prosthetics was dominated the market with a 62.40% share in 2023 where as Upper limb prosthetics holds promise for future growth.
- By Technology, Conventional Prosthetics, led the market with a 63.23% share in 2023 where as Electric Prosthetics is expected to see the fastest-growing segment during 2024-2032.
- By Component, Sockets held the largest market share with 41.08% in 2023 where as joints is experiencing the fastest growth.
Prosthetic Limbs Market Key Segmentation:
By Type
- Upper Limb Prosthetics
- Lower Limb Prosthetics
By Technology
- Conventional Prosthetic Devices
- Electric Prosthetic Devices
- Hybrid Prosthetic Devices
By Component
- Socket
- Appendage
- Joint
- Connecting Module
- Others
By End-user
- Orthotists & Prosthetists (O&P) Clinics
- Orthopedic Clinics
- Others
North America: Dominated The Market With A 37.88% Share In 2023 With Europe Follows Closely Behind
North America leads the global prosthetic limbs market with an expected share of 37.88% in 2023 as a result of multiple combined reasons These factors include a high rate of amputations, an emphasis on introducing groundbreaking technologies to enhance prosthetics development, comprehensive insurance coverage for prosthetic components and services delivered by the Centre of Excellence, one that also supports with significant investments in healthcare.
Buy an Enterprise-User PDF of Prosthetic Limbs Market Analysis & Outlook Report 2024-2032@ https://www.snsinsider.com/checkout/4399
Recent Developments
- WillowWood Debuts Fiberglass META Shock X: July 2023
- Fillauer Launches Streamlined Myoelectric System: June 2023
- WillowWood and Coapt Announce Innovative Liner System: May 2023Top of Form
Table of Contents – Major Key PointsBottom of Form
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Prosthetic Limbs Market Segmentation, by Type
8. Prosthetic Limbs Market Segmentation, by Technology
9. Prosthetic Limbs Market Segmentation, by Component
10. Prosthetic Limbs Market Segmentation, by End-user
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
13. Competitive Landscape
Access Complete Report Details of Prosthetic Limbs Market Outlook 2024-2032@ https://www.snsinsider.com/reports/prosthetic-limbs-market-4399
[For more information or need any customization research mail us at info@snsinsider.com]
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
