Foot Prosthetics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Foot Prosthetics Market
The foot prosthetics market size was valued at USD 588.1 million in 2023, and the market is now projected to grow from USD 622.8 million in 2024 to USD 1,037.1 million by 2032, exhibiting a CAGR of 6.6% during the forecast period of 2024-2032.
Amputation especially during the COVID-19 pandemic also affected the O&P and orthopedic clinics because many patients discontinued frequenting the clinics for amputations and the fittings of the prosthesis. Despite this in 2021 the world market also demonstrated a growth after a decline in the number of cases of COVID-19 and the relaxed rules for COVID-19. In developed regions there was expansion in 2022 because of increase in sales of the product. On the whole, the market became stabilised in 2023 due to an increase in the rate of amputations and the prevalence of these prostheses being widely accepted. Thus leading to the stable increase of foot prosthetics market growth.
Another major factor for the increased market for foot prosthetics on a global scale is a rise in the number of people who have to undergo lower limb amputations. Some of the more frequently documented causes for amputations include cancers, infections, blood vessel diseases, extensive tissue destruction, pain and others. Traumatic causes can also be due to injuries, either in an accident or from a sports injury or other surgery. Eventually, these products’ increased acceptance will benefit the patient in terms of quality of life. In general, such growing rate of diseases and trauma has ensured high number of amputees leading to a predictable rise in the adoption of such products in the market. This factor is anticipated to boost the foot prosthetics market share.
Creative work on the use of original materials to design these products has been one of the most noticeable trends in the market for the recent years. polymer composites reinforced with fibers were used to make foot prosthesis. The idea of new material provides a constant and lightweight structure which gives rise to the possibility of aggregation, distribution and energy storage for walking which implies the inevitable increase in the efficiency of gait. Various varieties of polymers are also studied along with these traditional materials to make improved products. Various market players’ efforts to develop a solid position in the global market by launching new materials for the prosthetic devices’ design contribute to the market growth.
Comprehensive Analysis of Foot Prosthetics Market
The foot prosthetics market and healthcare industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the healthcare industry. These segmentations are methodically segregated By Type Analysis, By Functional Level Analysis and By End-User Analysis. On the basis of type, the market is divided into microprocessor & hydraulic, axial, dynamic, powered & others. The dynamic segment was the dominant share with a share of 49 percent. 6% in 2023. Dynamic foot prosthetic is type of energy storing foot prosthetic. Depending on the functional level, the market can be divided into K1, K2, K3, and K4. The K3 segment followed to hold the largest market as of 2023. Based on end-user the market is categorized as orthotists &prosthetists (O&P) clinics, orthopedic clinics and others. The orthotists & prosthetists (O & P) clinics segment held the largest market share in 2023.
The North American region was valued at USD 290.4 million in the global foot prosthetics market revenue in 2023. Technology advancement of foot prosthesis and a growing rate of amputation of lower limbs in the U. S. contributes to an increasing share of people that use this prosthesis in the region and therefore promotes the region’s growth over the forecast period.
The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include,Fillauer LLC (U.S.), Blatchford Limited (U.K.), Ottobock (Germany), WillowWood Global LLC (U.S.), Hanger, Inc. (U.S.), Steeper Group (U.K.), Ortho Europe (U.K.), Össur (Iceland) and Uniprox GmbH & Co. KG (Bauerfeind) (Germany).
In January 2024, Fillauer LLC, a firm, has been purchased by Hanger, Inc. to offer outstanding patient care, services, and values to patients and practitioners.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 6.6% from 2024-2032
Unit Value (USD Million)
Segmentation By Type
Microprocessor & Hydraulic
Axial
Dynamic
Powered
Others
By Functional Level
K1
K2
K3
K4
By End-User
Orthotists & Prosthetists (O&P) Clinics
Orthopedic Clinics
Others
By Region
North America (By Type, Functional Level, End-User, and Country)
- U.S.
- Canada
Europe (By Type, Functional Level, End-User, and Country/Sub-Region)
- Germany
- U.K.
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
Asia Pacific (By Type, Functional Level, End-User, and Country/Sub-Region)
- China
- India
- Japan
- Australia
- Southeast Asia
- Rest of Asia Pacific
Latin America (By Type, Functional Level, End-User, and Country/Sub-Region)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa (By Type, Functional Level, End-User, and Country/Sub-Region)
- GCC
- South Africa
Rest of the Middle East & Africa
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global FinTech Key Players Market Share/Ranking, 2023
- 5. Global FinTech Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Technology (USD)
- 5.2.1. AI
- 5.2.2. Blockchain
- 5.2.3. RPA
- 5.2.4. Others (Cryptography, Biometrics, etc.)
- 5.3. By Application (USD)
- 5.3.1. Fraud Monitoring
- 5.3.2. KYC Verification
- 5.3.3. Compliance & Regulatory Support
- 5.4. By End Use (USD)
- 5.4.1. Banks
- 5.4.2. Financial Institutions
- 5.4.3. Insurance Companies
- 5.4.4. Others
- 5.5. By Region (USD)
- 5.5.1. North America
- 5.5.2. South America
- 5.5.3. Europe
- 5.5.4. Middle East & Africa
- 5.5.5. Asia Pacific
- 6. North America FinTech Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Technology (USD)
- 6.2.1. AI
- 6.2.2. Blockchain
- 6.2.3. RPA
- 6.2.4. Others (Cryptography, Biometrics, etc.)
- 6.3. By Application (USD)
- 6.3.1. Fraud Monitoring
- 6.3.2. KYC Verification
- 6.3.3. Compliance & Regulatory Support
- 6.4. By End Use (USD)
- 6.4.1. Banks
- 6.4.2. Financial Institutions
- 6.4.3. Insurance Companies
- 6.4.4. Others
- 6.5. By Country (USD)
- 6.5.1. United States
- 6.5.1.1. By End Use
- 6.5.2. Canada
- 6.5.2.1. By End Use
- 6.5.3. Mexico
- 6.5.3.1. By End Use
- 7. South America FinTech Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Technology (USD)
- 7.2.1. AI
- 7.2.2. Blockchain
- 7.2.3. RPA
- 7.2.4. Others (Cryptography, Biometrics, etc.)
- 7.3. By Application (USD)
- 7.3.1. Fraud Monitoring
- 7.3.2. KYC Verification
- 7.3.3. Compliance & Regulatory Support
- 7.4. By End Use (USD)
- 7.4.1. Banks
- 7.4.2. Financial Institutions
- 7.4.3. Insurance Companies
- 7.4.4. Others
- 7.5. By Country (USD)
- 7.5.1. Brazil
- 7.5.1.1. By End Use
- 7.5.2. Argentina
- 7.5.2.1. By End Use
- 7.5.3. Rest of South America
- 8. Europe FinTech Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Technology (USD)
- 8.2.1. AI
- 8.2.2. Blockchain
- 8.2.3. RPA
- 8.2.4. Others (Cryptography, Biometrics, etc.)
- 8.3. By Application (USD)
- 8.3.1. Fraud Monitoring
- 8.3.2. KYC Verification
- 8.3.3. Compliance & Regulatory Support
- 8.4. By End Use (USD)
- 8.4.1. Banks
- 8.4.2. Financial Institutions
- 8.4.3. Insurance Companies
- 8.4.4. Others
- 8.5. By Country (USD)
- 8.5.1. United Kingdom
- 8.5.1.1. By End Use
- 8.5.2. Germany
- 8.5.2.1. By End Use
- 8.5.3. France
- 8.5.3.1. By End Use
- 8.5.4. Italy
- 8.5.4.1. By End Use
- 8.5.5. Spain
- 8.5.5.1. By End Use
- 8.5.6. Russia
- 8.5.6.1. By End Use
- 8.5.7. Benelux
- 8.5.7.1. By End Use
- 8.5.8. Nordics
- 8.5.8.1. By End Use
- 8.5.9. Rest of Europe
- 9. Middle East & Africa FinTech Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Technology (USD)
- 9.2.1. AI
- 9.2.2. Blockchain
- 9.2.3. RPA
- 9.2.4. Others (Cryptography, Biometrics, etc.)
- 9.3. By Application (USD)
- 9.3.1. Fraud Monitoring
- 9.3.2. KYC Verification
- 9.3.3. Compliance & Regulatory Support
- 9.4. By End Use (USD)
- 9.4.1. Banks
- 9.4.2. Financial Institutions
- 9.4.3. Insurance Companies
- 9.4.4. Others
- 9.5. By Country (USD)
- 9.5.1. Turkey
- 9.5.1.1. By End Use
- 9.5.2. Israel
- 9.5.2.1. By End Use
- 9.5.3. GCC
- 9.5.3.1. By End Use
- 9.5.4. North Africa
- 9.5.4.1. By End Use
- 9.5.5. South Africa
- 9.5.5.1. By End Use
- 9.5.6. Rest of MEA
- 10. Asia Pacific FinTech Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Technology (USD)
- 10.2.1. AI
- 10.2.2. Blockchain
- 10.2.3. RPA
- 10.2.4. Others (Cryptography, Biometrics, etc.)
- 10.3. By Application (USD)
- 10.3.1. Fraud Monitoring
- 10.3.2. KYC Verification
- 10.3.3. Compliance & Regulatory Support
- 10.4. By End Use (USD)
- 10.4.1. Banks
- 10.4.2. Financial Institutions
- 10.4.3. Insurance Companies
- 10.4.4. Others
- 10.5. By Country (USD)
- 10.5.1. China
- 10.5.1.1. By End Use
- 10.5.2. India
- 10.5.2.1. By End Use
- 10.5.3. Japan
- 10.5.3.1. By End Use
- 10.5.4. South Korea
- 10.5.4.1. By End Use
- 10.5.5. ASEAN
- 10.5.5.1. By End Use
- 10.5.6. Oceania
- 10.5.6.1. By End Use
- 10.5.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Rapyd Financial Network Ltd.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Unicorn Payment Ltd.
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Stripe, Inc.
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Mastercard
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Finastra
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Fiserv, Inc.
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Block Inc. (Square)
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Ayden
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Plaid Inc.
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Neo Mena Technologies Ltd.
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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