Limb Prosthetics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Limb Prosthetics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Limb Prosthetics Market

The limb prosthetics market size was valued at USD 1.59 billion in 2022, and the market is now 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 of 2022-2030.

Due to the pandemic in 2020, the number of patient visits for prosthetic offerings reduced. The COVID-19 pandemic has had a massive have an effect on prosthetic services, with face-to-face visits predominantly reserved for pressing patients and inpatients in essential nations just like the United Kingdom (NIH, 2021 records).

Traumatic causes like injuries, injuries, and surgical procedures, which include diabetes, blood vessel sicknesses, cancer, and contamination, are main to accelerated call for prosthetic devices. Amputations are accomplished every 30 seconds globally, with 57.7 million humans dwelling with limb amputations in 2017. Peripheral vascular ailment, a commonplace leading cause, will increase amputations in patients with microvascular ailment. Prosthetic devices are rehabilitating and enhancing affected person terrific of existence, leading to favorable reimbursement insurance.

The global marketplace is focusing at the improvement of myoelectric prostheses because of the increasing wide variety of amputations. This has led to companies like Blackrock Neurotech and Phantom Neuro launching high-accuracy systems for robotic orthopedic technologies. Mind-managed prostheses, along with Atom Limbs' mind-controlled arm and prosthetic shoulder, also are gaining recognition. These technologies, advanced over 10 years at Johns Hopkins' Applied Physics Laboratory, are expected to contribute to the limb prosthetics market growth prospects within the forecast length.

Comprehensive Analysis of Limb Prosthetics Market

The market for prosthetics is divided into upper limb prosthetics and decrease limb prosthetics. The lower limb prosthetics segment is dominant due to the excessive volume of decrease limb amputations and new advancements. The upper limb prosthetics segment is expected to grow at a limited CAGR due to increasing adoption and accidents. The technology segment is divided into conventional prosthetic devices, electric prosthetic devices, and hybrid prosthetic devices. Conventional prosthetic devices are body-powered and available at lower prices. Electric prosthetic devices, including myoelectric micro-controlled devices, are popular due to their ease of use and improved patient outcomes. Hybrid prosthetic devices are smaller but expected to grow due to technological advancements. The market is segmented into socket, appendage, joint, and connecting module. The socket segment is dominant due to research initiatives and increased socket efficacy. The joint segment is expected to grow due to frequent amputations due to trauma and diseases. The appendage segment is expected to grow due to the use of prosthetic hands or feet. The orthopedic clinics segment is the second-largest, driven by the increasing number of orthopedic clinics in developing countries and rehabilitation centers.

The North America region lead the limb prosthetics market share by benefitting a market size of USD 0.79 billion in 2023 due to factors inclusive of high limb loss costs, adoption of state-of-the-art devices, favorable repayment styles, and high healthcare spending. The Amputee Coalition predicts that around 3.6 million people within the United States will have limb loss with the aid of 2050.

The worldwide marketplace is fragmented, with local and multinational groups competing. Ottobock and Össur dominate due to their strong geographic presence, advanced product portfolio, customer base, R&D focus, and strategic initiatives. Other key companies include Fillauer LLC (Fillauer Companies, Inc.) (U.S.), Hanger, Inc. (U.S.), Blatchford Limited (U.K.), WillowWood Global LLC. (U.S.), Steeper Inc. (U.K), Uniprox (Bauerfeind) (Germany), Ortho Europe (U.K.) are expanding manufacturing capabilities through venture capitalism and advanced technologies.

In September 2022, Siemens Caring Hands, a nonprofit organization, donated USD 250,000 to Unlimited Tomorrow for Global Initiative to provide prosthesis for Ukrainian victims.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 5.5% from 2023-2030

Unit Value (USD billion)

Segmentation ByType, Technology, Component, End User, and Region

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

By Region North America (By Type, By Technology, By Component, By End User, and By Country)

- U.S.

- Canada

Europe (By Type, By Technology, By Component, By End User, and By Country/Sub-Region)

- Germany (By Type)

- U.K. (By Type)

- France (By Type)

- Italy (By Type)

- Spain (By Type)

- Scandinavia (By Type)

- Rest of Europe (By Type)

Asia Pacific (By Type, By Technology, By Component, By End User, and By Country/Sub-Region)

- China (By Type)

- India (By Type)

- Japan (By Type)

- Australia (By Type)

- South East Asia (By Type)

- Rest of Asia Pacific (By Type)

Rest of the World (By Type, By Technology, By Component, and By End User)


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