Lower Limb Prosthetics Market Size, Share & Trends Analysis Report By Type (Prosthetics Foot, Prosthetics Knee, Prosthetics Leg, Prosthetics Ankle), By Technology, By End-use (Hospitals, Clinics, Others), By Region, And Segment Forecasts, 2024 - 2030

Lower Limb Prosthetics Market Size, Share & Trends Analysis Report By Type (Prosthetics Foot, Prosthetics Knee, Prosthetics Leg, Prosthetics Ankle), By Technology, By End-use (Hospitals, Clinics, Others), By Region, And Segment Forecasts, 2024 - 2030

Lower Limb Prosthetics Market Growth And Trends

The global lower limb prosthetics market size is expected to reach a value of USD 1.63 billion by 2030, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 4.70%. The rising prevalence of diabetes leads to an increasing number of limb loss which in turn drives demand for limb prosthetics. According to recent estimates by the U.S. Department of Health and Human Services, there are currently 1.9 million estimated limb-loss sufferers in the U.S. and this number is projected to quadruple by 2050, primarily as a result of increased incidence of diabetes. In addition, the increasing number of vascular diseases can also be a significant factor for market growth. Vascular diseases can increase the risk of lower limb amputations and, subsequently, the need for lower limb prostheses. This disease affects blood vessels in the body, and when these blood vessels affect arteries that supply blood to the legs and feet, it can lead to a condition known as peripheral arterial disease (PAD).

The introduction of new technology and materials has led to the creation of reliable products for patients. Compared to traditional materials such as wood and hard plastics, these new materials found in prosthetic devices including urethane, silicone, and mineral-based liners are far more lightweight, flexible, durable, and reliable. Such characteristics attract consumers who lose their arm or leg due to vascular and diabetes conditions. The market growth for lower prosthetic limbs is being driven by developments in technology and increased use of these materials. For instance, in June 2020, the U.S. Department of Veterans Affairs announced the testing of a new technology prosthetic socket liner with Courtney Shell which intends to absorb moisture and increase comfort with prostheses.

The high cost associated with lower limb prosthetics serves as a significant restraint on the market. These devices are expensive, encompassing not only the initial purchase but also ongoing maintenance and potential replacement costs. For many individuals, especially those without adequate insurance coverage or financial resources, the prohibitive cost creates a substantial barrier to accessing these essential devices. Thus, affordability issues can limit the adoption of prosthetic solutions, hinder patient access to advanced technologies, and ultimately impede market growth.

Lower Limb Prosthetics Market Report Highlights

• Based on type, the market is segmented into prosthetic foot, prosthetic knee, prosthetic leg, prosthetic ankle, and prosthetic hip. The prosthetic leg segment held the largest market share of 30.92% in 2023. The prosthetic hip segment is expected to grow at the fastest CAGR of 5.07% over the forecast period. This is attributed to the growing prevalence of chronic diseases and the aging population
• Based on technology, the market is segmented into conventional lower extremity prosthetics, electric-powered lower extremity prosthetics, and hybrid lower extremity prosthetics. The conventional lower extremity prosthetics segment held the largest market revenue share of 41.91% in 2023. On the other hand, the electric-powered lower extremity prosthetics segment is expected to grow at the fastest CAGR of 4.89% over the forecast period, owing to the technological advancement in the field of prosthetics
• Based on end use, the market is segmented into hospitals, clinics, and others. The clinics segment held the largest market share of 53.98% in 2023. This hospital segment is expected to grow at a significant CAGR of 4.81% over the forecast period
• In 2023, North America dominated the market with a share of 45.75%, owing to the presence of major market players, well-established healthcare infrastructure and prevalence of diabetes. These factors are anticipated to boost the market for lower limb prosthetics in the region over the forecast period. Asia Pacific is expected to grow at the fastest CAGR of 7.33% in the coming years

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