Global Prosthetics Market (by Technology Type, User Type, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)

Global Prosthetics Market (by Technology Type, User Type, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)


Market Insight:

Artificial limbs, often known as prostheses, are used in prosthetics to improve the function and quality of life for people who have lost limbs. For a variety of reasons, including circulation issues brought on by atherosclerosis or diabetes, traumatic injuries sustained in auto accidents or in military action, cancer, and birth defects, people can lose all or parts of an arm or leg. An artificial device known as a prosthetic implant is used to replace a missing bodily component that has been lost as a result of trauma, illness, an accident, or a congenital defect. Prostheses are designed to replace the missing body part's lost functionality.

For it to meet the functional needs of an individual, there should be a unique combination of suitable materials, design, construction, and alignment. Individuals have complex needs that differ for their upper and lower extremities. Lower limb prosthesis provide stability while walking, standing, absorbing shock, improving one's look, and storing energy. Reaching and grasping problems, other occupational difficulties like hammering, weightlifting, or painting, and daily living functions like dressing, writing, and eating are all addressed by upper limb prostheses. The global prosthetics market is likely to escalate to US$2.30 billion in 2023, progressing at a CAGR of 5.87%, during the forecasted period.

Segment Covered:
  • By Technology Type: On the basis of technology type, the report identifies three segments of the global prosthetics market: Electric Powered Technology, Hybrid Prosthetics and Conventional Technology. Electric powered technology segment dominated the market with largest share. Electric prostheses, also known as myoelectric prostheses, are controlled by electrical signals generated by the body's muscles. During the historical years, growth in the global electric powered technology prosthesis was driven by increased cases of traffic accidents causing severe injuries. Therefore, demand for electric powered prostheses increased as they provide a natural appearance in the form of artificial limb. Moreover, undertaking of various technological advancements in electric prosthesis would support market growth during the forecasted years.
  • By User Type: The report provides the categorization of the market into four segments in terms of user type: Prosthetic Clinics, Hospitals, Rehabilitation Centers and Others. Among the user type, hospital segment is expected to grow at a highest CAGR during the forecasted period. Growing incidences of medical ailments such as diabetes which leads to several problems in lower part of the human body, and other ankle & feet related disorders require surgical interventions, which have supported the growth of the segment throughout the years. And, the rising incorporation of digitalization and newer product launches are expected to propel the growth of the market in coming years.
Geographic Coverage:

According to this report, the global prosthetics market is divided into four regions: North America, Europe, Asia Pacific, and ROW. The countries covered in Asia Pacific region are China, Japan, India, South Korea, and Rest of the Asia Pacific, while North America includes the US, Canada, and Mexico. Moreover, Germany, UK, France, Italy, and Rest of Europe are included in the Europe region.

North America dominated the prosthetics market, accounting for the maximum share. Factors such as increasing prevalence of orthopedic injuries, growing incidences of trauma cases, increase in sports related injuries and rise in obesity leading to diabetes aided the market rowth in the region. Europe offers strong growth potential to the prosthetics market. Rising life expectancy is changing the shape of the European nations age pyramid, the most significant change will be a notable shift toward a much older demographic structure, a trend that is expected to continue. Increasing cases of road injuries, technological advancements in designing & manufacturing of prosthetic devices and rising geriatric population are all expected to propel growth of the market in Europe during the forecasted period.

Top Impacting Factors:

Growth Drivers
  • Increasing Prevalence of Diabetes
  • Surging Geriatric Population
  • Rising Incidence of Road Injuries
  • Growing Prevalence of Bone Cancer
Challenges
  • Potential of Low Cost and Limited Function Prostheses
  • Barriers to Entry
Trends
  • Use of Artificial Intelligence in Robotic Prosthetics
  • Escalating Healthcare Spending
  • Surge in Middle Class Population
  • Increasing Use of Myoelectric Prosthetics
  • Driver: Rising Incidence of Road Injuries
Across the globe, roads are shared by trucks, cars, motorcycles, pedestrians, taxis, animals, buses and many more. Despite the fact that travel made possible due to these motor vehicles contributes towards social and economic development of the countries, millions of deaths and injuries are caused because of the crashing of these vehicles. Sometimes these road accidents cause loss of a body part or multiple parts or the injuries can last lifelong leading to obstruction in doing everyday activities like walking, running, sitting and moving. Therefore, to provide support and help in replacement of the missing or damaged body part prosthetic implant is used. It is an artificial device that is replaced for the body’s missing part to help an individual in performing daily activities like eating, walking or dressing.
  • Challenge: Potential of Low Cost and Limited Function Prostheses
Producers of prosthetic arms and legs tend to fight an uphill financial battle. This indicates that the producers have high-end products with a small market which makes it challenging for them. Purchasing of prosthetic limb or artificial organs includes a significant amount of cost. Some recent studies found that a robotic upper limb prosthetics cost approximately US$20,000 to US$120,000. However, some private insurance companies tend to cover 50 to 80 percent of the fee, other companies either provide payment caps or provide coverage only for one device in a patient’s life span. Apart from this, insurance companies also question whether the most advanced prosthetics are medically necessary or others can be used in place of them. Although the use of latest prosthesis is much more expensive, but usage of low-tech prosthesis is believed to cause development of joint conditions, hip arthritis, knee arthritis and continual pain medication. Therefore, potential of low cost and its impact on functions of prosthesis act as a challenge to the prosthetics market.
  • Trend: Use of Artificial Intelligence in Robotic Prosthetics
From patient care, diagnostic accuracy to drug development, AI is revolutionizing the healthcare sector. The basic idea behind incorporating artificial intelligence in robotic prostheses is that the algorithm interprets nerve signals from the patient's muscles, allowing for more precise control of the prosthesis. University of Utah researchers developed an AI-powered prosthetic limb that adjusts to the user's hip and residual limb movements. It makes avoiding obstacles smoother and easier. In an upper-extremity prosthesis, artificial intelligence is used for direct control as well as indirect control from the neural network via various signals, sensors, controllers, and algorithms. In the lower extremity of an intelligent prosthesis, such as a knee joint, artificial intelligence replaces the hydraulic mechanism with a combination of microprocessor-controlled and a hydraulic or pneumatic actuator. The increased demand and efficacy of amputation through the integration of AI in prosthesis is expected to drive the prosthetics market growth in the coming years.

The COVID-19 Analysis:

The unparalleled burden of the COVID-19 crisis on the global healthcare sector created substantial challenges for the major players in the prosthetics market. Redirection of the available resources by hospital administration as well as governments restricted the scope of supply and distribution networks for prosthetics. In addition to that, various restrictions on elective medical procedures also hindered the market growth in the short term.

However, the negative impact of COVID-19 was slightly compensated with the adoption of digitalization in prostheses designing and manufacturing process. New digital technologies like 3D scanners and CADCAM supported the growth of the market and further technological advancements like use of artificial intelligence (AI) and myoelectric prosthetics are expected to support the market growth during the post COVID period.

Analysis of Key Players:

The global prosthetics market is moderately concentrated. Market players have implemented sustainable growth techniques in the market. To strengthen their position in the market, some of the leading competitors are pursuing various growth methods such as mergers, acquisitions, collaborations, and agreements. The key players in the global prosthetics market are:
  • Straumann Holdings AG
  • Zimmer Biomet Holdings, Inc.
  • Ossur HF
  • WillowWood
  • Hanger, Inc.
  • Blatchford
  • Fillauer Companies, Inc.
  • Proteor Group
  • Streifeneder
  • Ottobock SE & Co. KGaA
  • ProtUnix
  • Daw Industries
  • Trulife
There are several global and local players in this market. To gain a competitive advantage, market players prioritize research and development in order to develop technologically advanced and differentiated products. Companies are also focusing on developing products that adhere to regional regulatory norms in order to eliminate the risk of losing business due to regulatory violations. For instance, Ottobock introduced pediatric prosthetic knee joints. To increase market penetration, Ossur introduced products such as the Ossur Formfit Pro Line of 3D knitted supports at OTWorld. Blatchford launched a new sandal toe foot shell for its various products, including Linx, Elan, and Echelon VAC to improve the company's product portfolio.


1. Executive Summary
2. Introduction
2.1 Prosthetics: An Overview
2.1.1 Types of Limb Prosthesis
Table 1: Types of Limb Prosthesis
2.1.2 Current Technology & Manufacturing
Table 2: Current Technology & Manufacturing
2.2 Prosthetics Segmentation: An Overview
2.2.1 Prosthetics Segmentation
Table 3: Prosthetics Segmentation
3. Global Market Analysis
3.1 Global Prosthetics Market: An Analysis
3.1.1 Global Prosthetics Market: An Overview
3.1.2 Global Prosthetics Market by Value
Table 4: Global Prosthetics Market by Value; 2017-2021 (US$ Billion)
Table 5: Global Prosthetics Market by Value; 2022-2027 (US$ Billion)
3.1.3 Global Prosthetics Market by Technology Type (Electric Powered Technology, Hybrid Prosthetics and Conventional Technology)
Table 6: Global Prosthetics Market by Technology Type; 2021 (Percentage, %)
3.1.4 Global Prosthetics Market by User Type (Prosthetic Clinics, Hospitals, Rehabilitation Centers and Others)
Table 7: Global Prosthetics Market by User Type; 2021 (Percentage, %)
3.1.5 Global Prosthetics Market by Region (North America, Europe, Asia Pacific, and rest of the World (ROW))
Table 8: Global Prosthetics Market by Region; 2021 (Percentage, %)
3.2 Global Prosthetics Market: Technology Type Analysis
3.2.1 Global Prosthetics Market by Technology Type: An Overview
3.2.2 Global Electric Powered Technology Prosthetics Market by Value
Table 9: Global Electric Powered Technology Prosthetics Market by Value; 2017-2021 (US$ Billion)
Table 10: Global Electric Powered Technology Prosthetics Market by Value; 2022-2027 (US$ Billion)
3.2.3 Global Hybrid Prosthetics Market by Value
Table 11: Global Hybrid Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 12: Global Hybrid Prosthetics Market by Value; 2022-2027 (US$ Million)
3.2.4 Global Conventional Technology Prosthetics Market by Value
Table 13: Global Conventional Technology Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 14: Global Conventional Technology Prosthetics Market by Value; 2022-2027 (US$ Million)
3.3 Global Prosthetics Market: User Type Analysis
3.3.1 Global Prosthetics Market by User Type: An Overview
3.3.2 Global Prosthetics Clinic Market by Value
Table 15: Global Prosthetics Clinic Market by Value; 2017-2021 (US$ Million)
Table 16: Global Prosthetics Clinic Market by Value; 2022-2027 (US$ Million)
3.3.3 Global Prosthetics Hospital Market by Value
Table 17: Global Prosthetics Hospital Market by Value; 2017-2021 (US$ Million)
Table 18: Global Prosthetics Hospital Market by Value; 2022-2027 (US$ Million)
3.3.4 Global Prosthetics Rehabilitation Centers Market by Value
Table 19: Global Prosthetics Rehabilitation Centers Market by Value; 2017-2021 (US$ Million)
Table 20: Global Prosthetics Rehabilitation Centers Market by Value; 2022-2027 (US$ Million)
3.3.5 Global Other Prosthetic Users Market by Value
Table 21: Global Other Prosthetic Users Market by Value; 2017-2021 (US$ Million)
Table 22: Global Other Prosthetic Users Market by Value; 2022-2027 (US$ Million)
4. Regional Market Analysis
4.1 North America Prosthetics Market: An Analysis
4.1.1 North America Prosthetics Market: An Overview
4.1.2 North America Prosthetics Market by Value
Table 23: North America Prosthetics Market by Value; 2017-2021 (US$ Billion)
Table 24: North America Prosthetics Market by Value; 2022-2027 (US$ Billion)
4.1.3 North America Prosthetics Market by Region (The US, Canada, and Mexico)
Table 25: North America Prosthetics Market by Region; 2021 (Percentage, %)
4.1.4 The US Prosthetics Market by Value
Table 26: The US Prosthetics Market by Value; 2017-2021 (US$ Billion)
Table 27: The US Prosthetics Market by Value; 2022-2027 (US$ Billion)
4.1.5 Canada Prosthetics Market by Value
Table 28: Canada Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 29: Canada Prosthetics Market by Value; 2022-2027 (US$ Million)
4.1.6 Mexico Prosthetics Market by Value
Table 30: Mexico Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 31: Mexico Prosthetics Market by Value; 2022-2027 (US$ Million)
4.2 Europe Prosthetics Market: An Analysis
4.2.1 Europe Prosthetics Market: An Overview
4.2.2 Europe Prosthetics Market by Value
Table 32: Europe Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 33: Europe Prosthetics Market by Value; 2022-2027 (US$ Million)
4.2.3 Europe Prosthetics Market by Region (Germany, UK, France, Italy and Rest of the Europe)
Table 34: Europe Prosthetics Market by Region; 2021 (Percentage, %)
4.2.4 Germany Prosthetics Market by Value
Table 35: Germany Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 36: Germany Prosthetics Market by Value; 2022-2027 (US$ Million)
4.2.5 The UK Prosthetics Market by Value
Table 37: The UK Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 38: The UK Prosthetics Market by Value; 2022-2027 (US$ Million)
4.2.6 France Prosthetics Market by Value
Table 39: France Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 40: France Prosthetics Market by Value; 2022-2027 (US$ Million)
4.2.7 Italy Prosthetics Market by Value
Table 41: Italy Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 42: Italy Prosthetics Market by Value; 2022-2027 (US$ Million)
4.2.8 Rest of Europe Prosthetics Market by Value
Table 43: Rest of Europe Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 44: Rest of Europe Prosthetics Market by Value; 2022-2027 (US$ Million)
4.3 Asia Pacific Prosthetics Market: An Analysis
4.3.1 Asia Pacific Prosthetics Market: An Overview
4.3.2 Asia Pacific Prosthetics Market by Value
Table 45: Asia Pacific Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 46: Asia Pacific Prosthetics Market by Value; 2022-2027 (US$ Million)
4.3.3 Asia Pacific Prosthetics Market by Region (China, Japan, India, South Korea and Rest of the Asia Pacific)
Table 47: Asia Pacific Prosthetics Market by Region; 2021 (Percentage, %)
4.3.4 China Prosthetics Market by Value
Table 48: China Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 49: China Prosthetics Market by Value; 2022-2027 (US$ Million)
4.3.5 Japan Prosthetics Market by Value
Table 50: Japan Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 51: Japan Prosthetics Market by Value; 2022-2027 (US$ Million)
4.3.6 India Prosthetics Market by Value
Table 52: India Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 53: India Prosthetics Market by Value; 2022-2027 (US$ Million)
4.3.7 South Korea Prosthetics Market by Value
Table 54: South Korea Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 55: South Korea Prosthetics Market by Value; 2022-2027 (US$ Million)
4.3.8 Rest of Asia Pacific Prosthetics Market by Value
Table 56: Rest of Asia Pacific Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 57: Rest of Asia Pacific Prosthetics Market by Value; 2022-2027 (US$ Million)
4.4 Rest of World Prosthetics Market: An Analysis
4.4.1 Rest of World Prosthetics Market: An Overview
4.4.2 Rest of World Prosthetics Market by Value
Table 58: Rest of World Prosthetics Market by Value; 2017-2021 (US$ Million)
Table 59: Rest of World Prosthetics Market by Value; 2022-2027 (US$ Million)
5. Impact of Covid-19
5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on Healthcare
5.1.2 Impact of COVID-19 on Prosthetics Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increasing Prevalence of Diabetes
Table 60: Global Increase in the Number of Diabetic Patient; 2021-2025 (Percentage, %)
6.1.2 Rapid Urbanization
Table 61: Global Urban Population as a Share of Total Population; 2016-2021 (Percentage, %)
6.1.3 Surging Geriatric Population
Table 62: Global Population by Age Group; 2016-2020 (Million)
6.1.4 Rising Incidence of Road Injuries
Table 63: The US Road Accidents Deaths; 2016-2020 (Per 1 000 000 Inhabitants)
6.1.5 Growing Prevalence of Bone Cancer
6.1.6 3D Printed Prosthetics
6.1.7 Increasing use of Robotics Prosthesis
6.2 Challenges
6.2.1 Potential of Low Cost and Limited Function Prostheses
6.2.2 Barriers to Entry
6.3 Market Trends
6.3.1 Use of Artificial Intelligence in Robotic Prosthetics
Table 64: Global Market Size for Artificial Intelligence in Healthcare; 2016-2025 (US$ Billion)
6.3.2 Escalating Healthcare Spending
Table 65: The US Health Consumption Expenditure; 2021-2028 (US$ Trillion)
6.3.3 Surge in Middle Class Population
Table 66: Global Middle Class Population; 2015-2030 (Billion)
6.3.4 Increasing Use of Myoelectric Prosthetics
7. Competitive Landscape
7.1 Global Prosthetics Players by Market Share
Table 67: Global Prosthetics Players by Market Share; 2021 (Percentage,%)
7.2 The US Microprocessor Knee Players by Market Share
Table 68: The US Microprocessor Knee Players by Market Share; 2021 (Percentage,%)
7.3 The US Bionic Feet Players by Market Share
Table 69: The US Bionic Feet Players by Market Share; 2021 (Percentage,%)
7.4 The US Bionic Arms Players by Market Share
Table 70: The US Bionic Arms Players by Market Share; 2021 (Percentage,%)
8. Company Profiles
8.1 Ossur HF
8.1.1 Business Overview
Table 71: Ossur HF Segment Information
8.1.2 Operating Segments
Table 72: Ossur HF Net Sales by Segments; 2021 (Percentage, %)
8.1.3 Business Strategy
8.2 Straumann Holdings AG
8.2.1 Business Overview
8.2.2 Operating Segments
Table 73: Straumann Holdings AG Revenue by Segments; 2021 (Percentage, %)
8.2.3 Business Strategy
8.3 Hanger, Inc.
8.3.1 Business Overview
8.3.2 Operating Segments
Table 74: Hanger, Inc. Net Revenues by Segments; 2021 (Percentage, %)
8.3.3 Business Strategy
8.4 Zimmer Biomet Holdings, Inc.
8.4.1 Business Overview
8.4.2 Operating Product Categories
Table 75: Zimmer Biomet Holdings, Inc. Net Sales by Product Categories; 2021 (Percentage, %)
8.4.3 Business Strategy
8.5 WillowWood
8.5.1 Business Overview
8.5.2 Business Strategy
8.6 Fillauer Companies, Inc.
8.6.1 Business Overview
8.6.2 Business Strategy
8.7 Blatchford
8.7.1 Business Overview
8.7.2 Business Strategy
8.8 Proteor Group
8.8.1 Business Overview
8.8.2 Business Strategy
8.9 Streifeneder
8.9.1 Business Overview
8.9.2 Business Strategy
8.10 Ottobock SE & Co. KGaA
8.10.1 Business Overview
8.10.2 Business Strategy
8.11 ProtUnix
8.11.1 Business Overview
8.12 Trulife
8.12.1 Business Overview
8.13 Daw Industries
8.13.1 Business Overview

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