Limb Prosthetics Market Forecasts to 2028 – Global Analysis By Type (Lower Limb Prosthetics, Upper Limb Prosthetics and Other Types), Component (Connecting Module, Socket, Appendage, Joint and Other Components), Technology (Hybrid Prosthetic Devices, Electric Prosthetic Devices, Conventional Prosthetic Devices and Other Technologies), Application, End User and By Geography
According to Stratistics MRC, the Global Limb Prosthetics Market is accounted for $1.64 billion in 2022 and is expected to reach $2.52 billion by 2028 growing at a CAGR of 7.42% during the forecast period. Limb prosthesis is an artificial limb that replaces a missing body part. Prosthesis is an artificial medical device that can replace a lost body part. It includes terminal device (TD), interposing joints, socket, suspension and control system. The device can help the person to perform daily activities such as walking, eating or dressing independently and comfortably. Some artificial limbs let to function nearly as well as before. They are forms of assistive technology that traditionally provides an opportunity for users to maximize their quality of life, social interaction, and their health. The process uses Urethanes and silicone as they are more flexible and lightweight materials.
According to the National Health Service (NHS), U.K rehabilitation service centers witnessing around 55,000 to 60,000 patients suffering from congenital limb deficiency annually. Its government is spending approximately USD 71.4 million each year on these services.
Market Dynamics:
Driver:
Increase in amputations
Traumatic events like accidents, injuries, surgeries and conditions like diabetes, blood vessel illnesses, cancer, infection, excessive tissue damage and dysfunction leads to amputations. Because of this, there is now a greater need for prosthetic devices, which have greatly improved patient lifestyles and anticipating to a lucrative growth in the market.
Restraint:
Lack of prosthetists
Prosthetists or the orthotists prescribes these devices. Each device is customized as per the patient’s requirement. But due to lack of professional prosthetists, patients go for low level prosthetists and this may result in dissatisfaction with the performance, frequent failure of CBR programs, instability, socket issues and discomfort which are hindering the growth of the market.
Opportunity:
Incorporation of cutting edge technologies
Manufacturers are focusing on the incorporation of novel technologies in their products as the demand for technologically advanced products are rising. Individuals with limb loss want products that ease their daily functioning. Many manufacturers are putting diligent efforts to design new products. This augmented the penetration & preferences by healthcare providers globally which are fuelling the growth of the market.
Threat:
High cost of prosthesis devices
The huge price rates of the device are hindering the growth of the market. The cost of the device increases depending on the level of advancement and mechanism as they are customized as per the patient’s requirement. The reimbursement policy increases the cost barriers and the third party payers cannot overcome out of pockets. These factors are limiting the adoption of prosthesis.
Covid-19 Impact
The COVID-19 impacted the prosthetic services due to reduction in patient visits. Appointments were cancelled and amputations occurred less frequently. Pandemic has profoundly affected prosthetic services, with face-to-face sessions being reserved for urgent patients. Teleconsultations and other digital technology deployed to survive the pandemic's overall bad effects while still operating.
The electric prosthetic devices segment is expected to be the largest during the forecast period
The electric prosthetic devices segment is estimated to have a lucrative growth, due to its access to effortless strength and multiple grip patterns. It provides more natural hand movements. They significantly improve patient outcomes. It factors such as reduction of harnessing and micro controlling is driving its market share.
The joint segment is expected to have the highest CAGR during the forecast period
The joint segment is anticipated to witness the fastest CAGR growth during the forecast period, due to many amputations. Joint prosthesis generally includes wrist, elbow, shoulder, ankle, knee and hip joints. They require regular replacements due to their wear and tear. Lot of amputations occur due to trauma and diseases which propels to the contribution of the market.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to advanced technology. This region adopted the advanced technology due to the high prevalence of limb loss. It has the availability of advanced goods. The favourable trend in reimbursement and high healthcare spending makes this region to have the most dominating world market.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to its huge number of beneficial variables. It is the second-most prominent region to have a sizable market share due to its sizable elderly population. This region has a favourable regulatory & reimbursement policy and a high number of amputations. The government made development of novel technology. All these beneficial factors are propelling its market growth.
Key players in the market
Some of the key players profiled in the Limb Prosthetics Market include WillowWood Global LLC, College Park Industries, Naked Prosthetics, Ortho, Ossur, Protunix, Fillauer LLC, Endolite, Ottobock SE, TRS Inc, RSL Steeper Holdings Ltd, Steeper Inc, Blatchford Inc, Deka Research and Development Corporation, Uniprox, Aesthetic prosthetics Inc, Hanger Inc, Exiii Inc
Key Developments:
In April 2022, Ottobock, the global healthtech company, unveils Ottobock Shoulder, a next-generation exoskeleton. The Ottobock Shoulder provides support during strenuous over-the-shoulder activities in logistics, production, maintenance and handcraft. The new exoskeleton is a further development of the Paexo Shoulder, which is already used by thousands of users worldwide.
In February 2022, Ossur unveiled a novel product, POWER KNEE. It is the world’s first dynamically powered microprocessor prosthetic knee for people with above-knee amputation or limb alterations.
Types Covered:
• Lower Limb Prosthetics
• Upper Limb Prosthetics
• Other Types
Components Covered:
• Connecting Module
• Socket
• Appendage
• Joint
• Other Components
Technologies Covered:
• Hybrid Prosthetic Devices
• Electric Prosthetic Devices
• Conventional Prosthetic Devices
• Other Technologies
Applications Covered:
• Leg Disabled People
• Arm Disabled People
• Other Applications
End Users Covered:
• Prosthetic Clinics
• Hospitals
• Ambulatory Surgical Centers
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
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