Artificial Limbs Market by Product Type (Lower Extremity, Upper Extremity, Liners, and Sockets), by Technology (Electrically Powered, Cable Operated, and Cosmetic Prosthetics), and by End-User (Hospitals, Prosthetic Clinics, and Rehabilitation Centers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2024

Global artificial limbs market expected to generate around USD 2,758 million by 2024, at a CAGR of around 5.8% between 2019 and 2024. The global artificial limbs market is likely to be driven by osteoarthritis, which affects the aging population the most and has triggered an increased demand for joint replacement surgeries.

15-Feb-2019 | Number of pages: 110 | Report Code: ZMR-3824 | Report Format : | Status : Published

Analysis

An artificial limb is also called a prosthetics device, which is used as a mechanical replacement for a missing limb. Artificial limbs are lightweight and high-strength custom fabricated devices that are used for amputees with lost their limbs caused by diseases or injuries. The materials used in artificial limbs comprise laminated fibers and plastics, willow wood, carbon-fiber composites, and different metallic alloys. Arm prosthesis, leg prosthesis, and cosmetic prosthesis are some types of prosthetics. Transradial or transhumeral are two main types of arm prosthesis. Transradial prosthetics are used for amputation below the elbow, whereas transhumeral prosthetics are attached to the upper arm in the cases with a missing elbow joint. Leg prosthetics are majorly divided into two types—transfemoral and transtibial. Transfemoral prosthetics comprise an artificial knee joint that is attached to the thigh. Transtibial prosthetics, on the other hand, are used to replace parts missing below the knee.

Growing geriatric population and rising obese population are likely to be the major factors contributing toward the growth of the artificial limbs market over the estimated timeframe globally. Moreover, diseases like osteoarthritis affect the aging population the most, which has triggered an increased demand for joint replacement surgeries. As per the National Limb Loss Information Center, in the U.S., about 1.7 million of the population lives with some type of limb loss. It is expected that 1 out of every 200 individuals will have an amputation in the U.S., due to trauma, vascular complications (such as diabetes), and cancer. Novel technologies and the use of new materials have induced an improvement in the available products and made them more adaptive to patients’ needs.

Global Artificial Limbs Market

By product type, the market is segmented into lower extremity, upper extremity, liners, and sockets. The lower extremity segment is expected to hold a substantial revenue share over the forecast timeline, owing to the increasing geriatric population, unhealthy lifestyle, and rising number of overweight people globally, resulting in high incidences arthritis and osteoarthritis. The technology segment of the artificial limbs market include electrically powered, cable operated, and cosmetic prosthetics. The electrically powered segment held the largest market share in 2018 and is expected to show the highest CAGR over the forecast time period. This can be attributed to the rising adoption of electrically powered devices, owing to their beneficial feature easy availability, and a higher degree of customization. By end-user, the market is segmented into prosthetic clinics, hospitals, and rehabilitation centers. Hospitals are estimated to dominate the global artificial limbs market in the future.

By region, North America is expected to dominate the global artificial limbs market in the future. Well-established medical devices industry, a rising number of research activities for development of novel devices, the growing prevalence of chronic disorders, and continuous technological advancements made in digital techniques across the region is expected to boost the growth of the artificial limbs market in North America over the estimated timeframe. Europe was the second largest market followed by the Asia Pacific region. The Asia Pacific artificial limbs market is projected to register the highest growth rate over the forecast time period, owing to increasing income and altering demographics across the region. The Middle Eastern and African and Latin American markets are expected to experience moderate growth in the years to come.

Some key players of the global artificial limbs market are Ossur, Hanger, Inc., Ohio Willow Wood Company, Ottobock, RSL Steeper Group Ltd., PROTEOR, Blatchford Group, Liberating Technologies, Inc., Fillauer LLC, Spinal Technology, Inc., and Optimus Prosthetics, among others.


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