Global Artificial Joints and Limbs Market: Overview

A limb or joint lost to accident, disease, or birth defect can be replaced with an artificial limb or joint. Such a replacement is called a prosthesis. Artificial limbs enhance the function and lifestyle of persons with limb loss. In order to match the functional needs of an individual, the prosthesis must be a unique combination of design, materials, alignment, and construction. These functional needs are complex and differ for lower and upper extremities. Lower limb prostheses can address stability in walking & standing, energy storage & return, shock absorption, cosmetic appearance, and other functional needs related to jumping, running, and other athletic activities. Upper limb prostheses can address grasping & reaching, certain occupational challenges such as painting, hammering, weightlifting, and daily activities such as writing, eating, and dressing. Artificial joints support the limbs of patients suffering from disease or injury through controlling, limiting, guiding, or immobilizing a joint, limb, or body segment. These can be used to enable movement (mechanical), restrict movement, as a rehabilitation device after the removal of a cast, to correct the shape or function of part of the body, to reduce weight bearing pressure, or to ease pain.

Global Artificial Joints and Limbs Market: Key Trends

Key drivers of the global artificial joints and limbs market include increase in geriatric population, rise in prevalence of diseases such as vascular diseases, diabetes, and osteoarthritis; surge in adoption of braces and supports for non-invasive treatment; rise in obesity rates and cost of treatment; increase in incidence of road accidents & sports injuries, surge in awareness, and availability of personalized orthopedic prosthetics. However, unfavorable reimbursement policies, entry barriers in terms of regulatory guidelines, and shortage of well-equipped rehabilitation centers are the factors hampering the growth of the global artificial joints and limbs market.

Global Artificial Joints and Limbs Market: Segmentation

The global artificial joints and limbs market can be segmented based on product, end-user, and region. In terms of product, the market can be bifurcated into artificial joints and artificial limbs. The artificial joints segment can be classified into artificial knee replacement, artificial hip replacement, artificial elbow replacement, artificial shoulder replacement, and others. The artificial limbs segment can be categorized into lower extremity, upper extremity, and others. Based on end-user, the global artificial joints and limbs market can be divided into hospitals, prosthetic clinics, rehabilitation centers, and others.

Global Artificial Joints and Limbs Market: Regional Analysis

In terms of region, the global artificial joints and limbs market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for significant share of the global market in 2017 owing to the extensive research and technological advancements in the region. Increase in surgical procedures and improvement in reimbursement scenario are also likely to propel the market in the region. Favorable reimbursement policies, regulatory framework focused on patient safety, and high treatment efficacy standards are projected to augment the market in North America. Europe accounted for significant share of the global artificial joints and limbs market in 2017 due to the presence of enhanced health care processes and increase in amputation procedures in the region. Furthermore, increase in the geriatric population is anticipated to propel the market in Europe. Improvement in health care infrastructure and increase in patient awareness about artificial joints and limbs treatment options are anticipated to drive the market in Asia Pacific. Growth in medical tourism in Asia Pacific is also projected to augment the market. Countries in Latin America such as Mexico and Brazil offer lucrative opportunities in the market due to the developing medical structure and high disposable income of people.

 Global Artificial Joints and Limbs Market: Competitive Landscape

Key companies operating in the global artificial joints and limbs market are Össur Corporate, Zimmer Biomet, Blatchford Group, Fillauer LLC, Ottobock, Exactech, Inc., Smith & Nephew plc, and Stryker Corporation, among others. These players have adopted product development strategies such as approvals, product launches, and clinical trials in order to increase market share.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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