Global Artificial Limbs Market: Snapshot
Artificial limb prosthetics are devices used to replace the function of a missing limb. According to the National Limb Loss Information Center, there are approximately 1.7 million individuals living with limb loss in the U.S. It is estimated that one out of every 200 people in the U.S. has had an amputation. The most common reason for amputation are vascular complications (mainly diabetes), trauma and cancer. New technologies and new materials have resulted in improved products that are more adaptable. Materials like urethanes, silicone and mineral based liners are much more flexible, comfortable and lightweight compared to conventional materials like wood and hard plastics. These advanced materials have remarkable quality known as “memory,” that allows them to respond to varying degrees of pressure. The soft and pliant nature of advanced prosthetic materials allows the socket to expand and contract during the swing phase, holding it securely on residual limb. It also protects the underlying skin of the residual limb from surface damage. These technological advances drive the market growth as demand is created for more technically advanced and comfortable solutions.
Transparency Market Research estimates that the artificial limbs market will expand at a CAGR of 5.7% over the forecast period between 2017 and 2025. Escalating at this pace, the market, which had a valuation of US$ 1,750.0 Mn in 2016 in terms of revenue, is projected to rise to US$ 2,869.3 Mn by 2025.
Market Likely to Witness Rising Demand for Electrically Powered or Myoelectric Segment
The artificial limbs market has been estimated on the basis of technology, product, end user and geography. On the basis of technology, electrically powered or myoelectric segment is projected to lead the market in terms of revenue and continues to dominate the market during the forecast period. Factors such as more grip options and high degree of customization offered by myoelectric prosthetics are contributing to the leadership position of this segment. The electrically powered segment held nearly 41.7% of the global market in 2016. Recent advancements in myoelectric prosthetics enabling multi-articulating myoelectric hands to allow lifelike movement to amputees have proven crucial in enabling growth in the segment. In addition, the rising disposable income has made them more willing to spend on high maintenance cost commonly associated with maintaining advanced prosthetics.
Based on products, the global artificial limbs market can be segmented into upper extremity prosthetics, sockets, lower extremity prosthetics, liners, and others. Of these, the demand for lower extremity prosthetics is expected to scale at a higher pace. The rising prevalence of vascular diseases and the rising number of road accidents is expected to enable growth in the segment.
North America Emerged Dominant and Likely to Maintain its Lead
Geographically, artificial limbs market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America dominated the artificial limbs in terms of revenue in 2016 and is projected to retain its dominant position during the forecast period from 2017 to 2025. Early adoption of novel technologies and high disposable income is responsible for the dominance of the region during the forecast period. Moreover, high public awareness and active involvement of government and private sector in the research and development of new products is attributed to the growth of the market in the region.
Key companies profiled in the report include Össur, 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.
Global Artificial Limbs Market: Overview
Artificial limbs are custom fabricated limbs that act as a substitute for amputees who have lost their limbs due to injury or disease. Type of limbs to be used is determined by the extent of amputation and location of missing extremity. Artificial limbs must possess certain qualities such as high strength and low weight, therefore artificial limbs are made up of specialized materials such as kevlar, carbon fiber and titanium. These materials allows restricted movement of the artificial limb along with control over it with reduced pain. Technological developments such as CAD/CAM technology that allows manufacturers to develop limbs as per the individual requirements has fuelled the market of artificial limbs. Mechanical devices have been used to provide assistance to persons with amputation in performing normal functions. Although these mechanical devices provide certain degree of improvement to amputees, however there are certain limitations of mechanical devices
Global Artificial Limbs Market: Scope of the Study
This report on the artificial limbs market analyzes the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments. The research is a combination of primary and secondary research. Detailed qualitative analysis of factors responsible for driving and restraining market growth and opportunities has been provided in the market overview section. Market revenue in terms of US$ Mn for the period between 2015 and 2025 along with the compound annual growth rate (CAGR %) from 2017 to 2025 are provided for all the segments, considering 2016 as the base year.
Market related factors such as technological developments, product innovation, expansion of healthcare infrastructure facilities around the world, and historical year-on-year growth have been taken into consideration while estimating the market size. Growth rates for each segment within the artificial limbs market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, product development life cycle, and regulatory requirements. These factors would help the market players to take strategic decisions in order to strengthen their positions and expand their share in the global market.
Global Artificial Limbs Market: Segmentation
In terms of technology, the artificial limbs market is categorized into cosmetic prosthetics, cable operated/body powered prosthetics, electrically powered/ myoelectric prosthetics and others. In terms of end users, the artificial limbs market is segmented into hospitals, prosthetic clinics and rehabilitation centers. In terms of products, the artificial limbs market is categorized into upper extremity prosthetics, lower extremity prosthetics, sockets, liners and others
Global Artificial Limbs Market: Regional Outlook
On the basis of geography, the artificial limbs market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America comprises the U.S. and Canada. Europe comprises Germany, France, U.K., Spain, Italy and Rest of Europe. Asia-Pacific comprises China, India, Japan, Australia and New Zealand and Rest of Asia Pacific. Latin America comprises Brazil, Mexico and Rest of Latin America. Middle East & Africa comprises of GCC Countries, South Africa and Rest of Middle East & Africa. The competition matrix section included in the report is likely to assist the existing players to increase their market shares and new companies to establish their presence in the artificial limbs market. The report also profiles major players in the artificial limbs market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments.
Key companies profiled in the report include Össur, 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
The Artificial Limbs market has been segmented as follows:
Global Artificial Limbs Market, by Product
- Upper Extremity
- Lower Extremity
Global Artificial Limbs Market, by End User
- Prosthetic Clinics
- Rehabilitation Centers
Global Artificial Limbs Market, by Technology
- Cosmetic Prosthetics
- Cable Operated/ Body Powered
- Electrically powered/ Myoelectric
Global Artificial Limbs Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA