Global Limb Prosthetic Devices Market: Overview

Recent advancements in prosthetics have addressed several limitations faced by amputees. The newly introduced microprocessor-controlled joints are making prosthetic legs and arms highly responsive to environmental barriers, as these joints can be easily controlled by the user. Technological advancements by innovators at MIT have presented new abilities such as propulsion systems, integrated sensors, and sophisticated algorithms that function collectively in order to assist in a natural joint movement. Moreover, advancements in surgical techniques have facilitated more intuitive control and secure attachment of prostheses.

Global Limb Prosthetic Devices Market: Key Trends

New technologies and materials have resulted in improved products that are more adaptable. Materials such as urethanes and silicone and mineral-based liners are more flexible, comfortable, and lightweight compared to conventional materials such as wood and hard plastics. These advanced materials have a remarkable quality known as 'memory,' which allows them to respond to varying degrees of pressure. Soft and pliant nature of advanced prosthetic materials allow the socket to expand and contract during the swing phase, holding it securely on the residual limb. It also protects the underlying skin of the residual limb from surface damage. These technological advancements drive the market, as demand for more technically advanced and comfortable solutions is generated. Governments in developing countries are launching schemes that would cover a certain portion of the cost of artificial limbs. For instance, in India, the Government of Goa has announced a scheme called 'Artificial Limbs to Patients'. Under the scheme, the government will bear 50% of the cost of prostheses or artificial limbs fitted on patients admitted at the Goa Medical College. Introduction of such favorable policies is likely to motivate amputees to opt for prosthetics, which is expected to augment the artificial limbs market during the forecast period.

Diabetes and vascular diseases are the primary causes of amputation. Increase in the number of people afflicted with these diseases is projected to drive demand for prosthetics. However, several amputees cannot afford a prosthetic, whose cost is comparable to their average monthly income. In developed countries such as Canada, the cost of a prosthetic leg is more than that of a luxury car. High cost of prosthetics is anticipated to hamper the market during the forecast period.

Global Limb Prosthetic Devices Market: Segmentation

The global limb prosthetic devices market can be segmented based on product type, technology, end-user, and region. In terms of product type, the global market can be classified into upper extremity, lower extremity, sockets, liners, and others. Based on technology, the market can be categorized into cable operated/body powered prosthetics, electrically powered/myoelectric prosthetics, and others. In terms of end-user, the global limb prosthetic devices market can be divided into hospitals, prosthetic clinics, and rehabilitation centers.

Global Limb Prosthetic Devices Market: Regional Analysis

In terms of region, the global limb prosthetic devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to account for major market share by 2026. This can be attributed to the large number of amputations and high number of patients suffering from vascular diseases in the region. North America is also home to several key players such as RSL Steeper, Ohio Willow Wood Company, and Hanger. This is likely to boost the market in the region during the forecast period. However, the market in Asia Pacific is expected to expand at a high CAGR in the next few years. Rapid increase in the geriatric population and increase in incidence of motor accidents and injuries are factors contributing to the growth of the market in the region.

Global Limb Prosthetic Devices Market: Competitive Landscape

Major players operating in the global limb prosthetic devices market include Össur, Ottobock, Ohio Willow Wood Company, Hanger, Inc., RSL Steeper Group Ltd., Blatchford Group, PROTEOR, and Optimus Prosthetics.

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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