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.
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