Global Prosthetic Kit Market: Introduction

  • The global prosthetic kit market has witnessed strong growth in the past few years, attributed to increase in health care spending in emerging economies, the growing relevance of the public-private partnership (PPP) model across different regions, rise in the prevalence of joint-related diseases, and increase in the geriatric population.

Global Prosthetic Kit Market: Key Trends

  • Increase in the number of amputation cases globally, advancements in the robotic space, and initiatives taken by government organizations such as the Centers for Disease Control (CDC) and nonprofit organizations such as Amputee Coalition to facilitate funding and purchase of prosthetic devices for the amputee population drive the global market. Moreover, increase in limb amputations owing to cardiovascular diseases, war casualties, cancer, and congenital defects is expected to propel the global prosthetic kit market.
  • Rise in prevalence of vascular diseases, obesity, stroke, diabetes, and arthritis has resulted in an increase in the frequency of amputations. According to the American Academy of Physical Medicine and Rehabilitation, 30,000 to 40,000 amputations were performed in the U.S. in 2019. According to the Public Health England (PHE), 27,465 amputations were reported in the U.K. between 2015 and 2018, an increase of 14% during the period.
  • Moreover, advances in material sciences have enabled the use of thermoplastics and carbon fiber materials in the manufacture of robotic amputation devices, boosting overall efficiency and lowering the prosthetic device cost. Other factors likely to boost the growth of the global robotic prosthetics market during the forecast period are rise in acceptance of these advanced devices from manufacturers like Ekso Bionics, ReWalk Robotics, etc. in developed countries and rise in awareness about these improvements.
  • Government institutions such as the Centers for Disease Control and Prevention (CDC) and the Defense Advanced Research Projects Agency (DARPA) are funding research and innovation in this sector. This growing government participation in robotic prosthetics is projected to drive demand for these devices during the forecast period. For example, the CDC is financing the 'Amputee Coalition National Limb Loss Resource Center,' which provides financial assistance to amputees.
  • In terms of technology, the global prosthetic kit market can be bifurcated into microprocessor controlled (MPC) prosthetics and myoelectric prosthetics. The MPC prosthetics segment accounted for the largest market share in 2020 due to the ease of availability of these products compared to myoelectric devices. Moreover, increase in research for development of innovative products that utilize MPC technology is a major factor driving the segment.
  • The myoelectric prosthetics segment is expected to grow at a rapid pace during the forecast period. Benefits of myoelectric prostheses such as mobility and utilization of electro signals for limb movement boost the growth of the segment. Moreover, rise in number of R&D activities performed by major companies and new product releases utilizing this technology are likely to drive the segment during the forecast period.

North America to Capture Major Share of Global Prosthetic Kit Market

  • North America dominated the global robotic prosthetic kit market in 2020, accounting for market share of 43.5%. This is attributed to increase in penetration of technologically advanced products, high health care spending, developments in the robotics industry, and favorable government initiatives to boost robotic technology. Moreover, focus of government authorities to reduce amputations is projected to augment the market in North America during the forecast period.
  • The market in Asia Pacific is anticipated to grow at a rapid pace from 2021 to 2031. Increase in the geriatric population that is prone to diabetes and ulcer, ongoing investments in robotics, and improved health care infrastructure in emerging economies such as India and China propel the market in the region. Additionally, rise in medical tourism in the region is likely to increase demand for robotic prosthetics.

Key Players Operating in Global Prosthetic Kit Market

Major players operating in the global prosthetic kit market are:

  • HDT Global
  • Ottobock
  • EndoliteSynTouch, Inc.
  • Touch Bionics, Inc.
  • Shadow Robot Company
  • Össur Americas
  • ReWalk Robotics
  • Ekso Bionics
  • Sarcos Robotics
  • Synchron
  • Xilloc Medical
  • Other players

Global Prosthetic Kit Market: Research Scope

Global Prosthetic Kit Market, by Technology

  • MPC Prosthetics
  • Myoelectric Prosthetics

Global Prosthetic Kit Market, by Extremity

  • Lower Body Prosthetics
  • Upper Body Prosthetics

Global Prosthetic Kit Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.

All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:

  • Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
  • Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
  • Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
  • Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.

The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to

  • North America, South America, and the Americas
  • Asia Pacific and Japan
  • Europe
  • Latin America
  • Middle East and Africa

The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:

  • What are the major recent trends that can influence the product life cycle and the RoI?
  • Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
  • Which micromarketing initiatives of leading players will bring in investments?
  • What can be the best framework and tools for PESTLE analysis?
  • Which regions will witness rise in new opportunities?
  • Which are the game-changing technologies being used to capture new revenue streams in the near future?
  • Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
  • What is the current and expected intensity of competition the market in the near future?

Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.

Enquiry Before Buying

TMR offers Enquiry Before Buying that help clients to get information on their business scenario required where syndicated solutions are not enough.

Enquiry Before Buying

Prosthetic Kit Market