Prosthetics Market (Product: Orthopedic Prosthetics, Dental Prosthetics, and Others; End User: Hospitals, Specialty Clinics, Dental Clinics, and Others; and Technology: Cosmetic Prosthetics, Cable Operated/Body Powered, Electrically Powered/Myoelectric, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Combination Electronic Skin to Store Energy in Electrically Powered Prosthetics
The adoption of electrically powered/myoelectric technology is predicted to grow at an aggressive rate during the forecast period. Hence, companies are increasing R&D in electrically powered technology to meet specific requirements of individuals.
Since powered prosthetic devices require a great deal of electricity to function efficiently, researchers are developing innovative skin that stores electricity. For instance, researchers at the University of Glasgow have developed a combination electronic skin to generate and store electricity for prosthetic devices. Thus, manufacturers in the prosthetics market should collaborate with researchers to gain expertise in electrically powered prosthetics.
Researchers are experimenting with innovative materials such as graphite-polyurethane composite covered by graphene. These materials act as electric supercapacitors capable of storing energy and cater to energy conservation needs of end users. Likewise, the graphene component acts as a solar panel that converts sunlight to electricity in order to charge the supercapacitor. Thus, companies in the prosthetics market landscape should adopt such innovations to make their products eco-friendly.
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Rapid Prototyping Opens up New Income Avenues involving Prosthodontics
The computer-aided design/computer-aided manufacturing (CAD/CAM) technology is growing popular in the dental prosthetics segment. The CAD/CAM technology has given rise to rapid prototyping (RP), which has resulted in accuracy of prosthetic restorations, as compared to conventional restoration techniques.
Ongoing innovations in digital technology are revolutionizing the prosthetics market. As such, the dental prosthetics product segment of the prosthetics market is projected for exponential growth during the forecast period. Hence, manufacturers are increasing research in RP to digitize dental treatment.
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RP offers promising opportunities in dental fields such as fabrication of surgical implant guides, maxillofacial prosthesis, and the likes. The CAD/CAM technology is being used by companies in the prosthetics market to reduce reliance on human variables and overcome limitations of conventional methods. In order to broaden their scope in incremental opportunities, companies are achieving fabrication of high-precision metal parts using selective laser melting technology.
Demonstration of Value Proposition Involving Prosthetics Reassures Faith of Amputees
The prosthetics market is undergoing a change with the addition of AI and machine learning to develop mind-controlled prosthetics. Companies are developing prosthetic arms and limbs that are more adaptive and mimic the near-natural function of the human body parts. However, high reimbursement costs associated with these advanced prosthetics are some of the issues that companies need to address in order to sustain in the competitive prosthetics market landscape.
The prosthetics market is highly fragmented with emerging and prominent players accounting for ~80% market share. Thus, it is easier for new players to enter the market, but all companies need to tackle the common problem of high costs and lack of reimbursement policies to sustain in the market. High degree of abandonment by amputees has slowed down innovations and has created a barrier for investment by insurance companies in advanced technologies.
In order to overcome barriers of high costs and inefficient reimbursement policies, companies are increasing awareness and demonstrating the value proposition of prosthetics. This is being achieved by increasing research to develop cutting-edge prosthetics.
User-friendly Prosthetics Increase Accessibility for Amputees
Companies are developing user-friendly prosthetics that are improving the quality of life of amputees. They are innovating in novel control systems for 3D-printed prosthetic hand that is capable of performing intricate and natural finger motions with greater accuracy. As such, orthopedic prosthetics product segment of the prosthetics market is estimated to generate second-highest revenue by 2027.
There is a growing demand for user-friendly prosthetics that require minimal training, especially in case of elderly patients. Advantages of user-friendly prosthetics are making them widely accessible for amputees. Companies in the prosthetics market are increasing research in unique control systems using muscle synergy theory to deploy complex movements.
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Researchers are introducing virtual reality programs to help prosthetic limbs feel more connected to the body of amputees. Asia Pacific is projected for exponential growth during the forecast period of the prosthetics market. This is evident as stakeholders in the Indian prosthetics startup, Social Hardware, are aiming to develop prosthetics for low-income rural amputees.
Moreover, the myoelectric prosthetic technology dominates the prosthetics market landscape. However, in order to use these types of prosthetics, amputees need to undergo a lot of training, which is undesirable in individuals. Hence, manufacturers should increase the availability of adaptable 3D-printed prosthetics to overcome the limitations of the myoelectric prosthetic technology.
Prosthetics Market: Overview
- The global prosthetics market was valued at ~US$ 8.9 Bn in 2018 and is projected to expand at a high CAGR from 2019 to 2027. The global market is driven by rise in prevalence of dental disorders, aging population, growing medical tourism for dental procedures, increase in incidence of diabetes among the population leading to amputations, and surge in accident and trauma cases leading to limb loss.
- Prosthetics refers to the science of developing prosthesis, which are artificial substitutes or replacement for a lost body part, including arm, limb, eye, facial bone, and tooth. These are designed for both functional and cosmetic reasons.
- The global geriatric population is expected to increase rapidly in the next few years. Decline in fertility and improved longevity are prominent factors for the aging population. Increase in the geriatric population also implies a rise in joint instability, fractures, and joint afflictions such as osteoporosis and osteoarthritis. Surge in joint afflictions is likely to propel the artificial limbs market during the forecast period.
- An increasing number of baby boomers are vulnerable to a range of dental or oral diseases including periodontal disease, malocclusion, and tooth loss & decay. This is projected to drive the demand for dental biomaterials in the near future.
Prosthetics Market: Segmentation
- The global prosthetics market has been segmented based on product, end user, technology, and region
- In terms of product, the global prosthetics market has been categorized into orthopedic prosthetics, dental prosthetics, and others. Orthopedic prosthetics have been classified into upper extremity, lower extremity, liners, sockets, and others. Dental prosthetics have been split into crowns, bridges, veneers, inlays & onlays, and dentures.
- Based on end user, the global prosthetics market has been divided into hospitals, specialty clinics, dental clinics, and others. The dental clinics segment dominated the market in 2018 and the trend is anticipated to continue during the forecast period, owing to rise in prevalence of dental problems among the people and increase in preference for dental clinics for prosthetic procedures.
- In terms of technology, the global prosthetics market has been classified into cosmetic prosthetics, cable operated or body powered, electrically powered or myoelectric, and others
Prosthetics Market: Regional Segmentation
- In terms of region, the global prosthetics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global prosthetics market in 2018 and the trend is expected to continue during the forecast period. Growth of the market in the U.K. can be attributed to increase in demand for cosmetic dentistry. According to the National Health Service (NHS) Dental Statistics for England, around 40 million dental procedures were performed in the U.K. in 2017.
- The global prosthetics market in Asia Pacific is anticipated to expand at a higher CAGR during the forecast period. Robust growth of the market in the region can be attributed to increase in manufacturing of prosthetics in India and South Korea. Additionally, the geriatric population in China is estimated to be around 120 million currently, which is expected to reach over 400 million by 2050. Moreover, China has the largest geriatric population in the world.
Prosthetics Market: Major Players
- Key players operating in the global prosthetics market include Institut
- Straumann AG
- Danaher Corporation (Nobel Biocare Services AG)
- Zimmer Biomet Holdings, Inc.
- Dentsply Sirona, Inc.
- BioHorizons, Inc.
- Hanger, Inc.
- Ohio Willow Wood Company
- Ottobock SE & Co.
- GaA, and Blatchford Group (Chas. A. Blatchford & Sons Ltd.)
- These players are focused on adopting organic growth strategies to strengthen product portfolio. These companies have adopted strategies such as collaborations, investment in research & development, strengthening their Prosthetics pipeline, and product launches in order to be competitive in the global prosthetics market.
Prosthetics Market - Scope of the Report
TMR’S report on the global prosthetics market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2019 to 2027. The report provides the overall revenue of the global prosthetics market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global prosthetics market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global prosthetics market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of the top-down and bottom-up approaches to study various phenomena in the global prosthetics market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global prosthetics market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global prosthetics market. The next section of the global prosthetics report highlights the USPs, which include regulatory scenarios for prosthetics globally, prosthetics value chain analysis, and potential industry developments in the global prosthetics market.
The report delves into the competitive landscape of the global prosthetics market. Key players operating in the global prosthetics market have been identified, and each one of these has been profiled for their distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global prosthetics market report.
Key Questions Answered in Prosthetics Market Report
- What is the sales/revenue generated by prosthetic products across all the regions during the forecast period?
- What are the key trends in the prosthetics market?
- What are the major drivers, restraints, and opportunities in the market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2027 and which product will expand at the fastest CAGR during the forecast period?
Prosthetics Market - Research Objectives and Research Approach
The comprehensive report on the global prosthetics market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and health care compliances laid down by accredited agencies in the purview of research in the global prosthetics market. It is followed by market introduction, market dynamics, and an overview of the global prosthetics market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the prosthetics market. The next section of the global prosthetics market report highlights the USPs, which include regulatory scenarios for prosthetics globally, prosthetics value chain analysis, and key product launches, in the global market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section further divided into small sections. The entire report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key prosthetics manufacturers has been mapped to ascertain the size of the global prosthetics market in terms of value. The forecast presented here assesses the total revenue generated in the prosthetics market. In order to provide an accurate forecast, we initiated by sizing up the current prosthetics market with the help of the parent market.
The report analyzes the global prosthetics market in terms of product, indication, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2027 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the prosthetics market.
Prosthetics Market – Segmentation
Cable Operated/Body Powered
Middle East & Africa