Global Prosthetics Market Report 2022: Increasing Prevalence of Diabetes Fuels Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 4, 2022--
The "Global Prosthetics Market: Analysis By Technology Type, By User Type, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global prosthetics market was valued at US$2.05 billion in 2021, and is expected to be worth US$2.89 billion in 2027. Prosthetics refer to the use of artificial limbs, also known as prostheses for enhancing the function and lifestyle of individuals with limb loss. Prosthetic implant is an artificial device that is used to replace a missing body part, which is lost due to any trauma, disease, accident or a condition present at birth. People can lose all or multiple parts of an arm or leg for various reasons like circulation problems from atherosclerosis or diabetes; traumatic injuries, including traffic accidents or military combat; cancer; and birth defects. Prostheses are intended to restore the normal functions of the missing body part.
Market Segmentation Analysis:
- By Technology Type: The report identifies three segments on the basis of technology type: Electric Powered Technology, Hybrid Prosthetics and Conventional Technology. Electric powered technology segment dominated the market in 2021 with a share of around 67%. Electric prostheses, also known as myoelectric prostheses, are controlled by electrical signals generated by the body's muscles. During the historical years, growth in the global electric powered technology prosthesis was driven by increased cases of traffic accidents causing severe injuries. Therefore, demand for electric powered prostheses increased as they provide a natural appearance in the form of artificial limb. Moreover, undertaking of various technological advancements in electric prosthesis would support market growth during the forecasted years.
- By User Type: The report identifies four segments on the basis of user type: Prosthetic Clinics, Hospitals, Rehabilitation Centers and Others. Among the user type, hospital segment is expected to grow at a highest CAGR of around 7% during the forescatsed period. Growing incidences of medical ailments such as diabetes which leads to several problems in lower part of the human body, and other ankle & feet related disorders require surgical interventions, which have supported the growth of the segment throughout the years. And, the rising incorporation of digitalization and newer product launches are expected to propel the growth of the market in coming years.
- By Region: In the report, the global prosthetics market is divided into four regions: North America, Europe, Asia Pacific, and ROW. North America dominated the prosthetics market, accounting for more than 55% of revenue in 2021. Rapid urbanization, population growth, and rising consumer disposable income have all contributed to the region's phenomenal growth over the years. Moreover, factors such as increasing prevalence of orthopedic injuries, growing incidences of trauma cases, increase in sports related injuries and rise in obesity leading to diabetes also aided the market growth in the region.
Market Dynamics:
Growth Drivers
- Increasing Prevalence of Diabetes
- Rapid Urbanization
- Surging Geriatric Population
- Rising Incidence of Road Injuries
- Growing Prevalence of Bone Cancer
- 3D Printed Prosthetics
- Increasing Use of Robotics Prosthesis
Challenges
- Potential of Low Cost and Limited Function Prostheses
- Barriers to Entry
Market Trends
- Use of Artificial Intelligence in Robotic Prosthetics
- Escalating Healthcare Spending
- Surge in Middle Class Population
- Increasing Use of Myoelectric Prosthetics
The key players in the global prosthetics market are:
- Ossur HF
- Straumann Holdings AG
- Hanger, Inc.
- Blatchford
- Zimmer Biomet Holdings, Inc.
- WillowWood
- Fillauer Companies, Inc.
- Proteor Group
- Streifeneder
- Trulife
- Ottobock SE & Co. KGaA
- ProtUnix
- Daw Industries
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of Covid-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/1ap04o
View source version on businesswire.com:https://www.businesswire.com/news/home/20221004005949/en/
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KEYWORD:
INDUSTRY KEYWORD: MEDICAL DEVICES HEALTH
SOURCE: Research and Markets
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