DUBLIN, Oct. 20, 2023 /PRNewswire/ — The “Global Prosthetics Market (by Technology Type, User Type, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The global prosthetics market is poised for substantial growth, with a projected value of $2.30 billion by 2023, growing at a robust CAGR of 5.87% during the forecasted period.
This market growth is driven by a combination of factors, including the increasing prevalence of diabetes, a surging geriatric population, rising incidence of road injuries, and a growing prevalence of bone cancer. Additionally, the adoption of innovative technologies like artificial intelligence (AI) in robotic prosthetics is expected to further boost market expansion.
Segmentation Overview:
The report segments the global prosthetics market into several categories:
By Technology Type:
- Electric Powered Technology
- Hybrid Prosthetics
- Conventional Technology
Electric powered technology, particularly myoelectric prostheses, dominated the market due to their ability to provide natural appearance and functionality. The growth in this segment was propelled by an increase in traffic accidents resulting in severe injuries, leading to a higher demand for electric powered prostheses.
By User Type:
- Prosthetic Clinics
- Hospitals
- Rehabilitation Centers
- Others
Hospitals are expected to experience the highest Compound Annual Growth Rate (CAGR) during the forecasted period. The growth is attributed to the rising incidences of medical conditions, such as diabetes, leading to lower limb issues, and ankle and feet disorders, necessitating surgical interventions.
Geographic Coverage:
The global prosthetics market is divided into four regions:
- North America
- Europe
- Asia Pacific
- ROW (Rest of the World)
North America leads the market, driven by an increasing prevalence of orthopedic injuries, growing trauma cases, and the rise in obesity contributing to diabetes. Europe presents strong growth potential, primarily due to rising life expectancy, an aging population, and an increase in road injuries.
Key Drivers:
- Increasing Prevalence of Diabetes: The global rise in diabetes cases has led to a higher incidence of lower limb problems, boosting the demand for prosthetic implants.
- Surging Geriatric Population: As the world’s population ages, the need for prosthetic solutions to maintain mobility and functionality increases.
- Rising Incidence of Road Injuries: Road accidents can result in severe limb injuries, necessitating the use of prosthetic devices to restore mobility and daily life activities.
- Growing Prevalence of Bone Cancer: Bone cancer cases often require surgical interventions, leading to the adoption of prosthetic implants.
Key Challenges:
- Potential of Low-Cost and Limited-Function Prostheses: High-end prosthetic devices face challenges due to their small market size and high costs, leading to affordability and access issues for patients.
- Barriers to Entry: The prosthetics market is highly specialized, and new entrants may face significant barriers in terms of technology and expertise.
Key Trends:
- Use of Artificial Intelligence in Robotic Prosthetics: AI is revolutionizing the healthcare sector and enhancing prosthetic devices’ precision and control, improving patients’ quality of life.
- Escalating Healthcare Spending: Increasing investments in healthcare infrastructure are driving advancements in prosthetic technologies and access to high-quality prosthetic solutions.
- Surge in Middle-Class Population: A rising middle-class population in emerging economies is boosting the demand for advanced prosthetic devices.
- Increasing Use of Myoelectric Prosthetics: Myoelectric prostheses, controlled by electrical signals generated by muscles, are gaining popularity due to their natural appearance and functionality.
Impact of COVID-19:
The COVID-19 pandemic initially posed challenges to the prosthetics market, with disruptions in supply chains and restrictions on elective medical procedures. However, the market rebounded with the adoption of digitalization in prosthetic design and manufacturing. Technologies like 3D scanners and AI-supported prosthetics are expected to drive market growth in the post-COVID era.
Key Players:
The global prosthetics market is moderately concentrated, with leading companies pursuing growth strategies such as mergers, acquisitions, collaborations, and agreements. Key players include Straumann Holdings AG, Zimmer Biomet Holdings, Inc., Ossur HF, WillowWood, Hanger, Inc., Blatchford, Fillauer Companies, Inc., Proteor Group, Streifeneder, Ottobock SE & Co. KGaA, ProtUnix, Daw Industries, and Trulife.
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
For more information about this report visit https://www.researchandmarkets.com/r/cwycef
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