With a handful of well-established players that account for key market share, global artificial limbs market is highly consolidated in nature, states Transparency Market Research (TMR) in a new report. Technological advances and high prices of top of the line products are attracting small players to enter this market. This is predicted to lead to intense competition in the market.
Request Brochure –
Some of the key companies currently operating in the global artificial limbs market are RSL Steeper Group Ltd., Hanger Inc., Spinal Technology Inc., Optimus Prosthetics, and PROTEOR.
Over the forecast period between 2017 and 2025, the demand in the global market for artificial limbs is expected to translate into a revenue of US$2,869.3 mn by 2025 rising from US$1,750 mn in 2016. If the figures hold true, the market will display a steady 5.7% CAGR over the forecast period. Technology-wise, the segment of myoelectric or electrically powered artificial limbs is anticipated to display the leading demand; the segment held a substantial 41.7% market share in 2016. Myoelectric artificial limbs are suitable for a high degree of customization and enable higher number of options for better grip that are collectively propelling this segment. Geography-wise, North America is seen to witness continued dominance as consumers are highly aware of advanced medical devices such as artificial limbs, along with active governmental support for research and development of new products. This, along with high healthcare expenditure and swift uptake of advanced technology for artificial limbs are serving to boost this regional market.
Request COVID Analysis on Artificial Limbs Market –
Advantages over Mechanical Assistance Devices for Everyday Functioning of Amputees Boosts Adoption
There are several factors driving the artificial limbs market. First and foremost, artificial limbs address the limitations of mechanical assistance devices used for amputees to perform day to day activities. As per statistics of the National Limb Loss Information Center, approximately 1.7 million individuals live with limb loss in the U.S.
Mechanical assistance devices enable limited movement of limbs and are mostly expensive. On the other hand, artificial limbs that are made of specialized materials such as Kevlar, titanium, and carbon fiber allow better movement because of their low weight and high strength. These materials also enable improved limb control with reduced pain. With continual research, new technologies and new materials have led to the development of improved products that are more adaptable. Silicone, urethanes, and mineral based liners offer much more flexibility, lightweight, and comfort over conventional materials. These advanced materials display ‘memory’ feature that allows them to respond as per the degree of pressure.
Request Customization on Artificial Limbs Market Report –
Introduction of Robotic Artificial Limbs to Drive Market to New Heights
Furthermore, technological advancements such as CAD/CAM technology that allows to cater to individual requirements is serving to provide immense opportunities for players in this market.
The rising incidence of osteoarthritis is creating new growth avenues for this market. Technological advancements such as digital control and robotic artificial limb are some new trends that have come to the fore in this industry. Additionally, novel movement in artificial limb technology such as development of artificial limbs integrated circuits that can act based on electrical impulses in the body are expected to offer augur well for the artificial limbs market over the coming years.
The information presented here is based on the findings of a TMR report, titled “Artificial Limbs Market (Product – Upper Extremity, Lower Extremity, Sockets, and Liners; Technology – Cosmetic Prosthetics, Cable Operated/ Body Powered, and Electrically powered/ Myoelectric; End Users – Hospitals, Prosthetic Clinics, and Rehabilitation Centers) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
Buy Artificial Limbs Market Report –
The global artificial limbs market is segmented as follows;
Global Artificial Limbs Market, by Product
- Upper Extremity
- Lower Extremity
Global Artificial Limbs Market, by End User
- Prosthetic Clinics
- Rehabilitation Centers
Global Artificial Limbs Market, by Technology
- Cosmetic Prosthetics
- Cable Operated/ Body Powered
- Electrically powered/ Myoelectric
Global Artificial Limbs Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Trending Reports of Transparency Market Research –
Pressure Relief Devices Market –
Medical Education Market –
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.”
Transparency Market Research
90 State Street,
Albany NY – 12207