Transfemoral Prosthesis: Artificial limb that replaces the leg above the knee
- Artificial limb can be defined as a type of prosthesis which is used to replace missing extremities of legs or arms. Artificial limbs are of four types: transradial, transtibial, transfemoral, and transhumeral prosthesis.
Read Report Overview – https://www.transparencymarketresearch.com/transfemoral-prosthesis-market.html
- Transfemoral prosthesis can be defined as an artificial limb which replaces the amputated leg above the knee. Patients with transfemoral prosthesis need to apply over 80% more energy to walk than a normal person.
- Transfemoral prosthesis includes a socket which attaches to the residual limb, shank, prosthetic knee, and foot-ankle assembly
Request Brochure of Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=72600
Key Drivers and Restraints of Global Transfemoral Prosthesis Market
Significant technological advances in the development of transfemoral prosthesis through the usage of newer plastics and other materials such as carbon fiber make these lighter and stronger, thereby reducing the extra energy needed to operate the limb. Moreover, advances in technology enable development of life-like prosthesis using silicon or PVC. This boosts the growth of the global transfemoral prosthesis market.
Increase in the target population requiring transfemoral prostheses is a major driver of the global transfemoral prosthesis market. According to the CDC, over 1.8 million people in the U.S. were living without a limb in 2016, of which over 19% were transfemoral amputees. Furthermore, the population living without a limb is expected to reach over 4 million by 2050.
Rise in prevalence of diabetes and vascular diseases among the geriatric population, which is a leading factor for increase in amputations, contributes to the growth of the market. For instance, over 80% of the amputations were performed in patients with peripheral vascular disease and diabetes.
Mind-controlled humonics solutions is the new focus of research & development in the prosthetics field. Humonics, a later stage of bionics, aims to address unmet needs of human-like aesthetics, including gestures, volitional control, and lost sensation. Extensive research in the field of artificial intelligence aimed at creating higher quality of life for amputees is likely to result in the development of technologically advanced products. This is projected to drive the transfemoral prostheses market during the forecast period.
Request for Analysis of COVID-19 Impact on Transfemoral Prosthesis Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=72600
The cost of prosthetic limbs reflects technological innovations utilized. However, several amputees cannot afford a prosthetic limb owing to low disposable income. High cost of the devices due to lack of mass production because of patient specificity is anticipated to hamper the growth of the market.
Additionally, the changing reimbursement scenario leading to reimbursement cuts for prostheses is expected to hamper the growth of the market. The Affordable Care Act has established provisions related to Essential Health Benefits (EHBs). In order to be certified in the marketplace, insurance policies need to offer coverage for Essential Health Benefits (EHBs). If a benefit is deemed an EHB, it cannot be subject to caps. However, several states do not explicitly take into account prosthetic devices in the EHBs, which can adversely affect the market.
Asia Pacific Market to Grow at Significant Pace
In terms of region, the global transfemoral prosthesis market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of revenue, North America is projected to dominate the global transfemoral prosthesis market during the forecast period. This can be attributed to the high number of amputations and large number of patients suffering from vascular diseases in the region. North America is also home to several key players such as Steeper, Inc. and Ohio Willow Wood Company. This is likely to boost the market in the region during the forecast period.
The market in Asia Pacific is anticipated to grow at a high CAGR during the forecast period. This can be attributed to increase in the geriatric population and rise in incidence of motor accidents and injuries. According to the WHO, in China, around 35.4% of adults are overweight, 7.3% are obese, and 23.8% are physically inactive. A rising number of overweight adults is likely to develop chronic diseases (such as diabetes and peripheral artery diseases) in the near future, which is projected to drive the market in the country in the next few years.
Pre Book Transfemoral Prosthesis Market Report at https://www.transparencymarketresearch.com/checkout.php?rep_id=72600<ype=S
Key Players Operating in Global Market
The global transfemoral prosthesis market is highly fragmented, with each manufacturer accounting for no more than 4% to 5% share. Key players operating in the global market are:
- Össur hf
- Ottobock SE & Co. KGaA
- Dycor Technologies, Inc.
- PROTEOR Group
- Blatchford Group
- Fillauer LLC
- Trulife
- WillowWood Global LLC
- Streifeneder ortho.production GmbH
- Roadrunnerfoot Engineering SRL
- Steeper, Inc.
More Trending Reports by Transparency Market Research –
Upper Respiratory Tract Disorder Diagnostics and Therapeutics Market: https://www.biospace.com/article/upper-respiratory-tract-disorder-diagnostics-and-therapeutics-market-global-opportunity-analysis-and-industry-forecast-2020/
Read our Case study at https://www.transparencymarketresearch.com/casestudies/innovative-medical-device-manufacturing-start-up
About Us
Transparency Market Research is a global market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for several decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts so that it always reflects latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
