Global Artificial Limbs Market: Snapshot
Artificial limb prosthetics are devices
used to replace the function of a missing limb. According to the
National Limb Loss Information Center, there are approximately 1.7
million individuals living with limb loss in the U.S. It is estimated
that one out of every 200 people in the U.S. has had an amputation. The
most common reason for amputation are vascular complications (mainly
diabetes), trauma and cancer. New technologies and new materials have
resulted in improved products that are more adaptable. Materials like
urethanes, silicone and mineral based liners are much more flexible,
comfortable and lightweight compared to conventional materials like wood
and hard plastics. These advanced materials have remarkable quality
known as “memory,” that allows them to respond to varying degrees of
pressure. The soft and pliant nature of advanced prosthetic materials
allows the socket to expand and contract during the swing phase, holding
it securely on residual limb. It also protects the underlying skin of
the residual limb from surface damage. These technological advances
drive the market growth as demand is created for more technically
advanced and comfortable solutions.
Transparency Market Research estimates
that the artificial limbs market will expand at a CAGR of 5.7% over the
forecast period between 2017 and 2025. Escalating at this pace, the
market, which had a valuation of US$ 1,750.0 Mn in 2016 in terms of
revenue, is projected to rise to US$ 2,869.3 Mn by 2025.
Market Likely to Witness Rising Demand for Electrically Powered or Myoelectric Segment
The artificial limbs market has been
estimated on the basis of technology, product, end user and geography.
On the basis of technology, electrically powered or myoelectric segment
is projected to lead the market in terms of revenue and continues to
dominate the market during the forecast period. Factors such as more
grip options and high degree of customization offered by myoelectric
prosthetics are contributing to the leadership position of this segment.
The electrically powered segment held nearly 41.7% of the global market
in 2016. Recent advancements in myoelectric prosthetics enabling
multi-articulating myoelectric hands to allow lifelike movement to
amputees have proven crucial in enabling growth in the segment. In
addition, the rising disposable income has made them more willing to
spend on high maintenance cost commonly associated with maintaining
advanced prosthetics.
Based on products, the global artificial
limbs market can be segmented into upper extremity prosthetics, sockets,
lower extremity prosthetics, liners, and others. Of these, the demand
for lower extremity prosthetics is expected to scale at a higher pace.
The rising prevalence of vascular diseases and the rising number of road
accidents is expected to enable growth in the segment.
North America Emerged Dominant and Likely to Maintain its Lead
Geographically, artificial limbs market
has been segmented into five major regions: North America, Europe, Asia
Pacific, Latin America and Middle East & Africa. North America
dominated the artificial limbs in terms of revenue in 2016 and is
projected to retain its dominant position during the forecast period
from 2017 to 2025. Early adoption of novel technologies and high
disposable income is responsible for the dominance of the region during
the forecast period. Moreover, high public awareness and active
involvement of government and private sector in the research and
development of new products is attributed to the growth of the market in
the region.
Key companies profiled in the report
include Össur, Hanger, Inc., Ohio Willow Wood Company, Ottobock, RSL
Steeper Group Ltd, PROTEOR, Blatchford Group, Liberating Technologies,
Inc., Fillauer LLC, Spinal Technology, Inc. and Optimus Prosthetics
among others.
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