Prosthetics Market: Global Industry Analysis and Forecast by Product, Technology, End User and region (2023-2029)

The Prosthetics Market size was valued at USD 1.6 Bn in 2022 and the total Prosthetics revenue is expected to grow at a CAGR of 4.5% from 2023 to 2029, reaching nearly USD 2.5 Bn

Prosthetics are medical devices designed for replacing a missing part of the body or making body part work better. Missing limbs and joints are the most commonly parts replaced by prosthetics. The prosthetic devices are worn by individuals who have lost their limbs or have congenital limb differences form birth. There are numerous types of prosthetic equipment’s to facilitate people in regaining mobility. The prosthetics available currently are improving the quality of patient’s life by facilitating mobility required to manage the daily activities. Lower extremity prosthetic devices allow individuals to run, walk & play sports. The increased movement is giving greater independence & confidence to the people.

The requirement of prosthetics is increasing day by day. Growing incidence of severe diabetes, rise in accidental limb injuries, & advancement in the technology in the sector are the key growth drivers for the market. Growing spending capacity of Individuals and the increasing insurance coverage are further contributing to the market growth. The healthcare industry in the low- & middle-income countries is witnessing rapid growth & development. The governments in this nation are investing in the development of prosthetics & other medical devices to ensure at strong foothold of the region in the medical devices industry.To know about the Research Methodology :- Request Free Sample Report
Competitive Landscapes:
The Prosthetics market is moderately competitive with several major players competing in the market. Prosthetics are specific products, hence not all the medical device manufacturers have these products in their pipeline. This is resulting in consolidation of the market to an extent. In North America numerous players have entered the market in response to the high demand & availability of proper reimbursement. In low- & middle-income countries players emphasizing on conventional prosthetics have a strong hold.

The leading players in the market are adopting advanced technology to develop new prosthetic products. For Instance, For instance, in November 2021, Össur, a leading provider of prosthetic & minimally invasive orthopaedic technologies announced launched three new models of its Cheetah sports prosthesis designed for amputee athletes participating in specific sports including distance running, sprinting & long jumping. Such new product launches are contributing significantly to increase the market's scope.
Prosthetics Market Dynamics:
Growth in the no of amputations driving the market growth

Loss of limbs due to due to multiple reasons, such as accidental injuries, diabetes, cancer, blood vessel diseases, infection, etc., are the key causes of amputations. This has resulted in increased requirement for prosthetic devices to improve the patient lifestyles. For instance, according to the Freedom Prosthetics Report of 2020, more than 1.0 million annual limb amputations are conducted globally. Furthermore, on average, an amputation is done every 30 seconds on a global level. These abovementioned factors are critically driving the global market.
The prosthetics are rehabilitating devices leading to improved quality of life for the patient. Hence favourable reimbursement provided for these products in some regions. The components of the prosthetics process getting an extended reimbursement coverage include measurements, physicians’ consultations, fitting, fabrication, repair, device training, & replacement. These factors are anticipated to drive the market prospects during the forecast period.

Growing adoption of technology in the limb prosthetics to boost the market growth during the forecast period.

In response to the increase requirements of advanced products increases, many players are emphasizing on the adoption of novel technologies in their devices. In terms of the global landscape, individuals with limb loss and other disabilities want products that ease their daily functioning. Several novel products are being launched in the global market. For Instance, In February 2022, Össur announced the launch of a novel product POWER KNEE, an advanced prosthetic knee equipped with an actively powered microprocessor for the lower limbs.

Apart from providing the patient with improved clinical outcomes, the product also has longevity in terms of the effect on patient. Many manufacturers making diligent efforts into introducing new materials for designing technology-based prosthetic devices for achieving a foothold market. The governments in the developing nations are also investing in promoting the development of advanced & cost-effective prosthetics to cater the unmet product demand, subsequently driving market growth.
Prosthetics Market Segment Analysis:
By Product, the global Prosthetics market is segmented into Upper Extremity Prosthetics, Lower Extremity Prosthetics, Sockets & others. Lower extremity prosthetics segment accounted for the highest market share in 2021. The higher demand for the replacement of log legs by the individuals and the availability of numerous types of devices developed by market players is driving the segment growth. The increase in the amputation practice, especially in the lower & middle-income countries is expected to further drive the segment growth.

The Upper Extremity Prosthetics segment is expected to have the highest CAGR during the forecast period. The numerous benefit form prosthetic arms & the development of advanced AI based prosthetic arms is expected to drive the segment growth. The increasing rate of amputation for arms is further driving the segment growth. In the United States, 18500 amputations are being done annually. The high acceptance of prosthetics in the U.S. & growing of the trend in the Asia Pacific & Europe region is expanding the segment scope.

By Technology, the global Prosthetics market is segmented into conventional prosthetic devices, electric prosthetic devices, and hybrid prosthetic devices. Conventional prosthetics segment dominated the market in 2021. The conventional prosthetics are body powered products available at lower cost. The ease of access due to lower cost is key growth driver for the segment. The demand for these prosthetics is very high in lower- & middle-income nation where the spending power of individuals & lower and proper reimbursement is not available

Electric prosthetic devices are expected have the highest growth during the forecast period. Favourable reimbursement in the developed nations & the government initiatives in the developing countries is increasing the demand for these products. The electric prosthetic devices provide access to effortless strength. This is expected to Increase the preference of the electric prosthetics during the forecast period.Base on the End user, the global Prosthetics market is categorised into orthotists & prosthetists (O&P) clinics, orthopaedic clinics, and others. The O&P clinics segment is expected to account for the largest segment in the forecast period. The access to effective products in these clinics along with specialized prosthetic-related care is contributing to the segment’s dominance. Other merits offered by O&P clinics, like customized prosthetics & reimbursements are also driving the segment's growth.

The orthopaedic clinic segment is expected to have significant growth during the forecast period. The surge in the no of orthopaedic clinics carrying out amputation surgeries & facilitating prosthetic services, specifically in the developing nation, is expected to drive the segment’s growth prospects.
Prosthetics Market Regional Insights:
By region, the bronchial thermoplasty market is categorised into North America, Europe, Asia Pacific, South America & Middle East Africa. North America dominated the global Prosthetics market in 2022. The high incidence of limb loss from accidents, diabetes, & bone disorders is a primary market driver in the region. In the United States, 1.9 million individuals are living with a limb loss. The number is expected to be double by 2050 due to increase cases of diabetes. The requirement for prosthetic is thus expected to increase. The increase in the number of devices available, well-developed healthcare infrastructure & availability of proper reimbursement in the region are further driving the growth in the region.

The Asia Pacific region is expected to have highest growth during the forecast period. The presence of high populous nation like China & India and the increasing incidence of accidental limb loss are key growth drivers. India is also among the countries with high diabetes prevalence globally. The increased adoption of technology in Japan & higher geriatric population the region is expected to be a key growth driver in the region. However, the lack of reimbursement policies in the Asia Pacific region are limiting the market scope in the region.
Prosthetics Market Scope: Inquire before buying



Prosthetics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 1.6 Bn.


Forecast Period 2023 to 2029 CAGR:
4.5%
Market Size in 2029:
US $ 2.5 Bn.


 Segments Covered:
by Product
1. Upper Extremity Prosthetics
2. Lower Extremity Prosthetics
3. Sockets
4. Other Products


by Technology
1. Conventional
2. Electric Powered
3. Hybrid Orthopedic Prosthetics


by End User
1. Hospitals
2. Prosthetic Centers
3. Other End Users



Prosthetics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Prosthetics Market, Key Players are
1. Aesthetic Prosthetics Inc.,
2. Össur, Blatchford Limited,
3. Integra Life Sciences Holdings,
4. Steeper Group, Ottobock SE & Co.
5. KGaA (suit X), Stryker Corporation,
6. B. Braun Melsungen AG
7. Aether Biomedical
8. Mobius Bionics LLC
9. WillowWood Global LLC.
10. Uniprox (Bauerfeind)
11. Ortho Europe
12. Fillauer LLC (Fillauer Companies, Inc.)
13. Hanger, Inc. (U.S.)
14. Ultra flex Systems Inc.
15. Healthcare GmbH
16. College Park Industries
17. exiii Inc.
18. OttoBock Healthcare GmbH,
19. Deka Research and Development Corporation
20. ProtUnix,
21. Johnson & Johnson Services, Inc.,
22. Smith & Nephew
23. Stryker Corporation, Zimmer Biomet

FAQs:

1. What are the growth drivers for the Prosthetics market?
Ans. The increasing demand for amputation, advancement of technology & healthcare infrastructure development by governments across the globe are the key growth drivers

2. What is the major restraint for the Prosthetics market growth?
Ans. The High Costs of Prosthesis & Lack of Prosthetists and Orthotists high cost are expected to be the major restraining factor for the Prosthetics market growth.

3. Which region is expected to lead the global Prosthetics market during the forecast period?
Ans. North America is expected to lead the global Prosthetics market during the forecast period.

4. What is the projected market size & growth rate of the Prosthetics Market?
Ans. The Prosthetics Market size was valued at USD 1.6 Bn in 2022 and the total Prosthetics revenue is expected to grow at a CAGR of 4.5.% from 2023 to 2029, reaching nearly USD 2.5 Bn

5. What segments are covered in the Prosthetics Market report?
Ans. The segments covered in the Prosthetics market report are Product, Technology, End User & Region.