Global Artificial Limbs Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Artificial Limbs Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global artificial limbs market report has been segmented on the basis of product, technology, end user, and region.
Global Artificial Limbs Market: Overview
Artificial limbs are an artificially made substitute for a limb, which is lost through accident, congenital defect, illness, or injuries. In the recent past, owing to advancement in biomedical engineers, there has been the development of computer-aided design (CAD) and computer-aided manufacture (CAM) for artificial limbs. Robotics research coupled with latest advent medical technology has given rise to a newer concept of artificial limbs. Generally, the raw material used for artificial limbs are plastics, polyethylene, polypropylene, polyurethane, titanium, aluminum, carbon fibers, and many others.
Global Artificial Limbs Market: Dynamics
Increasing number of cases such as cancerous tumors in the bone or muscles of limbs, accidents, limb infection, severe injuries, are key factors expected to growth of the global artificial limbs market. In addition, increasing incidences of osteoarthritis, growing number of aging population, higher demand for joint replacement surgeries, rising obese population, unhealthy lifestyle, are some of the other factors expected to drive growth of the global artificial limbs market. However, stringent regulatory approvals and high cost are major factors expected to limit growth of the global market to a significant extent.
Global Artificial Limbs Market: Segment Analysis
Among the product, lower extremity is expected to register highest growth is expected to maintain its dominance over the forecast years. This is primarily due to its higher incidences and prevalence of osteoarthritis and arthritis, are expected to drive the lower extremity segment over the forecast period. Among the technology segments, electrically powered/ myoelectric is expected to register the fastest CAGR, owing to higher adoption rate, availability of customizations option coupled with the ease and flexibility for stress-free movements. Among the end user segments, hospital is expected to register fastest CAGR, owing to presence of well-equipped medical infrastructure
Global Artificial Limbs Market: Trends
The key trend witnessed in the target market is increasing preferences and demand for customized artificial limbs among patients resulting in manufacturers to focus on development of advance technology and enhance its product offering. In addition, major players are adopting extensive expansion strategies in order to expand its market share. For instance, in July 2017, EQT which is a Sweden-based equity group buy 20 % stake in Otto Bock HealthCare GmbH –Germany based company that offer artificial limb
Global Artificial Limbs Market: Regional Analysis
The markets in North America is estimated to account for significant market revenue share in the target market, owing to increasing number of research and development activities for the novel devices and continuous technological advancements in digital techniques in countries in the region. The market in Asia Pacific is estimated to register fastest CAGR over the forecoming years, owing to increasing prevalence of chronic diseases, rising number of accidental incidences, and growing healthcare expenditure in Asia Pacific region.
Global Artificial Limbs Market: Segmentation
Segmentation by product:
- Upper Extremity
- Lower Extremity
Segmentation by technology:
- Cosmetic Prosthetics
- Cable Operated/ Body Powered
- Electrically powered/ Myoelectric
Segmentation by end user:
- Prosthetic Clinics
- Rehabilitation Centers
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Stryker Corporation
- Zimmer Biomet
- Aenova Group GmbH
- Hanger Inc.
- Spinal Technology Inc.
- Ohio Willow Wood Company
- RSL Steeper Group Ltd.
- Blatchford Group
- Liberating Technologies, Inc.
- Fillauer LLC
- Spinal Technology, Inc.
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