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.
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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.