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At 4.96% CAGR, Prosthetics Market Size to hit USD 12.40 Bn by 2025, Says Brandessence Market Research

LONDON, Oct. 21, 2021 /PRNewswire/ -- The Prosthetics Market reached a valuation of USD 9.12 billion in 2018. The promising new product launches in the prosthetic industry are likely to lead to 4.96% CAGR-driven growth, to propel the prosthetic market USD 12.40 billion in 2025.

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Some key prosthetics statistics including a high incidence of amputations each year, amounting to 1 amputation every 30 seconds, globally. The total amputation for limbs reaches 1 million in total. The amputee coalition anticipates that there will be 3.6 million people facing limb loss by 2050, with nearly 1, 85,000 limb amputations in United States alone each year. This results in over $12 billion in costs to the private and public insurance agencies in the US each year.

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Key Feature of Prosthetics Market Report:

Tremendous innovations in bioengineering and orthotics industries are key to development of functional and complex prosthetics. Today, leading research institutes like John Hopkins have developed artificial arms that provide both the sensory and reflexive qualities of human arms. The prosthetics market today stands on the verge of major scientific breakthroughs with promising support of technologies like AI, 3D printing, and cloud-based data analysis.

According to Brandessence market research experts, "the prosthetic sales remain at an all-time high, due to widespread disability caused by chronic diseases including diabetes, cancer, HIV, cardiovascular diseases, and more. Furthermore, growing awareness about economic cost of disability, and growing labor shortage in key markets like North America, is likely to propel favorable healthcare policies to further boost adoptions of prosthetics".

Companies Covering on Prosthetics Market:

The growing innovation in bionics and other forms of prosthetics has created immense opportunities for collaboration, and mergers in the global prosthetics market. Some key players in the global prosthetics market are The Ohio Willow Wood Company, Blatchford, Inc, Ossur, Ultraflex Systems, Inc, Fillauer LLC, Ottobock Healthcare GmbH, and Steeper Group. Some notable developments in the prosthetic market include the launch of pediatric prosthetic knee joins in September 2017. Ossur introduced a 3D knitted support products in May, 2018. Blatchford launched sandal toe foot shell for its product lines including Echelon, Linx, Elan, and more.

Prosthetics Market: Key trends

  • A key technology making rounds in the prosthetic market is microprocessor. The technology offers dynamic control through sensors for movement in knees. The sensors also enable a natural biological stimulated knee function. The technology offers users more control over their organs with variable resistance control to the swing or stance phases. The technology can is a new lease of life for senior citizen, who report tremendous difficulties in climbing stairs. The technology enables a controlled descent with step-by-step function. Furthermore, similar to a natural knee, it provides a control to rapid changes in cadence. The technology remains ahead of its time for its flexion abilities, without reducing stability. Patients increasingly report an increase in confidence, safety of ambulation, and improve gait pattern with the help of microprocessor technology.
  • Another leading technology in the prosthetic market is myoelectric prosthesis. The technology passes signals through voluntary contracted muscles to enable delivery of controlled movement of the prosthesis. The technology remains at the forefront of delivering care for limited elbow, wrist, and hand opening movement. The conventional electric switch required body movement. The newer technology embeds a suspending socket to pick up electrodes in flexors and extensors.
  • Bionics remains at the forefront of innovation, amidst a battle for costs for high-end technological innovation. Losing a limb is a tremendously painful experience for most patients, and with conditions like muscle strains, and skin infection, the pain can be aggravated further. Additionally, low-cost prosthetic replacement can result in knee arthritis, joint conditions, hip arthritis, and similar conditions. These patients also continue to remain on pain medications. On the other hand, high-end prosthetics can cost anywhere between USD20, 000-120,000, according to a study by the Worcester Polytechnic Institute.
  • The growth of the key players in the prosthetic market is likely to need tremendous support from insurance providers, and increased awareness, and focus on cost-effective medical products are essential to drive growth of the prosthetic market in 2020-2027 period. Top prosthetic companies continue to focus on innovation with key technologies like AI, data analysis, and 3D printing to stay a step ahead of competitors in the prosthetic market.
  • A new research published in Nature Biomedical Engineering notes a new promise for patients with upper-limb deficiencies. The new research promises replacement for conventional heavy, expensive, and rigid prosthetics with high-tech, inflatable neuroprosthetic hand. The technology enables patients to perform main 5 types of hand grip movements. The researchers from MIT, and Shanghai Jiao Tong University believe the new prosthetic can enable users to perform whichever hand movement they wish to perform.

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Prosthetics Market: Regional Insights

North America is dominating the Prosthetics market. Nowadays, more people are choosing sports as a career, raising the likelihood of various sports injuries. As per the American Physical Therapy Association (APTA), the annual sports injury rate in the U.S. was around 8.7 million in 2018, which represented an age-adjusted rate of around 34.1 per 1,000 population. This factor is anticipated to drive the demand for prosthetics market in this region. Also, In the United Kingdom, around 536,000 people suffer from fragility fractures each year, which also include 79,000 hip fractures.

The prosthetics market report is divided into key regions including North America, Europe, Asia Pacific, Latin America, Middle East & Africa. Among these, the North America region held over 35% shares in 2020. The region is expected to hold a similar share during 2020-2027 periods, as promising healthcare facilities, tremendous innovation, and growing availability of insurance mode for prosthetics remain key drivers of growth. The rising cases of osteosarcoma and increased incidences of chronic diseases, and sports injuries also remain key drivers of growth. The increased adoption of 3D printing is likely to remain an innovation to look out for in this region. 3D printing is likely to be adopted by major hospitals, and even pharmacy chains like Walgreens, to deliver services at point-of-care. The adoption of 3D printing can be a major boost for delivering prosthetics in record times, as well, as with a tremendous boost to personalization of medicine.

The prevalence of road accidents, increased investment in healthcare infrastructure, and increased access to treatment for amputations caused by chronic diseases like diabetes remain key drivers of growth in this region. The Asia Pacific remains prone to chronic lifestyle diseases like diabetes, and increased cooperation between private and government entities to deliver a new model for infrastructure is likely to cater to large population of existing diabetic patients. 

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About Brandessence Market Research & Consulting Pvt ltd.

Brandessence market research publishes market research reports & business insights produced by highly qualified and experienced industry analysts. Our research reports are available in a wide range of industry verticals including aviation, food & beverage, healthcare, ICT, Construction, Chemicals and lot more. Brand Essence Market Research report will be best fit for senior executives, business development managers, marketing managers, consultants, CEOs, CIOs, COOs, and Directors, governments, agencies, organizations and Ph.D. Students. We have a delivery center in Pune, India and our sales office is in London.

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By: PR Newswire Association LLC. - 21 Oct 2021
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