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Artificial Limbs Market In Terms Of Latest Innovations 2017 - 2025 Scrutinized In New Research
Artificial Limbs Market
Some of the key companies currently operating in the global artificial limbs market are RSL Steeper Group Ltd., Hanger Inc., Spinal Technology Inc., Optimus Prosthetics, and PROTEOR.
Over the forecast period between 2017 and 2025, the demand in the global market for artificial limbs is expected to translate into a revenue of US$2,869.3 mn by 2025 rising from US$1,750 mn in 2016. If the figures hold true, the market will display a steady 5.7% CAGR over the forecast period. Technology-wise, the segment of myoelectric or electrically powered artificial limbs is anticipated to display the leading demand; the segment held a substantial 41.7% market share in 2016. Myoelectric artificial limbs are suitable for a high degree of customization and enable higher number of options for better grip that are collectively propelling this segment. Geography-wise, North America is seen to witness continued dominance as consumers are highly aware of advanced medical devices such as artificial limbs, along with active governmental support for research and development of new products. This, along with high healthcare expenditure and swift uptake of advanced technology for artificial limbs are serving to boost this regional market.
Advantages over Mechanical Assistance Devices for Everyday Functioning of Amputees Boosts Adoption
There are several factors driving the artificial limbs market. First and foremost, artificial limbs address the limitations of mechanical assistance devices used for amputees to perform day to day activities. As per statistics of the National Limb Loss Information Center, approximately 1.7 million individuals live with limb loss in the U.S.
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Mechanical assistance devices enable limited movement of limbs and are mostly expensive. On the other hand, artificial limbs that are made of specialized materials such as Kevlar, titanium, and carbon fiber allow better movement because of their low weight and high strength. These materials also enable improved limb control with reduced pain. With continual research, new technologies and new materials have led to the development of improved products that are more adaptable. Silicone, urethanes, and mineral based liners offer much more flexibility, lightweight, and comfort over conventional materials. These advanced materials display ‘memory’ feature that allows them to respond as per the degree of pressure.
Introduction of Robotic Artificial Limbs to Drive Market to New Heights
Furthermore, technological advancements such as CAD/CAM technology that allows to cater to individual requirements is serving to provide immense opportunities for players in this market.
The rising incidence of osteoarthritis is creating new growth avenues for this market. Technological advancements such as digital control and robotic artificial limb are some new trends that have come to the fore in this industry. Additionally, novel movement in artificial limb technology such as development of artificial limbs integrated circuits that can act based on electrical impulses in the body are expected to offer augur well for the artificial limbs market over the coming years.
The information presented here is based on the findings of a TMR report, titled “Artificial Limbs Market (Product – Upper Extremity, Lower Extremity, Sockets, and Liners; Technology – Cosmetic Prosthetics, Cable Operated/ Body Powered, and Electrically powered/ Myoelectric; End Users – Hospitals, Prosthetic Clinics, and Rehabilitation Centers) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
The global artificial limbs market is segmented as follows;
Global Artificial Limbs Market, by Product
Upper Extremity
Lower Extremity
Sockets
Liners
Others
Global Artificial Limbs Market, by End User
Hospitals
Prosthetic Clinics
Rehabilitation Centers
Global Artificial Limbs Market, by Technology
Cosmetic Prosthetics
Cable Operated/ Body Powered
Electrically powered/ Myoelectric
Others
Global Artificial Limbs Market, by Geography
North America
U.S.
Canada
Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
Asia Pacific
Japan
China
India
Australia & New Zealand
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of MEA
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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