Prosthetics Market : Latest Innovations, Future Scope and Market Trends

Global Prosthetics Market: Introduction

According to the report, the global prosthetics market was valued at ~US$ 8.9 Bn in 2018 and is projected to expand at a high CAGR during the forecast period. Prosthetics refers to the science of developing prosthesis, which are artificial substitutes or replacement for a lost body part, including arm, limb, eye, facial bone and tooth. These are designed for both functional and cosmetic reasons. The global prosthetics market is driven by rise in prevalence of dental disorders, aging population, growing medical tourism for dental procedures, increase in diabetes among population leading to amputations, and surge in accident and trauma cases leading to limb loss. Europe dominated the global prosthetics market in 2018 and the trend is anticipated to continue during the forecast period. Strong growth of the market in the region can be attributed to rise in edentulous population and surge in presence of leading players focused on increasing ease of access to technologically advanced products.

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Rise in Prevalence of Diabetes and Vascular Diseases Leading to Increase in Amputations

Diabetes and vascular diseases are primary causes of amputation. Increase in the number of people afflicted with these diseases drives demand for orthopedic prosthetics. The Amputee Coalition of America indicated that vascular diseases are the primary cause of lower limb amputation. According to the Centers for Diseases Control and Prevention (CDC), over 8.5 million people in the U.S. are affected by peripheral vascular disease. According to the International Diabetes Federation, around 15% of individuals suffering from diabetes develop foot ulcer during their lifetime. An estimated 2.4 million people in the U.S. are at the risk of developing foot ulcer. In diabetic patients, foot ulcer, if not properly treated, can lead to amputation. A report published by the American Orthotic & Prosthetic Association stated that 60% of non-traumatic amputations in the U.S. are performed on diabetic patients. Rise in prevalence of diabetes and vascular diseases is a major factor projected to propel the global prosthetics market during the forecast period

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Surge in Medical Tourism for Dental Procedures to Drive Prosthetics Market

The number of people traveling overseas for dental procedures has increased owing to the lower cost of dental procedures and superior quality services offered to patients in various medical tourism destinations. People from various countries travel to destinations such as India, Croatia, Thailand, Poland, Turkey, Bulgaria, and Spain for a range of dental procedures. The cost of dental procedure in Croatia is considered to be 50% to 70% lower than that of a similar procedure carried out in Western Europe, making it a highly desirable destination for dental tourism. Therefore, rise in medical tourism for dental procedures is a major factor boosting the global prosthetics market.

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High Demand for Dental Prosthetics

In terms of product, the dental prosthetics segment is likely to account for major share of the global prosthetics market. The dental prosthetics segment is projected to expand at a rapid pace due to increase in the geriatric population, advancement in dental prosthetics, and surge in incidence of dental caries and other periodontal conditions. The crowns sub-segment dominated the dental prosthetics segment in 2018. However, the dentures sub-segment is likely to expand at a high CAGR during the forecast period. Growth of the sub-segment can be attributed to rise in prevalence of teeth loss and increase in edentulous population. According to the American College of Prosthodontists, over 36 million people in the U.S. do not have teeth and over 120 million people in the country live with at least one missing tooth.

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Dental Clinics to Offer Lucrative Opportunities

In terms of end user, the global prosthetics market has been divided into hospitals, specialty clinics, dental clinics, and others. The dental clinics segment held the largest market share in 2018 and the trend is anticipated to continue during the forecast period. Growth of the segment can be attributed to increase in the geriatric patient pool and rise in demand for dentures. Dental clinics are preferred by patients for the treatment of various minor tooth illnesses. An increase in the number of dental clinics globally and ease of availability of specialist dentists in clinics boost the growth of the segment.

Launch of Innovative Products by Key Players to Propel Global Market

The global prosthetics market is consolidated in terms of number of players. Key players operating in the global prosthetics market include Institut Straumann AG, Danaher Corporation (Nobel Biocare Services AG), Zimmer Biomet Holdings, Inc., Dentsply Sirona, Inc., BioHorizons, Inc., Hanger, Inc., Össur, Ohio Willow Wood Company, Ottobock SE & Co. KGaA, and Blatchford Group (Chas. A. Blatchford & Sons Ltd.).

These players have adopted various strategies such as product portfolio expansion, investment in research & development, collaborations, and product launches to establish a strong geographic presence. For instance, in March 2017, Ottobock acquired BionX Medical Technologies, Inc., engaged in offering active prosthetic foot and ankle solutions. This acquisition aligns with the company's previous acquisition of BeBionic hand. These acquisitions strengthened the company's position in the global orthopedic prosthetics market.

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