Prosthetics Market Trends and Forecast 2023-2029: Innovations in Artificial Limb Technology

Revolutionizing Lives: Prosthetics Market Set for Remarkable Growth

The global Prosthetics Market is poised for exceptional growth, with a projected CAGR of 4.5% from 2023 to 2029, reaching nearly USD 2.5 billion. In 2022, the market was valued at USD 1.6 billion. Prosthetics, designed to replace missing body parts, particularly limbs and joints, are enhancing the quality of life for individuals, enabling them to regain mobility and confidence.

Key Growth Drivers

The rising incidence of severe diabetes, accidental limb injuries, and technological advancements are major contributors to the increasing demand for prosthetics. The healthcare industry's rapid growth, along with governmental investments in low- and middle-income countries, is fostering the development of prosthetics, ensuring a strong foothold in the medical devices industry.

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Prosthetics Market Scope and Research Methodology

The report provides a comprehensive analysis of the Prosthetics industry, including trends, forecasts, and monetary values.

• It provides an in-depth analysis of the segments and sub-segments in global and regional Prosthetics markets.
• It uses a bottom-up approach to estimate the Prosthetics market size.
• It includes information on key market participants, new entrants, their services, revenue, financial status, portfolio, growth strategies, and regional presence.
• It provides demand projections, market trends, and micro and macro factors that drive and restrict the Prosthetics market's growth.
• It uses qualitative and quantitative methods, including SWOT, PESTLE, and Porter's Five Forces analysis.
• It identifies key upcoming developments that are expected to influence Prosthetics market demand over the forecast period.

Market Dynamics

The market is moderately competitive, with major players adopting advanced technology to introduce innovative prosthetic products. For example, Össur recently launched three new models of its Cheetah sports prosthesis, enhancing the mobility of amputee athletes engaged in specific sports such as distance running, sprinting, and long jumping.

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Prosthetics Market Segmentation:

by Product

1. Upper Extremity Prosthetics
2. Lower Extremity Prosthetics
3. Sockets
4. Other Products

The global prosthetics market is divided into three segments based on product: sockets, lower extremity prosthetics, upper extremity prosthetics, and others. In 2021, the lower extremity prosthetics segment held the largest market share. The availability of various devices created by market players and the increased demand from individuals to replace their log legs are driving the growth of this segment. The growing number of amputations, particularly in lower- and middle-income nations, is anticipated to fuel the segment's expansion even more.

by Technology

1. Conventional
2. Electric Powered
3. Hybrid Orthopedic Prosthetics

The global prosthetics market is divided into three segments based on technology: hybrid, electric, and conventional prosthetics. In 2021, the conventional prosthetics segment held a dominant market share. Conventional prosthetics are body-powered devices that are less expensive. One of the segment's main growth drivers is accessibility because of the lower cost. The need for these prosthetics is particularly great in lower- and middle-class countries where people have less purchasing power and inadequate reimbursement.

by End User

1. Hospitals
2. Prosthetic Centers
3. Other End Users

Orthotists & prosthetists (O&P) clinics, orthopaedic clinics, and others are the categories into which the global prosthetics market is divided based on the end user. Throughout the projection period, the O&P clinics segment is anticipated to represent the largest share. The dominance of this market is partly attributed to the clinics' provision of specialised prosthetic-related care and access to efficacious products. The growth of this market is also being fueled by additional benefits provided by O&P clinics, such as reimbursements and personalised prosthetics.

Prosthetics Market Key Players:

1. Aesthetic Prosthetics Inc.,
2. Össur, Blatchford Limited,
3. Integra Life Sciences Holdings,
4. Steeper Group, Ottobock SE & Co.
5. KGaA (suit X), Stryker Corporation,
6. B. Braun Melsungen AG
7. Aether Biomedical
8. Mobius Bionics LLC
9. WillowWood Global LLC.
10. Uniprox (Bauerfeind)
11. Ortho Europe
12. Fillauer LLC (Fillauer Companies, Inc.)
13. Hanger, Inc. (U.S.)
14. Ultra flex Systems Inc.
15. Healthcare GmbH
16. College Park Industries
17. exiii Inc.
18. OttoBock Healthcare GmbH,
19. Deka Research and Development Corporation
20. ProtUnix,
21. Johnson & Johnson Services, Inc.,
22. Smith & Nephew
23. Stryker Corporation, Zimmer Biomet

Key questions answered in the Prosthetics Market are:

• What was the Prosthetics market size in 2022?
• What is the growth rate of the Prosthetics Market?
• Which are the factors expected to drive the Prosthetics market growth during the forecast period?
• What are the different segments of the Prosthetics Market?
• What are the factors restraining the growth of the Prosthetics Market?
• What are the factors driving the Prosthetics market growth?
• What segments are covered in the Prosthetics Market?
• Who are the Prosthetics key players in the industry?
• What are the upcoming industry applications and trends for the Prosthetics Market?

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Prosthetics Market Regional Analysis:

Geographically, Prosthetics market report is segmented into following regions:

• Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
• Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
• North America (the United States, Mexico, and Canada.)
• South America (Brazil etc.)
• Middle East and Africa (GCC Countries and Egypt.)

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