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Limb Prosthetics Market Size, Share, Growth, Trends And Forecast 2024-2033
Limb Prosthetics Market Size
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According to The Business Research Company's, The limb prosthetics market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increased awareness about prosthetic options, improved access to healthcare services, improvements in surgical techniques and rehabilitation practices, the use of carbon fiber, and an increased focus on quality of life.
The limb prosthetics market size is expected to see strong growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to rising incidences of trauma, government, growth in medical tourism, government and insurance support, growing healthcare infrastructure, and advances in bionic and neural prosthetics. Major trends in the forecast period include enhanced control and functionality, advanced materials and manufacturing, affordability and accessibility, regenerative medicine and biotech integration, and a focus on user-centric design and experience.
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Market Drivers and Trends:
The rising number of road accidents is expected to propel the growth of limb prosthetics going forward. The number of road accidents are significantly rising due to increased vehicle traffic, driver distraction, speeding, and poor road conditions. Limb prosthetics are useful for road accident survivors by providing functional replacements for lost or severely damaged limbs, enhancing mobility, and improving quality of life through advanced technology and customization. For instance, in October 2023, according to Brake, a UK-based road safety charity, in 2022, road accidents caused 1,766 deaths and 28,941 serious injuries, with a 10% increase in fatalities compared to 2021. Therefore, the rising number of accidents is driving the growth of the limb prosthetics market.
Major companies operating in the limb prosthetics market are focusing on developing actively powered microprocessor prosthetic knees, to offer more personalized and intuitive prosthetic solutions. Actively powered microprocessor prosthetic knees use sensors and microprocessors to dynamically adjust resistance and movement for improved gait and stability. For instance, in February 2022, Össur hf, an Iceland-based manufacturer of non-invasive orthopedics, launched the Power Knee, the world's first actively powered microprocessor prosthetic knee designed to enhance mobility and independence for individuals with above-knee amputations or limb differences. It utilizes advanced algorithms to detect human movement patterns and learn and adapt to the wearer's speed in real-time, providing active powered assistance while navigating varying surfaces, inclines, declines, stairs, and ramps. The Power Knee encourages more symmetrical motion, conserves the wearer's energy, and allows users to accomplish tasks that were previously challenging or impossible with traditional prosthetics.
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Major Key Players of the Market:
Össur Kristinsson, Ottobock SE & Co. KGaA, Hanger Inc., Kare Enterprise Private Limited, Blatchford Limited, Endolite India Ltd., Trulife India Private Limited, Steeper Inc., Uniprox GmbH & Co. KG, College Park Industries, Fillauer LLC, Freedom Innovations LLC, Silipos Holding LLC, ST&G Corporation, WillowWood Global LLC, Ortho Europe Ltd., ALVI Labs, BioGrip GmbH, Toughware Prosthetics, ALIMCO (Artificial Limbs Manufacturing Corporation of India), Streifeneder USA
Limb Prosthetics Market 2024 Key Insights:
• The limb prosthetics market size is expected to see strong growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Rising Accidents Is Driving The Growth Of The Limb Prosthetics Market
• Advancement To Drive Innovation In The Limb Prosthetics
• North America was the largest region in the limb prosthetics market in 2023
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